Seat Time: 1hrs
This course will introduce the learner to the details of the Real Estate Settlement Procedures Act (RESPA). The learner will be provided with an overview of the important aspects of RESPA, such as the Act's disclosures and penalties for non-compliance. After completing this program, the learner will understand:
- Refinancing under RESPA.
- Definition of types of refinancing requirements of RESPA, such as the Good Faith Estimate (GFE)
- Necessary items on annual reports
T1. RESPA: This topic will define the intentions of the Real Estate Settlement Procedures Act, and will detail the various disclosures, requirements, and penalties therein.
T2. Exemptions and Refinancing: This topic will discuss refinancing and the transactions that are covered and exempt by RESPA.
T3. Required Disclosures: This topic will instruct the learner on the requirements of RESPA, and will describe key questions, define ôYield Spread Premiums,ö and detail costs and timeframe.
T4. RESPA Servicing Requriements: This topic will explore the servicing requirements set down by the Consumer Financial Protection Bureau (CFPB) and will discuss error resolution, information requests, force-placed insurance, and related policies and procedures.