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What are some of the Provisions of the Real Estate Settlement Procedures Act?

Answer:

Generally, RESPA only applies to purchases and refinances of home loans, for consumer purposes.

RESPA:

requires lenders to provide borrowers with a standardized Good Faith Estimate of closing costs at the time of application or within 3 business days.
encourages buyers/borrowers to shop around by requiring lenders to honor the estimate of closing costs for at least 10 days.
requires settlement agents (title companies, attorneys) to complete a standardized closing statement.
prohibits illegal kickbacks (unearned fees) among settlement service providers. Settlement service providers are attorneys, appraisers, insurance agents, real estate agents, lenders, title insurance companies, notaries, homeowner warranty companies, etc.
is currently enforced by the Department of Housing and Urban Development. Under the Dodd-Frank Act, those responsibilities are to be transferred to the newly created Consumer Financial Protection Bureau.

elcinoca

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