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Which of the following loans is generally EXEMPT from RESPA coverage?
a.A loan secured by 25 acres of vacant land used primarily for business
b.A purchase-money loan on a single-family home
c.A refinance of a borrower's principal residence
d.A home equity line of credit on an owner-occupied duplex
Giải thích
RESPA covers federally related mortgage loans secured by residential property (1-4 units). A loan on vacant land used primarily for a business or agricultural purpose is generally exempt. Purchase loans, refinances, and HELOCs on residential dwellings are covered transactions. The exemption turns on the property's non-residential, business nature.
Trích dẫn luật: RESPA / Regulation XLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A lender denies a mortgage application partly because of information in the applicant's credit report. Under the Fair Credit Reporting Act, the lender must provide the applicant with:
- The primary purpose of the Home Mortgage Disclosure Act (HMDA) is to:
- Under the Gramm-Leach-Bliley Act (GLBA), a financial institution must provide consumers with a privacy notice that:
- After a borrower submits a written qualified written request (QWR) about a servicing error, RESPA requires the servicer to acknowledge receipt within how many business days?
- Under Regulation Z, if an advertisement for a mortgage states a specific interest rate (a triggering rate) or trigger term, it must also disclose:
- The Home Ownership and Equity Protection Act (HOEPA) primarily provides additional protections for borrowers obtaining:
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