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4 Cards in this Set
- Front
- Back
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What is section 10 of RESPA |
Protect consumers by ensuring that they about the amount of funds deposited in their escrow account. |
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Under section 10 of RESPA, how much cushion reserve is a servicer allowed to request from the borrower to pay to cover unanticipated charges of taxes and insurance? |
1/6 of the total amount (2 mos) any surplus over $50 has to be returned to the borrower within 30 days after escrow analysis |
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What 2 disclosures does Section 10 of RESPA require? When are they due? |
Initial Escrow Statement: 45 days Annual Escrow Statement: 30 days (annual) |
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What penalties are under Section 10 of RESPA?/ What are the limitations? |
If failure to submit escrow initial or annual statement is $75 civil/violation Limitation: $130,000 in 12 month period Intentional Violation: $110/ no limitation |
