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Video instructions and help with filling out and completing Respa

Instructions and Help about 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 tror 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.

FAQ

What is the RESPA rule?
RESPA prohibits loan servicers from demanding excessively large escrow accounts and restricts sellers from mandating title insurance companies. A plaintiff has up to one year to bring a lawsuit to enforce violations where kickbacks or other improper behavior occurred during the settlement process.
What is the main purpose of RESPA?
The Real Estate Settlement Procedures Act (RESPA) provides consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. RESPA was signed into law in December 1974, and became effective on June 20, 1975.
What are two things RESPA prohibits?
RESPA Section 8(a) and Regulation X, 12 CFR § 1024.14(b), prohibit giving or accepting a fee, kickback, or thing of value pursuant to an agreement or understanding (oral or otherwise), for referrals of business incident to or part of a settlement service involving a federally related mortgage loan.
What is the difference between Tila and RESPA?
TILA is the Truth in Lending Act and RESPA is the Real Estate Settlement Procedures Act. The CFPB modified both rules in its TRID final ruling.
What type of property is covered under RESPA?
Key Takeaways RESPA covers federally-related real estate transactions for residential units designed for one to four families. Some loans are not covered by RESPA, including loans for business, commercial or agricultural purposes, among other uses.
What does RESPA not apply to?
RESPA does not apply to extensions of credit to government or governmental agencies or instrumentalities. It also does not apply to extensions of credit primarily for business, commercial, or agricultural purposes. 12 USC § 2606. Regulation X, 12 CFR § 1024.5 provides additional limits on the coverage of RESPA.
What is covered under RESPA?
The RESPA statute covers mortgage loans on a one-to-four family residential property. These include most purchase loans, assumptions, refinances, property improvement loans, and equity lines of credit.
What is not covered by RESPA?
Transactions generally not covered under RESPA include. an all cash sale, a sale where the individual home seller takes back the mortgage, a rental property transaction or other business purpose transaction. The sale of a loan after the original funding of the loan at settlement is a secondary market transaction.
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