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WHAT IS RESPA?

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Icon Mini Profile catharin9





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Post Posted: Thu Sep 03, 2009 10:55 am    Post subject: WHAT IS RESPA?
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WHAT IS RESPA?
Icon Mini Profile sunnyca2009





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Post Posted: Thu Sep 03, 2009 11:18 pm    Post subject:
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Real estate settlement procedure act
Icon Mini Profile jonunderwood007





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Post Posted: Fri Sep 04, 2009 3:54 am    Post subject:
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RESPA is about closing costs and settlement procedures. it requires that consumers receive disclosures at various times in the transaction and outlaws that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process
Icon Mini Profile ross090909





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Post Posted: Sat Sep 05, 2009 4:48 am    Post subject:
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RESPA stands for Real Estate Settlement Procedures Act.

It requires lenders to disclose information to potential customers throughout the mortgage process.

It protects borrowers from abuses by lending institutions.

RESPA mandates that lenders fully inform borrowers about following aspects-
1) all closing costs
2) lender servicing
3) escrow account practices
4) business relationships between closing service providers
5) other parties to the transaction
Icon Mini Profile lovegreg77





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Post Posted: Sat Sep 05, 2009 5:08 am    Post subject:
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RESPA was enacted in 1974 by Congress in order to bring control & transparency to the settlement of real estate transactions.

It regulates disclosure, fee sharing, referral business and marketing pacts between service providers
Icon Mini Profile nelsoncarolyn1946





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Post Posted: Sat Sep 05, 2009 6:03 am    Post subject:
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Icon Mini Profile pettybob1





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Post Posted: Sun Sep 13, 2009 6:27 am    Post subject:
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