RESPA: The Real Estate Settlement Procedures Act

Topics:
Insurance,
Property Management
Tags:
Business Operations,
Consumer Protection,
EzineArticles.com,
Real Estate,
RESPA
Source:
EzineArticles.com

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Overview: The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. One of its purposes is to help consumers become better shoppers for settlement services. Another purpose is to eliminate kickbacks and referral fees that increase unnecessarily the costs of certain settlement services. RESPA requires that borrowers receive disclosures at various times. Some disclosures spell out the costs associated with the settlement, outline lender servicing and escrow account practices and describe business relationships between settlement service providers.

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Format: HTML | Date: Jul 2005 | Pages: 7

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