Real Estate Settlement Procedures Act (RESPA)

Real Estate Settlement Procedures Act (RESPA) is a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships.

Real Estate Settlement Procedures Act (RESPA) Explained

Real Estate Settlement Procedures Act (RESPA) is the Federal law that, among other things, requires lenders to provide “good faith” estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance.