RELE 1324 Final Review| latest 2023/24

RELE 1324 Final Review| latest 2023/24 Section 8 penalties include a year in jail and a fine of - $10,000 RESPA prohibits - Kickbacks To disclose business relationships between closing service providers and other third parties to the transaction, which of the following is/are used? - AfBA Section 6 of RESPA has specific instructions for servicing complaint resolution (T/F) - True The types of loans that the real estate settlement procedures act applies to include: - All of the above Within three business days of the complete application the borrower must be provided with all of the following except: - Truth in Lending Disclosure At or before the time of a referral to a closing company at the referring party has an ownership interest in and is also a party to the transaction the borrower must be provided with: - Affiliated business transaction (AfBA) Prohibits the seller from making it a condition of the sale that the borrower buys their settlement services from a particular provider. This is contained in which section of RESPA? - 9 If a "Qualified written request" is sent to the loan servicer, the servicer must provide a written acknowledgment within how many business days of receipt of the request? - 20 Individuals who violate section 8 of RESPA are subject to? - $10,000 and one year in jail and may also be sued for up to three times the settlement amount in that transaction. RESPA applies only to the first lien mortgages (T/F) - True Section 10 of RESPA regulates practices for - Escrow accounts RESPA mandates that all parties to the transaction fully inform the borrowers about all the following except - The cost of financing RESPA only applies the first lien mortgages and places limitations on - All of the above Which of the following has its main purpose, the addressing of items connected to the closing? - RESPA On purchase transactions a special information booklet is given to the borrower within how many business days of the complete application? - 3 A servicing disclosure notice is given to the borrower m within three business days of complete application. (T/F) - True The collection of escrows includes the collection of taxes and - Insurance If a borrower is charged $60 for a credit report on the HUD-1 Settlement Statement but actual cost was only $20 then broker/lender is in violation of what section of RESPA? - Section 8 Not later than 60 business days after receiving the written request the servicer must make any appropriate corrections to the borrower's account, or must provide the borrower with a written clarification regarding any dispute. This is required under RESPA: - Section 6 The GLBA establishes consistent practices regarding the use of - Customer Information Which Act requires