Respa Flashcards
1
Q
RESPA
A
Real Estate Settlement Procedures Act
2
Q
Federally Related Mortgage Loans
A
A term broadly defined to encompass first and second mortgages, re-financings, and home equity loans and lines of credit
3
Q
Interest
A
The charge or cost for the use of money
4
Q
Loan Estimate (LE)
A
A required form that the lender must provide the mortgagor with good faith estimates of credit costs and transaction terms
5
Q
RESPA
A
Enacted by Congress in 1974 to provide advance disclosure to home buyers and sellers of settlement costs and eliminate kickback fees, and reduce the amount buyers pay into escrow for taxes and insurance
