RESPA (Real Estate Settlement Procedures Act) - Regulation X

Which of the following does RESPA apply to?

• All Cash Sales

• 1-4 unit Owner Occupied

• Rental Properties (more than 4 units)

• Commercial Properties

Which of the following is NOT covered by RESPA?

• A) FHA, VA, USDA (Gov't sponsored loans)

• B) Purchase Loans

• C) Temporary Construction Loans

• D) Reverse Mortgages

RESPA prohibits kickbacks, fee-splitting, and unearned (upfront) fees except for which type of fee?

• Credit app fee

• Title insurance fee

• Broker commission

• Escrow fee

RESPA applies to Commercial Properties.

• True

• False

What is the penalty for violating RESPA?

• $1,000 fine

• $10,000 and/or up to 1 year in jail

• $100 fine

• No penalty

How often is escrow analysis required under RESPA?

(a)  

Which of the following is required for a completed application (SAVLIN)?

• Name

• SSN

• Gross monthly income

• All of the above

RESPA applies to Home Seller Carry Back loans.

• True

• False

What is the maximum cushion allowed in an escrow account under RESPA?

• Two months

• One month

• Six months

• Four months

Which document must be provided within 3 business days as part of initial disclosures?

• Loan Estimate (TILA)

• Finalized Closing Disclosure

• Servicing Transfer Statement

• Annual Escrow Statement