What is RESPA? And Why Do Real Estate Professionals Need to Know About It?
Real Estate
The Real Estate Settlement Procedures Act (RESPCA) is a federal consumer protection law designed to provide transparency throughout the real estate settlement process. Intended to prevent abusive or predatory settlement practices, it requires mortgage lenders, brokers and other loan servicers to provide complete settlement disclosures to borrowers, prohibits kickbacks and inflated referral fees and sets limitations on escrow accounts.
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