The Real Estate Settlement Procedures Act requires lenders, mortgage brokers, and mortgage servicers to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process, place caps on required escrow deposits for insurance and taxes, eliminate kickbacks and referral fees, and set requirements for servicing a mortgage loan. This course provides an overview of the sections and requirements of RESPA. This course is intended for those working in the consumer real estate lending arena.
- Understand what types of loans require certain disclosures prior to consummation of the loan
- Know the basic requirements of maintaining and servicing escrow accounts
- Know what mortgage servicing rules apply to all servicers and those that small servicers are exempt from
- Recognize the restrictions RESPA applies to kickbacks, unearned fees and affiliated business arrangements
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