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10 Cards in this Set
- Front
- Back
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Kickbacks |
A percentage payment to a person able to influence or control a source of income, as by confidential arrangement |
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Affiliated Business Arrangements (ABA) |
Provisions and regulations relating between real estate brokerage firms and affiliated mortgage companies or other settlement service providers where there is a 1% or more coon ownership between the companies |
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Computerized Loan Origination (CLO) |
A computerized system that is used by or on behalf of a consumer to facilitate a consumer's choice among alternative products or settlement service providers in connection with a particular RESPA covered real estate transaction |
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Real Esttae Settlement Procedures Act (RESPA) |
High and varying settlement costs and complicated settlement procedures |
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Settlement Services |
Any service provided in connection with a real estate settlement |
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Tila-Respa Intergated Disclosure Rule (TRID) |
Requires creditors to give information to the consumer designed to help them decide whether they can afford the loan and to faciliate comparisn of the cost of different loan offers, including the cost of the loans over time |
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Loan Estimate |
Helps consumers compare settlement costs and determine if their actural closing costs are within established tolerance requirments |
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Consummation |
The date the consumer becomes oblgated to the creditor |
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Closing Cost |
Fees associated with the settlement of real estte transactions |
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Closing Disclosure |
Forms designed to provide information in a way that will be helpful to consumers in understanding all of the costs of the transaction |
