Updated March 30, 2018 Show Download Real Estate Settlement Procedures Act (RESPA) examination procedures | PDF The TILA and RESPA examination procedures have been updated to reflect amendments to Regulations X and Z. Specifically, the updates reflect the Amendments Relating to Small Creditors and Rural or Underserved Areas under TILA (Rural-Small Rule), the Amendments to the 2013
Mortgage Rules under RESPA (Regulation X) and TILA (Regulation Z) (the 2016 Servicing Rule) final rules, and the October 2017 Mortgage Servicing interim final rule. The updates also include corrections and clarifications to existing text. SummaryThe Real Estate Settlement Procedures Act (RESPA) is applicable to all “federally related mortgage loans,” except as provided under 12 CFR 1024.5(b) and 1024.5(d), discussed below. “Federally related mortgage loans”
are defined as: Loans (other than temporary loans), including refinancings that satisfy the following two criteria: First, the loan is secured by a first or subordinate lien on residential real property, located within a State, upon which either:
Second, the loan falls within one of the following categories:
“Federally related mortgage loans” are also defined to include installment sales contracts, land contracts, or contracts for deeds on otherwise qualifying residential property if the contract is funded in whole or in part by proceeds of a loan made by a lender, specified federal agency, dealer or creditor subject to the regulation.
What is the primary purpose of the settlement statement quizlet?A The primary purpose of the settlement statement is to set forth all of the financial details of closing, showing each party's costs and credits.
Which of these is not an element of an option to purchase real estate quizlet?Which of these is not an element of an option to purchase real estate? Non-binding contract. Real estate options are legally-binding, and they give the option holder the exclusive right to purchase real estate property for a specified time period at a pre-defined price.
Which would not be prorated at closing?A security deposit would not be prorated at closing, as it must continue to be held in trust. It was simply pass from seller to buyer.
Is a federal law that requires lenders to give borrowers a pamphlet?The federal Truth-in-Lending Act - or “TILA” for short – requires that borrowers receive written disclosures about important terms of credit before they are legally bound to pay the loan.
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