Federal Mortgage-Related Laws question and answers graded A+ 2023

Federal Mortgage-Related Laws question and answers graded A+ 2023One the LE, what is ALWAYS a settlement service cost that goes in Section C as a provider service the borrower CAN shop for? - correct answer Borrower's title insurance policy To comply with the provisions of RESPA, a lender must provide a consumer with an BLANK when the lender owns greater than BLANK of the referred provider or has a personal interest in the provider - correct answer Affiliated Business Arragement Disclosure; 1% Which lender's act is prohibited under Section 8 of the Real Estate Settlement Procedures Act? - correct answer Receiving a payment from a settlement service provider for a reerral On the LE, a permanent buydown of the interest rate by the borrower will show as a - correct answer Charge to the borrower What Act became effective June 20, 1975, with the purpose of helping consumers become better shoppers for settlement services? - correct answer Real Estate Settlement Procedures Act Regulation X defines ______ as any service provided in connection with a prospective or actual settlement, including origination of a federally related mortgage loan including, but not limited to, the taking of loan applications, loan processing, the underwriting/funding of loans, and the rendering of credit reports and appraisals. - correct answer Settlement Service Regulation X states that the lender or the mortgage broker generally must provide a GFE no later than ___ business days after a mortgage broker receives either an application or information sufficient to complete an application. - correct answer 3 Page 1 of the loan estimate includes the name and address of the creditor. If there are multiple creditors: - correct answer use the name of the creditor completing the form Regulation V implements what law? - correct answer Fair Credit Reporting Act (FCRA)