Who is required to prepare and distribute special information booklets to help people borrowing money for real estate purchases better understand the nature and cost of settlement services?

The person responsible to prepare and distribute special information booklets is the secretary. The secretary is required to prepare and distribute special information booklets to help people borrowing money for real estate purchases better understand the nature and cost of settlement services.


Question:  Who is required to prepare and distribute special information booklets to help people borrowing money for real estate purchases better understand the nature and cost of settlement services?

Answer:   The Secretary

When may the HUD-1 Settlement Statement be given to the borrower?

The HUD-1 Settlement Statement should be given to the borrower both before or at settlement.

Question:  When may the HUD-1 Settlement Statement be given to the borrower?

Answer:  Both before or at settlement

When must a servicer acknowledge receipt of an information request from a borrower?

A servicer must acknowledge the receipt of an information request from a borrower within 20 business days.

Question:  When must a servicer acknowledge receipt of an information request from a borrower?

Answer:  20 business days

How long does a person have to bring a private lawsuit against someone for a violation of Section 6 (2607)?

A person has 3 years to bring a private lawsuit against someone for a violation of Section 6 (2607).

Question:  How long does a person have to bring a private lawsuit against someone for a violation of Section 6 (2607)?

Answer:  3 years

RESPA defines a "thing of value" as which of the following things?

RESPA considers a "Thing of value" as any of the following: any payment, advance, funds, loan, service, or other consideration.

Question:  RESPA defines a "thing of value" as which of the following things?

Answer:  Any of these things,  Service, Advance and Payment

What does a servicer do?

A loan servicer is usually the mortgage-holder or a third-party company responsible for servicing a mortgage. The servicer responsibility includes collecting payments for principal, interest and escrow.

Question:  What does a servicer do?

Answer:  Collect payments to be applied against principal, interest and escrow

What may the good faith estimate disclose?

The good faith estimate usually disclose either an estimate of the dollar amount or a range of dollar amounts for each settlement service.

Question: What may the good faith estimate disclose?

Answer:  Total amounts from each loan service