Purpose/Regulations
What regulation does RESPA fall under?
What is Regulation X
RESPA applies to _____-_____ mortgage loans.
What is federally-related
RESPA prohibits _____ and _____.
What is fee-splitting and kickbacks
What is the process that a lender must proceed with foreclosures by filing a lawsuit and require the involvement of a court?
What is Judicial foreclosure
How often must telemarketers access the Do-Not-Call Registry to update their call lists?
What is 31 days
What does RESPA stand for?
What is Real Estate Settlement Procedures Act
RESPA covers the sale of loans which are intended for sale to _____ or _____
What is FNMA (Fannie Mae) or FHMLC (Freddie Mac)
What are the main disclosures for RESPA?
What is LE, CD, Special Information Booklet
What are the criminal penalties for section 8?
What is $10,000 and 1 year imprisonment
What act is the Do-Not-Call Registry under, and what regulation does it fall under?
What is Gramm-Leach-Bliley Act; Regulation P
RESPA implements regulations to:
What is to protect consumers from excessive settlement costs and unearned fees
True or False:
RESPA covers ABC (agriculture, business, commercial) loans.
What is false
How many days does the lender have from the settlement to deliver the initial escrow account statement?
What is 45 days
If a pattern or practice of noncompliance with RESPA's servicing requirements exist, the loan servicer can be liable for additional penalties of up to $_____.
What is $2,000
What period of time must mortgage professionals, that engage in telemarketing, maintain the records of all telemarketing activities?
What is 24 months
What does section 8 protect?
What is fees, kickbacks, or anything of value
Home purchase loans, refinances, property improvement loans, equity lines of credit, and reverse mortgage loans are an example of?
What is loans that are covered by RESPA
How long does the new servicer have to provide the initial escrow account statement?
What is 60 days from transfer date
In class actions, damages may not exceed $_____ for each member of the class, and total damages may not exceed $_____ or ___% of the net worth of the servicer.
What is $2,000, $1,000,000, and 1%
What is the penalty for each violation of the Do-Not-Call Registry?
What is $51,744
How many days does a lender have to refund on a closed escrow account?
What is 20 days
Construction loans, loans secured by vacant land, loan assumptions, and loan conversions are an example of?
What is loans not covered/exempt by RESPA
What entity does the transfer of servicing under RESPA?
What is the transferor servicer
What's the cap for civil penalties under RESPA?
What is $230,464
What are the four pieces of information that must be provided in the truthful and prompt verbal disclosure?
What is identity of the caller, purpose of the call, nature of the goods being sold, and assurance that no purchase is required