what is RESPA?

kitz40060 · Joined: 26 Jul 2007 Posts: 6 3.29 Dollars($)

ALSO, WHAT ARE THE REGULATIONS IN RESPA?

Guest 0.10 Dollars($)

Real Estate Settlement Procedures Act = RESPA

check - hud.gov/offices/hsg/sfh/res/respa_hm.cfm

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Hi Kitz,

Respa is a consumer protection statute & helps borrowers get equipped with settlement services. It also provides buyer the right to receive disclosures about costs related with settlement.

You can get more details about it from here - http://www.mortgagefit.com/respa.html

Miller

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Kitz,

RESPA is Real Estate Settlement Procedures Act, developed under HUD. It is designed to provide consumers with information related to real estate transaction and help them to be smart shopper in the home buying process.

To know more on the RESPA regulations, please refer to: http://dirt.umkc.edu/archives/dirt2003/jan2003/respa%20article.pdf

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

These are disclosures that are required by law to be sent to you within 3 days of application. They do not consitute a commitment by the lending institution but rather the terms that you have applied for. If approved for these terms, the costs should remain the same as were quoted on the good faith estimate that was provided in your RESPA packet. The rate on those documents may not be locked so double check that.

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