Description
The Real Estate Settlement Procedures Act (RESPA) Overview Frontline course provides information about consumer protections during the home buying process. The course identifies the types of loans RESPA and its implementing regulation, Regulation X, cover and the disclosures they require. The course discusses the prohibition against certain kickbacks and unearned fees, the prohibition of sellers of residential real estate to require use of a certain title company, and the prohibition against charging a fee for the preparation of any RESPA or Truth in Lending Act (TILA) disclosure. It also provides an overview of the general responsibilities for servicing the mortgage loan during the life of the loan.
What You’ll Learn
After completing this course, students will be able to:
- Discuss key elements of RESPA coverage, including which loan types it covers and the related disclosures required by RESPA and Regulation X
- Describe RESPA and Regulation X prohibitions
- Explain a bank’s various responsibilities when servicing a mortgage loan
