Escrow & Title
Under RESPA, Wisconsin lenders may not pay or accept fees for referring customers to affiliated settlement service providers unless they comply with the:
AAffiliated business arrangement (AfBA) disclosure requirements✓ Correct
BTRID disclosure rules only
CHUD's voluntary disclosure program
DDSPS's settlement service guidelines
Explanation
RESPA allows affiliated business arrangements as long as the arrangement is properly disclosed to the consumer on the required Affiliated Business Arrangement Disclosure form.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
State-Specific Concepts
Disclosure Requirements
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