1.7 Flashcards
(20 cards)
True or False:
If no service providers are listed, then it is assumed the borrower cannot shop, and those fees will be bound by specific tolerances.
True
The GFE encourages buyers to shop for _______.
settlement services
On the GFE, title fees also must be shown as a single charge under _______ services.
title
There are _______ categories of fees on the GFE and HUD-1 comparison section.
3
Until the buyer receives a GFE, the only cost the lender can charge the buyer is for the _______.
credit report
In the GFE, the buyer must be allowed to compare the GFE with other loans for a minimum of _______ days.
10
Under the rules of _______, neither the seller nor the lender may require the buyer to buy title insurance from any particular title company.
RESPA
True or False;
Even if there is no “thing of value,” the referral of a service provider by a real estate agent or lender is prohibited by RESPA.
False
Acts of God, war or disaster, or inaccurate information from the buyer allows the lender to change some charges justified as ______ circumstances by RESPA.
changed
In the mortgage industry, “LO” stands for _______.
Loan originator
RESPA stands for ________.
Real Estate Settlement Procedures Act
If a loan originator (LO) permits borrowers to shop for services, the LO must provide a list of at least ________ provider(s) that each fee estimate on the GFE was based on.
one
The GFE discloses interest rate lock time periods, such as 30,45, or 60 days, but that does not necessarily mean your interest rate is _________.
locked
The _______ is a drawing of the property showing the location of the house and other improvements on the property.
survey
True or False: Your settlement (closing) may be conducted by a title insurance company, your attorney, or the seller's attorney.
True
The company that collects your mortgage payments is your _______.
loan servicer
A settlement may be conducted by a title insurance company, or the buyer’s or seller’s _______.
attorney
If your loan requires an escrow account, the service of your loan must give you an initial escrow account statement at your settlement or within the following _____ days.
45
The dates of “interest rate” and “other settlement charges” are ______ of each other.
independent
______ is the failure of a borrower to make timely mortgage payments under a loan agreement.
Delinquency
