3909086
Beschreibung
Mindmap von andrea.browne, aktualisiert more than 1 year ago
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Erstellt von andrea.browne
vor etwa 9 Jahre
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RESPA Reg X
- Section 8
- Prevents giving and reciving of
kick backs and referrals
- TOW Thing of vale, Offered
and or accepted, work done
- Violators maybe fined up to
$10,000 and imprisioned for up
to 1 year
- Violators maybe fined up to
$10,000 and imprisioned for up
to 1 year
- TOW Thing of vale, Offered
and or accepted, work done
- Prevents giving and reciving of
kick backs and referrals
- Section 6
- Loan Servicing
- Borrower's who have a complaint must submit in writing
- Lender has 5 days to respond.If
borrower is correct, lender has 20
days to correct the issue.
- Must retain documentation for 1 year after disclosure date
- servicers are
prohibited from
charging a fee for 60
days after notice of
an error
- Must retain documentation for 1 year after disclosure date
- Lender has 5 days to respond.If
borrower is correct, lender has 20
days to correct the issue.
- Servicers
must notify
consumer no
less the 15
days before
the effective
date. The
reciever must
inform
consumer no
less the 15
days after
transfer
- Exemption for small servicers
- nonprofit entity that services 5000 or fewer loans p.11
- nonprofit entity that services 5000 or fewer loans p.11
- Exemption for small servicers
- Borrower's who have a complaint must submit in writing
- Loan Servicing
- Section 10
- Prevents lenders
from overcharging
escrow accounts
- borrower must maintain
only 1/6th of estimated
total disbursements
- Refunding Any
surplus greater then
$50 within 30 days
- Refunding Any
surplus greater then
$50 within 30 days
- Intial escrow
statemtent must be
delivered 45 days
from the settlement
- Annual escrow
statements due
within 30 days of
completion of
accout
computation year
- Annual escrow
statements due
within 30 days of
completion of
accout
computation year
- borrower must maintain
only 1/6th of estimated
total disbursements
- Prevents lenders
from overcharging
escrow accounts
- Allows consumers to obtain
information on the costs of
closing so that they can
shop for settlement services.
- Protects
Consumers from
excessive
settlement costs
and unearned
fees
- Establishes disclosures,
policies, and procedures
to facilitate timely
communications between
loan servicers and
consumers
- Madatory Disclosures
- Loan Estimate
- Closing Disclosure
- Settlement Cost Information Booklet
- Mortgage Servicing Disclosure Statement
- Affiliated Businsse Arrangement
- Must disclose at the time of referral
- 5 year record rention
- 5 year record rention
- Must disclose at the time of referral
- Affiliated Businsse Arrangement
- Due 3 business days
after complete loan app
- Your Home Loan
Toolkit: A Step by
Step Guide
- HELOCs Get What You
Should Know about Equity
Lines of Credit
- Your Home Loan
Toolkit: A Step by
Step Guide
- Mortgage Servicing Disclosure Statement
- Settlement Cost Information Booklet
- Closing Disclosure
- Loan Estimate
- Madatory Disclosures
- Real Estate Settlement Procedures Act
- Sham Affiliated
Business
Arrangements is
strickly prohibited
- Force Placed Insurance
- must be
resonable
bases to
believe the
borrower
has failed to
maintain
hazarad
insurance
- Servicer may not require a
borrower to obtain inurance
covverage in an amount that
exceeds the replacement
cost of improvements
- Servicer may not require a
borrower to obtain inurance
covverage in an amount that
exceeds the replacement
cost of improvements
- must be
resonable
bases to
believe the
borrower
has failed to
maintain
hazarad
insurance
- Delinquencies and Foreclosure
- Require live contact with the borrower by the 36th day of delinquency
- Written notice by the 45th day of deliquency
- Written notice by the 45th day of deliquency
- Require live contact with the borrower by the 36th day of delinquency
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