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14 Cards in this Set
- Front
- Back
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RESPA: |
Real estate settlement procedure act. G1170.17 |
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Why is seller financing not federally regulated? |
Because money doesn't cross state lines. G1170.17 |
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Jane buys a new car. Does RESPA regulate the transaction? |
No. G1170.17 |
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RESPA applies only to _____ loans: |
a) 1-4 unit b) residential c) Federally regulated G1170.17 |
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Which law states that a loan estimate (LE) must be given to proposed borrower within 3 days of applicaiton? |
RESPA: real estate settlement procedure act. (1974, but amended greatly). |
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True or false: investors are entitled to a loan estimate under RESPA: |
false. G1170.17 |
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Closing disclosure form must be re-disclosed within 3 days if: |
rates or costs change. This CAN push back the closing date. G1170.17 |
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Borrower must receive closing disclosure __ days before closing.
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3 days. Can push back closing date if not done. G1170.17 |
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kick-backs and referral fees and unearned fees from lenders are illegal under which law? |
RESPA. G1170.17 |
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Who issues flood insurance? |
Federal gov't, thru lenders. G1170.17 |
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A financed property in a flood zone MUST have flood insurance according to which law? |
National flood insurance act. G1170.17 |
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What are the limits on flood insurance? |
$250k per structure, $100k per personal property. G1170.17 |
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How would an owner prove their house is NOT in a flood zone? |
Get an "Elevation Certificate." from FEMA. G1170.17 |
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What is "table funding?" |
A mortgage broker officiates on a loan, but the funds come directly from a lender, not the brokerage. Some brokers work for several lenders. G1170.18 |
