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RESPA – Real Estate Settlement Procedures Act
October 8, 2008 by Mortgage Align · Leave a Comment
RESPA is about closing costs and settlement procedures. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks 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, and is enforced by HUD.
For more information on RESPA, visit the U.S. Department of Housing and Urban Development website.
