NMLS – RESPA Question with complete solution 2023

NMLS – RESPA Question with complete solution 2023Real Estate Settlement Procedures Act (RESPA) will be administered and enforced by what agency: Consumer Financial Protection Bureau Real Estate Settlement Procedures Act (RESPA) insures that consumers throughout the nation are provided with more helpful information about what: The cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices. A required, standardized Good Faith Estimate (GFE) does this: Facilitates shopping among settlement service providers and improves disclosure of settlement costs and interest rate related terms. The HUD-1 was improved to help consumers know this: It determines if their actual closing costs were within established tolerance requirements. These charges cannot increase at settlement: Origination, points and transfer taxes These charges can increase up to 10% at settlement: Government recording charges, title services & lender's and owner's title insurance, and services that are required and consumers can shop for. These charges can change at settlement: Initial deposit for escrow account, daily interest charges, homeowner's insurance & other services. RESPA does not apply to: Loans for business, commercial, agricultural purposes (<25 acres), bridge loans (temporary loans) and vacant land Markups: A unilateral increase in the cost of a settlement service and retention of the additional fee by the party making the markup.