The same signed cards as the trainer above, in one list to read or print.
- What loans does RESPA cover?
- Federally related mortgage loans: most residential mortgages on one-to-four family property from federally insured or regulated lenders, federal programs, or loans sold to Fannie Mae or Freddie Mac. HELOCs and refinances are included.Regulation X, 12 CFR 1024.2
- Name four RESPA exemptions.
- Business-purpose loans; temporary financing such as a construction loan that does not convert to permanent financing with the same lender; vacant land with no home to be built or placed within two years; and assumptions the lender cannot approve, note conversions and secondary market transfers.Regulation X, 12 CFR 1024.5(b)
- What does RESPA Section 8 ban?
- Giving or accepting any thing of value for referring settlement service business, and splitting a charge with anyone who performed no actual service.Regulation X, 12 CFR 1024.14(b) and (c)
- Name three payments Section 8 allows.
- Market-value pay for services actually performed or goods provided; cooperative brokerage splits between real estate agents and brokers; an employer paying its own employees for referrals.Regulation X, 12 CFR 1024.14(g)
- Three conditions for a lawful affiliated business arrangement?
- A written ABA disclosure from the person referring; the consumer is not required to use the affiliate; and the only extra thing of value is a return on the ownership interest, not a per-referral payment.Regulation X, 12 CFR 1024.15
- Deadline for the list of homeownership counseling organizations?
- Within three business days after the application is received.Regulation X, 12 CFR 1024.20
- Largest escrow cushion a servicer may hold?
- One-sixth of the estimated total yearly escrow disbursements, which equals two months of escrow payments. It is a maximum, not a required amount.Regulation X, 12 CFR 1024.17
- Formula: monthly escrow deposit and maximum cushion
- Deposit = yearly escrow bills / 12. Maximum cushion = yearly bills / 6, or 2 x the monthly deposit. Example: $3,600 a year gives $300 a month and a $600 cushion.Regulation X, 12 CFR 1024.17
- Deadline for the initial escrow account statement?
- At settlement or within 45 calendar days of settlement.Regulation X, 12 CFR 1024.17(g)
- What happens to an escrow surplus?
- A surplus of $50 or more is refunded within 30 days of the analysis. A smaller surplus may be refunded or credited against next year's payments.Regulation X, 12 CFR 1024.17(f)
- Servicing transfer notice timing?
- The old servicer gives notice at least 15 days before the transfer takes effect; the new servicer no more than 15 days after. The loan terms do not change.Regulation X, 12 CFR 1024.33
- Notice of error: acknowledge and respond by when?
- Acknowledge within five days and generally respond within 30 days, not counting Saturdays, Sundays and legal public holidays.Regulation X, 12 CFR 1024.35