RESPA Concentration

Question 1

What is the CFR?

Answer 1

Code of Federal Regulations is the collection of all administrative rules and regulations from the various departments and agencies of the federal government.

Question 2

When will the Good Faith Estimate be used primarily?

Answer 2

Reverse mortgage transactions mostly

But also HELOCS, chattel-dwelling loans

Question 3

Regulation X describes business day as what?

Answer 3

The days the office is open to the public

Question 4

Must provide the GFE no later than three business days after receipt of the application, unless:

Answer 4

The lender denies the application
The applicant withdraws the application

within the 3day period.

Question 5

The GFE provides how many days to shop?

Answer 5

10 business days from the date the GFE is provided

Question 6

Payments in excess of the reasonable value of goods provided or services rendered are considered what?

Answer 6

Kickbacks

Question 7

RESPA is applicable to all ____ mortgage loans.

Answer 7

Federally related

Question 8

Initial Escrow Settlement Statement must be provided when?

Answer 8

At settlement, or within 45 days

Question 9

RESPA Disclosures following application:

Answer 9

Special Info Booklet
GFE or LE
Mortgage Servicing Disc Statement

Within 3 business days of receiving the application.

Question 10

When is the Special Information Booklet not a required disclosure?

Answer 10

Refinancing, reverse mortgages, and/or 2nd lien situations

Question 11

Elements to an illegal kickback:

Answer 11

A thing of value
Agreement or understanding
A referral

Must be continuous and tied to a referral.