TRID Disclosures Finalized closing disclosure - at settlement loan

Real estate settlement procedures act aka RESPA aka R Flashcards How old does a borrower be to qualify for a reverse mortgage?62 years old TRID DisclosuresFinalized closing disclosure - at settlement (loan consummation) Real Estate Settlement Procedures Act (RESPA) required disclosures?before settlement (1 disclosures) Which regulation prohibits kickbacks?Real Estate Settlement Procedure Act (RESPA) What government lender insurance mortgages? FHA - Federal Housing Administration If a borrower is refinancing his home. How much time does regulation Z give him to change his mind?

• business days

What government lender guarantees mortgages? VA Loans What is the fraud scheme where a borrowers uses someone else's name to purchase the property, but that person will not be living at the property?Straw borrower Housing and Urban Developement HUDcreated the Real estate settlement procedures act aka RESPA aka Regulation X Veterans assistance debt to income ratio 41% Mortgage serviceris the company that collects month mortgage payments, pays taxes, insurance, and other items as they come due, and notifies the borrower of late payments- the mortgage servicer is supposed to work with homeowners if they have trouble making their mortgage payments What is RESPAs' purpose?To help consumers become better shoppers for settlement services and to eliminate unnecessary increases in the costs of certain settlement services due to kickbacks and referral fees The Real estate settlement procedures act, regulation X...The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. 2601 et seq.) (the Act) became effective on June 20, 1975. The Act requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process.The Act also prohibits specific practices, such as kickbacks, and places limitations upon the use of escrow accounts. The Department of Housing and Urban Development (HUD) originally promulgated Regulation X which implements RESPA.What is section 9 in the real estate settlement procedures act, respa, regulation x, about?States a seller cannot require the use if a particular title company Which regulations as the primary function of preventing identity theft?Fair and Accurate Credit Transaction Act (FACTA)

What are the four sections of RESPA?Section 6 section 8 section 9 section 10

RESPA Section 8: Kickbacks, Fee-splitting, and Unearned

Fee prohibits fee-splitting and receiving unearned fees or a percentage of any charge made or received for services not actually performed RESPA is the acronym used to describe which law? Real Estate Settlement Procedures Act

RESPA Section 8: Kickbacks, Fee-splitting, and Unearned

Fee does not prohibit the payment of fees to attorneys, title companies, or agents of service actually performed

RESPA Section 8: Kickbacks, Fee-splitting, and Unearned

Fee A referral is any oral or written action directed to a person, which has the effect of affirmatively influencing the selection by any person of a provider of a settlement service or business FHA (Federal Housing Administration) debt to income ratio43% What is the provision in a mortgage enabling a lender to demand for repayment if the borrower defaults on the loan?The Acceleration Clause Fair Credit Reporting Act (FCRA)Pertains to a persons credit report Government National Mortgage Association (GNMA) Commonly known as "Ginnie Mae," this agency of HUD operates in the secondary mortgage market. It is involved with special government financing programs.RESPA Section 10 Escrow Account LimitsLimits amount lender can require borrower to put into escrow for purposes of paying taxes, hazard insur. and other charges related to the property to more than 1/12th (1 mos.) of the total of all due payable during the year, plus amount to pay for any shortage in acct.

RESPA Section 8: Kickbacks, Fee-splitting, and Unearned

Fee penalties for a violation are 1. Fines up to $10,000 2.imprisonment up to a year 3. liable for up to three times the amount of the charge paid for the service Which regulations is designed to help meet the credit needs of the communities in which it operates?CRA - Community reinvestment act Federal Home Loan Mortgage Corporation (FHLMC) "Freddie Mac" is a wholly owned subsidiary of the Federal Home Loan Bank System, which serves as a secondary mortgage market for savings and loan associations, who are members of the FHLBB; also referred to as The Mortgage Corporation.affiliated business arrangement (AfBA)-regulation XA situation where the person owns 1% of a settlement service company and is referring the borrower to that company.Services that are not regulated by the real estate settlement procedures act (respa, regulation x) building/remodeling contractors Settlement servicesSettlement services include any service provided in connection with a real estate settlement(purchase). title searches, title examinations, the provision of title certificates, title insurance, services rendered by an attorney, the preparation of documents, property surveys, the rendering of credit reports or appraisals,services rendered by a real estate agent or broker, the origination of

a federally related mortgage loan, and thehandling of the processing, and closing or settlement. These services are regulated by the Real estate settlement procedures act(respa, regulation x) FHA (Federal Housing Administration) Home Expense Ratio HER 31% What law allows you to dispute inaccuracies on your credit report?Fair Credit Reporting Act (FCRA)

RESPA Section 8: Kickbacks, Fee-splitting, and Unearned

Fee Prohibits a "required use" a specific settlement service providers, except in cases where a lender refers a borrower

to an attorney, credit reporting agency, or real estate appraiser to represent the lenders interest in the transaction