Learn Best Practices For Real Estate Settlement Procedures!

What is RESPA?

RESPA stands for the Real Estate Settlement Procedures Act, a U.S. federal law enacted in 1974. Its primary purpose is to protect consumers during the home buying and mortgage process by requiring transparency in real estate transactions involving federally related mortgage loans.

RESPA has the following four primary purposes:

• Provide pertinent and timely disclosures regarding the nature and costs of real estate settlements for certain federally related mortgage loans
  
• Prohibit kickbacks and other arrangements that add to the cost of settlement or hide costs
  
• Provide information about the sale or transfer of servicing
  
• Regulate management and disclosure of escrow accounts

What You'll Learn:This course reviews the requirements of the Real Estate Settlement Procedures Act (RESPA), including the disclosure requirements, the anti-kickback provisions, loan servicing standards, and escrow account management.

After completing this course, you will be able to:

• Identify loan transactions that are covered under RESPA and those that are exempt
  
• Explain the timing and content of application and settlement disclosures, including the homeownership counseling notice, the Affiliated Business Arrangement Notice, and the initial escrow account notice
  
• Identify RESPA requirements for loan servicers in all aspects of servicing a mortgage loan including, when applicable, escrow account servicing and successors in interest
  
• Describe activities and business practices prohibited under Section 8 and the consequences of a violation

You have six months to complete the course and gain your printable certificate. Course Length: 2 hours