The Real Estate Settlement Procedures Act outlines requirements that lenders must follow when providing residential mortgages. The general rules are set to inform borrowers about mortgage loans and provide ongoing information and protections after receiving a mortgage loan.
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 RESPA: Overview online training 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.
Course Learning Objectives
By taking this online RESPA: Overview course, the user will learn to:
- 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
This online RESPA: Overview course is made up of the following sections:
- Loan Application Disclosures
- Mortgage Servicing
- Section 8 Violations
This RESPA: Overview online training course was designed for those working in the consumer real estate lending arena.
If you have any concerns as to whether this course is appropriate for you or your industry, please browse our full selection of online courses.