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RESPA / Regulation XCard 3 of 106

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24% of the examFederal Mortgage-Related LawsSection 1
11% of the examUniform State ContentSection 2
20% of the examGeneral Mortgage KnowledgeSection 3
27% of the examMortgage Loan Origination ActivitiesSection 4
18% of the examEthicsSection 5
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Federal Laws · Law OverviewRESPA / Regulation X
Card 01
RESPAReal Estate Settlement Procedures Act
Reg X1974CFPB
Sec. 8No kickbacks, no unearned fees
Sec. 9Seller can't require a title company
Sec. 10Escrow cushion ≤ 2 months
AfBADisclose the affiliate in writing; profit only as its owner
$10,000 · 1 year the most a Section 8 violation carries: a fine, prison, or both, plus treble damages of 3× the settlement charge
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Quiz side
Federal Laws · RecallRESPA / Regulation X
Card 01
  1. What year did RESPA pass, and which regulation implements it?
  2. Who enforces RESPA today?
  3. What does Section 8 ban, and what is the most a violation carries?
  4. What is the most a servicer may hold as an escrow cushion?
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Federal Law · Law Overview

RESPA

Real Estate Settlement Procedures Act · Regulation X

Numbers to Know
1974Enacted
Reg XRegulation
CFPBEnforcer
$10,000Sec. 8 fine, max
1 yearSec. 8 prison, max
2 monthsEscrow cushion
$50Surplus refund
15 daysTransfer notice
4 Things RESPA Does
Section 8Kickbacks
  • No fee, kickback or thing of value for a referral
  • No splitting a charge for work not performed
  • Giver and receiver are both liable
Section 9Title insurance
  • A seller may not require a particular title company
  • The lender may require coverage and set minimums
Section 10Escrow
  • Cushion no more than 2 months
  • Analysis and statement every 12 months
  • Surplus of $50 or more refunded within 30 days, borrower current
AfBAAffiliates
  • Disclose the tie and its charges in writing
  • Use may not be required, except the lender’s own attorney, credit agency or appraiser, or an attorney arranging a client’s title insurance
  • The only return is the ownership interest
Covered, and Not
Federally related mortgage loan: a first or subordinate lien on a 1–4 family home, a manufactured home included, with a federal connection. Exempt: business-purpose loans; temporary financing, unless it can go permanent with the same lender, finances the first owner's purchase, or runs 2+ years for a non-builder; vacant land, unless the loan's proceeds put a home on it within 2 years; assumptions without lender approval; loan conversions; and secondary-market sales, though the servicing rules still apply.
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Glossary and Self-Test

RESPA

The words, then the questions. Answers are upside down.

Glossary
Affiliated Business Arrangement
A referral to a settlement provider the referrer is affiliated with or owns more than 1% of. RESPA requires a written disclosure of the relationship and its charges; the referrer’s only return is on the ownership.
Federally Related Mortgage Loan
A first or subordinate lien on a 1–4 family home, a manufactured home included, with a federal connection, such as a federally regulated lender or a creditor that makes or invests in residential real estate loans over $1 million a year. The switch that turns RESPA on.
Regulation X
The rulebook that puts RESPA into practice: servicing, escrow accounts, disclosures and banned practices.
Section 8
The RESPA rule that bans kickbacks, fee-splitting, and charging for work that was never done.
Settlement Service
Any service provided in connection with a settlement. The rule gives 15 examples, and the list is not exhaustive.
Escrow
An account the servicer holds to pay the borrower's property taxes and homeowners insurance.
Test Yourself
  1. What is RESPA Section 8, and what penalty does a violation carry?
  2. When do the old and new servicers each send the servicing transfer notice?
  3. What makes a referral an Affiliated Business Arrangement?
  4. Can a seller require the buyer to use a specific title company?
  5. Name five kinds of loan RESPA does not cover.
Answers
  1. It bans kickbacks and unearned fees for referrals. Up to $10,000, up to 1 year in prison, or both, per violation.
  2. The old servicer at least 15 days before the transfer; the new servicer within 15 days after.
  3. The referrer is affiliated with the provider or owns more than 1% of it. It is disclosed in writing, its use may not be required beyond the narrow exceptions, and the only return is the ownership.
  4. No. Section 9 bars it. The lender may still require title insurance and set minimum coverage.
  5. Business-purpose loans; temporary financing, unless it can go permanent with the same lender, finances the first owner's purchase, or runs 2+ years for a non-builder; vacant land, unless the loan's proceeds put a home on it within 2 years; assumptions without lender approval; and loan conversions.
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RESPA / Regulation XCard 19 of 106

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Study Aids

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    • RESPAAfBA Disclosure
    • RESPAAffiliated Business Arrangement
    • RESPAAffiliated Business Arrangement (AfBA)
    • RESPAAffiliated Business Disclosure
    • RESPAAnnual Escrow Analysis
    • RESPAAnnual Escrow Statement
    • RESPACanceling Force-Placed Insurance
    • RESPACFPB Takes Over RESPA
    • RESPAClosing Disclosure Receipt
    • RESPAClosing Disclosure Retention
    • RESPACooperative Brokerage
    • RESPACounseling List Exception
    • RESPADeed in Lieu of Foreclosure
    • RESPADual Tracking
    • RESPADual-Tracking Protection
    • RESPAEarly Intervention
    • RESPAEscrow Account
    • RESPAEscrow Analysis
    • RESPAEscrow Cushion
    • RESPAEscrow Cushion Cap
    • RESPAEscrow Deficiency
    • RESPAEscrow Shortage
    • RESPAEscrow Statement
    • RESPAEscrow Surplus
    • RESPAEscrow Surplus Refund
    • RESPAEscrow Surplus Refund Deadline
    • RESPAExempt Transactions
    • RESPAFederally Related Mortgage Loan
    • RESPAFirst Force-Placed Insurance Notice
    • RESPAForbearance
    • RESPAForce-Placed Insurance
    • RESPAForce-Placed Insurance Reminder
    • RESPAForeclosure
    • RESPAForeclosure Delinquency Floor
    • RESPAGFE
    • RESPAGood Faith Estimate Deadline
    • RESPAHomeownership Counseling List
    • RESPAInitial Escrow Statement
    • RESPAIrregular Loan APR Change
    • RESPAKickback
    • RESPALive Contact With a Delinquent Borrower
    • RESPALoan Estimate Deadline
    • RESPALoan Estimate Record Retention
    • RESPALoan Modification
    • RESPALoan-Modification Appeal
    • RESPALoss Mitigation
    • RESPALoss-Mitigation Denial Reason
    • RESPALoss-Mitigation Notice
    • RESPAMailed Disclosure Receipt
    • RESPAMarketing Services Agreement
    • RESPAMonthly Escrow Payment
    • RESPAMortgage Servicing — Periodic Statement Rule
    • RESPANew Servicer's Transfer Notice
    • RESPANon-Shoppable Service Tolerance
    • RESPANotice of Error (NOE)
    • RESPANotice of Error Acknowledgment
    • RESPANotice of Error Response
    • RESPAPayment to the Old Servicer
    • RESPAPayoff-Balance Error Correction
    • RESPAPrincipal Residence Only
    • RESPAQualified Written Request
    • RESPAReal Estate Settlement Procedures Act
    • RESPAReferral (RESPA)
    • RESPAReferral Fees
    • RESPARegular Loan APR Change
    • RESPARegulation X
    • RESPARepaying an Escrow Shortage
    • RESPARequest for Information (RFI)
    • RESPARequired Title Insurer
    • RESPARequired Use
    • RESPARESPA
    • RESPAReverse-Mortgage Servicing Disclosure
    • RESPARevised Loan Estimate Deadline
    • RESPASection 10 Annual Penalty Cap
    • RESPASection 10 Escrow Limits
    • RESPASection 10 Intentional Penalty
    • RESPASection 10 Penalty Per Failure
    • RESPASection 8 (RESPA)
    • RESPASection 8 Criminal Fine
    • RESPASection 8 Damages
    • RESPASection 8 Prison Term
    • RESPASection 8 Suit Deadline
    • RESPASection 8(b) Unearned Fees
    • RESPASection 8(c) Safe Harbors
    • RESPASection 9 (RESPA)
    • RESPASeller-Required Title Insurer Damages
    • RESPAServicer Transfer Notice (15-Day Rule)
    • RESPAServicing and Escrow Suit Deadline
    • RESPAServicing Transfer Notice Contents
    • RESPAServicing Transfer Notices
    • RESPAServicing Transfer on MERS
    • RESPASettlement Service
    • RESPASettlement Service Categories
    • RESPASettlement Service Provider
    • RESPAShopped-From-List Tolerance
    • RESPAShort Sale
    • RESPASmall Servicer
    • RESPASpecial Information Booklet
    • RESPAThing of Value
    • RESPATolerance Refund Deadline
    • RESPAToolkit Exception
    • RESPATreble Damages
    • RESPAUnearned Fee
    • RESPAVacant-Land Exemption
    • RESPAWritten Service-Provider List
    • RESPAYour Home Loan Toolkit
    • + 689 more in Federal Laws
  • Uniform State Content11% of the exam128 cards
  • General Knowledge20% of the exam611 cards
  • Originator Activities27% of the exam744 cards
  • Ethics18% of the exam273 cards
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