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Video instructions and help with filling out and completing respa
So the first one I want to start talking about is rest by rest for a few things I want you to know about RESPA again restful cells stands for the Real Estate Settlement Procedures Act RESPA Real Estate Settlement Procedures Act RESPA deals with wonderful unit residential property wonderful unit residential property another name that they may use for residential property is owner occupied property don't get it wrong because they said owner occupied instead of residential wonderful unit residential property the owner has to stay in one it's okay that it's a duplex or triplex or floor Plex as long as the owner stays in one then they're governed by respite you'll notice that everything on this test has to do with residential property they don't care about investment properties if it's more than four are any of that this is because people were losing their haulers this is about homeowners okay so rest windows were wonderful unit residential properties RESPA allows the residents or settlement services anything having to do with settlement services things needed to close escrow it's going to be under RESPA now the purpose of RESPA is to help consumers become better shoppers for settlement services become better shoppers for settlement services to show them all of their options when it comes to settlement services it is also going to deal with things like kickback referral fees things of that nature that we'll be talking about shortly there's four sections of RESPA that you need to be concerned with there are several sections of the rest of the law but for the exam and for the CFPB there are four sections that they specifically want to make sure you understand and that's section six eight nine and ten they skip seven for whatever reasons but these are the sections that you're going to be responsible for making sure that you have information on section six deals with mortgage services mortgage servicing understand what a servicer is a servicer may not be the owner of the loan they're just servicing the luvs servicing means they're taking the payments paying the taxes and insurance I what I first got my house it was with IndyMac and then it went to awkward didn't went to Greenpoint the people that owned real owner actual investor did change but where I made my payments change because those were the servicers section six deals with mortgage servicing and mortgage servicing abuses all the things that the servicers were doing wrong like not applying your payments on time like not paying your taxes insurance on time things of that nature so section six there's what mortgage servicing and mortgage servicing abuses section eight which we'll get into details later prohibits kickbacks fee splitting and unearned fees section eight prohibits kickbacks fee splitting and unearned fees referral fees splitting your money with unlicensed people taking money upfront section eight deals with that kind of stuff section nine talks about title insurance