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8 Cards in this Set
- Front
- Back
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What are the following time frames for responding to and error or request? Pay off Foreclosure Violations Other errors |
Must respond to client within 5 days of receiving error with a written letter acknowledging it. Accurate Pay off balance(7 days) Foreclosure Violations (30 days) Other errors (30 days) |
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How soon must a servicer refund any money left on an escrow account after the balance has been paid in full? |
20 days |
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How soon must a written notice be delivered before the servicer assesses an insurance charge? What is this charge called? |
45 days/ Force-Placed Insurace |
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Servicers are prohibited from starting a pre-foreclosure review unless the mortgage loan is more than how many days delinquent? |
120 days |
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What disclosure advises borrowers whether their loan can be sold, assigned or transferred for servicing?/ When is it due? |
MSDS (Mortgage Servicing Disclosure Statement) / within 3 days of the completed application |
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What is the Notice of Transfer Statement? When should it be given? |
Informs borrowers about the transfer of their servicing./ It must be sent at least 15 days prior to the transfer by the servicer and within 15 days from the transferee./Late charges cannot be assessed for the first 60 days |
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What are the penalty violations for Section 6 of RESPA? |
Individual: not to exceed $1000 Class Action: $1000/member in the action not to exceed $500,000 |
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What are the 4 objectives of section 6 of RESPA? |
1. Provide timely and accurate info 2. Oversee compliance of Timely Escrow accts 3. Early Intervention and Loss Mitigation 4. Proper Transfer of Service |
