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catharin9 · Joined: 14 Jul 2009 Posts: 168 -0.14 Dollars($)

WHAT IS RESPA?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Real estate settlement procedure act

jonunderwood007 · Joined: 03 Sep 2009 Posts: 38 -0.40 Dollars($)

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

ross090909 · Joined: 04 Sep 2009 Posts: 82 -0.31 Dollars($)

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

lovegreg77 · Joined: 03 Sep 2009 Posts: 34 0.00 Dollars($)

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

nelsoncarolyn1946 · Joined: 03 Sep 2009 Posts: 38 0.00 Dollars($)

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pettybob1 · Joined: 07 Sep 2009 Posts: 37 0.24 Dollars($)

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