The actual property settlement procedures act (respa) is relevant to all “federally associated mortgage loans,” besides as offered below 12 cfr 1024.
5(b) and 1024. 5(d), mentioned beneath. “federally associated mortgage loans” are outlined as:.
Loans (aside from short-term loans), together with refinancings that fulfill the next two standards:.
First, the mortgage is secured by a primary or subordinate lien on residential actual property, positioned inside a state, upon which both:.
“federally associated mortgage loans” are additionally outlined to incorporate installment gross sales contracts, land contracts, or contracts for deeds on in any other case qualifying residential property if the contract is funded in entire or partly by proceeds of a mortgage made by a lender, specified federal company, vendor or creditor topic to the regulation.