FinancingPregunta 74 de 120
The Real Estate Settlement Procedures Act (RESPA) primarily aims to:
a.Disclose settlement costs and prohibit kickbacks in federally related mortgage loans
b.Set maximum interest rates
c.Regulate real estate license exams
d.Require flood insurance
Explicación
RESPA requires disclosure of settlement costs to borrowers and prohibits kickbacks and unearned referral fees among settlement service providers. It applies to most federally related residential mortgage loans. Its goal is transparency and fairness in the closing process.
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- A fully amortized loan is one in which:
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