Question

What types of fees and conditions are prohibited under RESPA? Please respond in at least 3...

What types of fees and conditions are prohibited under RESPA? Please respond in at least 3 – 4 sentences.

Homework Answers

Answer #1
  1. RESPA forbids a person from either accepting or giving anything which is of great importance to the referrings for agreement service businesses related to a confederately related to the mortgage loan.
  2. It also prohibits a person from accepting or giving any part of a charge for services that are not performed. These are also known as recoils, fee-splitting and unearned fees.
  3. RESPA prohibits home sellers from entailing home buyers to buy their services of settlement from a specific company either indirectly or directly, as the condition of a sale.
  4. RESPA also prohibits a lender from charging immoderate amounts for the escrow account
  5. It also prohibits a person from giving or accepting any part of a charge for the services that are not performed.
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