RESPA. Buyer and Seller shall make all disclosures and do all things necessary to comply with the applicable provisions of the Real Estate Settlement Procedures Act of 1974, as amended.
RESPA. With respect to each Loan which is a residential mortgage loan, Seller has given the notice required by Section 6 of the Real Estate Settlement Procedures Act ("RESPA") of the transfer of the servicing of the Loans.
RESPA. Settlement Agent must prepare a HUD-1/HUD-1A Settlement Statement (“Settlement Statement”) in accordance with the Real Estate Settlement Procedures Act and Regulation X (24 CFR 3500) and in accordance with the instructions set forth in the Specific Closing Instructions.
RESPA. Under the Real Estate Settlement Procedures Act (RESPA, 26 USC 2604 and 24 CFR 3500.b), Buyer is entitled to review a copy of the closing statement twenty-four (24) hours in advance of Closing.
RESPA. Both parties hereto agree to furnish all information and documents, if any, required in order to comply with the Real Estate Settlement Procedure Act of 1974 and with Regulation X, if applicable, and any amendments thereto.
RESPA. Consumer protection statute designed to:
RESPA. (a) No Seller or any Affiliate of any Seller (including, but not limited to the First Florida Title Services II, LLC (the “First Florida Title Company”) and Liberty Mortgage of South Florida, LLC) has violated any provision of RESPA, including (without limitation) (i) Section 8(a), which prohibits kickbacks and referral fees among settlement service providers, (ii) Section 8(b), which prohibits the charging of unearned fees for settlement services, and (iii) Section 9, which prohibits requiring the use of a particular title company.
(b) No Seller or any Affiliate of any Seller has a “controlled business arrangement” or an “affiliated business arrangement” with any title company, lender, broker or other entity which has not been properly disclosed to purchasers and prospective purchasers pursuant to a “Controlled Business Arrangement Disclosure Statement” or an “Affiliated Business Arrangement Disclosure Statement.” Attached hereto as Schedule 5.30(B) are specimen copies of the forms of all “Controlled Business Arrangement Disclosure Statements” and “Affiliated Business Arrangement Disclosure Statements” so disclosed.
(c) No Seller or any Affiliate of any Seller has charged or accepted “markups” (i.e., closing or settlement fees or charges to purchasers which exceed the actual cost to seller for such settlement charges or fees) in connection with their sale of single family residences.
(d) No Seller or any Affiliate of any Seller is under investigation by, or has received any request for information from or on behalf of the Department of Housing and Urban Development (“HUD”) or other law enforcement authority with respect to such entity’s compliance or possible violation under RESPA.
(e) Attached hereto as Schedule 5.30(E) are specimen copies of the forms of all purchase and sale agreements and related addenda and riders utilized by Sellers in connection with sales of single family residences.
RESPA. (a) Sellers shall provide to Purchasers (i) a draft of the letter to each applicable Mortgagor (the “Goodbye Letter”), which letter shall comply with the requirements of RESPA and (ii) the 1122 and 1123 Servicer’s Assessments of Compliance provided pursuant to Regulation AB with respect to the PMSI’s servicing platform, with respect to the calendar year ending December 31, 2007, within two (2) Business Days after the date hereof. Upon receipt of such draft from Sellers, Purchasers shall review such draft and provide revisions thereto within two (2) Business Days of such receipt. On September 15, 2008, Sellers shall, in accordance with RESPA and Exhibit F-1 and at their cost and expense, deliver or cause to be delivered to each Mortgagor under each Purchased Loan that is not a Non-Interim Serviced Purchased Loan a Goodbye Letter. On October 15, 2008, Sellers shall, in accordance with RESPA and Exhibit F-1 and at their cost and expense, deliver or cause to be delivered to each Mortgagor under each Non-Interim Serviced Purchased Loans a Goodbye Letter. In accordance with RESPA, Purchasers, at their sole cost and expense, shall deliver or cause to be delivered to each applicable Obligor a letter (the “Welcome Letter”) which letter shall comply with the requirements of RESPA.
(b) If this Agreement is terminated after the Servicing Transfer Date and prior to Closing, Servicing Assets Purchaser shall, upon request of Sellers, (i) deliver its own Goodbye Letters with respect to each Purchased Loan that is not a Non-Interim Serviced Purchased Loan, as promptly as reasonably practicable after such request and in accordance with RESPA, to each Mortgagor under such Purchased Loans who previously received a Goodbye Letter from Sellers pursuant to clause (a) in order to transfer servicing back to Sellers and (ii) cooperate with, and take all other actions reasonably requested by, Sellers in connection with transferring servicing of such Purchased Loans back to Sellers.
RESPA. Sellers shall provide Purchaser with a copy of Sellers’ RESPA notice to Mortgagors regarding the transfer of servicing of the Mortgage Loans to Purchaser, to the extent such notice is required by law, by the earlier to occur of (a) the date that is two (2) Business Days prior to the mailing of such notice by Sellers or (b) the date that is seven (7) days prior to the Closing Date,. Sellers shall provide to Purchaser a copy of their Affiliated Business Arrangements (ABA) Disclosure as provided to the borrower in accordance with RESPA seven (7) days prior to the Closing Date. If the ABA discloses a title company or title insurance company, Sellers shall also supply a closing protection letter from the title insurer and a copy of the title company’s errors and omission policy within the same seven (7) day period.
RESPA. As required by the Real Estate Settlement Procedures Act of 1974, Buyer acknowledges that the Town has not directly or indirectly required Buyer, as a condition of sale, to purchase either a fee owner's or mortgagee's title insurance policy from any particular title company. The Town has advised Buyer that the Town will purchase, at the Town's sole cost and expense, an owner's title insurance policy from the Title Company, and prior to Closing will provide Buyer with a commitment for a standard coverage title insurance policy. The Town has also advised Buyer that if Buyer does not wish the Town to purchase the title insurance policy from such company, Buyer may elect to obtain such insurance from a company of Buyer's choice and Buyer shall pay at Closing or at initiation, as required, that portion, if any, of the title insurance premium and other title company charges in excess of what the premium and charges would have been if Buyer had accepted the title insurance policy offered by the Town. Buyer further acknowledges that the Town has not directly or indirectly required Buyer, as a condition of sale, to obtain financing services from any particular lender or broker.
