RESPA Flashcards
1
Q
What does RESPA stand for?
A
Real Estate Settlement Procedures Act
2
Q
Primary goal of RESPA?
A
Curb the unethical practice of charging consumers unearned fees for settlement services
3
Q
Regulation associated with RESPA?
A
Regulation X
4
Q
What types of loans would RESPA not apply to?
A
Loans for: business, commercial, or agricultural purposes
5
Q
Penalties for violations of RESPA?
A
Fines up to $10,000
Up to 1 year in prison
