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Real Estate Settlement Procedures Act (RESPA)

What is 'Real Estate Settlement Procedures Act - RESPA'

This act was designed to protect potential homeowners and enable them to become more intelligent consumers. RESPA requires that lenders provide greater amounts of information to prospective borrowers at certain points in the loan settlement process. It also prohibits the various parties involved from paying kickbacks to each other.

Explaining 'Real Estate Settlement Procedures Act - RESPA'

Originally passed by Congress in 1974, the latest RESPA regulations were published on November 17, 2008 and were scheduled to go into effect on January 1, 2010. Before this act was created, it was a common practice for a lender to advertise a loan at a certain rate of interest provided the borrower use the lender's title insurance company or other affiliate at a greatly inflated price. The affiliate would then pay the lender a portion of the inflated fee as a kickback.


Further Reading


The value of the sunshine cure: The efficacy of the Real Estate Settlement Procedures Act disclosure strategy
www.jstor.org [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …

The real estate brokerage market: a critical reevaluationThe real estate brokerage market: a critical reevaluation
onlinelibrary.wiley.com [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …

A Product of Compromise: Or Why Non-Pecuniary Damages Should Not Be Recoverable Under Section 2605 of the Real Estate Settlement Procedures ActA Product of Compromise: Or Why Non-Pecuniary Damages Should Not Be Recoverable Under Section 2605 of the Real Estate Settlement Procedures Act
heinonline.org [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …

Real Estate Settlement and Procedures Act of 1974 and Amendments of 1975: The Congressional Response to High Settlement CostsReal Estate Settlement and Procedures Act of 1974 and Amendments of 1975: The Congressional Response to High Settlement Costs
heinonline.org [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …

The Lender's Labyrinth and the Banker's Burden: The Real Estate Settlement Procedures Act of 1974 and the 1975 AmendentsThe Lender's Labyrinth and the Banker's Burden: The Real Estate Settlement Procedures Act of 1974 and the 1975 Amendents
heinonline.org [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …

Regulation in Housing Finance: Bringing Theory to PolicyRegulation in Housing Finance: Bringing Theory to Policy
search.proquest.com [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …

Real Estate Settlement Pricing: A Theoretical FrameworkReal Estate Settlement Pricing: A Theoretical Framework
onlinelibrary.wiley.com [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …

Comment: The economic functions of referrals and referral feesComment: The economic functions of referrals and referral fees
search.proquest.com [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …

Uniformity or Diversity: Residential Real Estate Finance Law in the 1990's and the Implications of Changing Financial MarketsUniformity or Diversity: Residential Real Estate Finance Law in the 1990's and the Implications of Changing Financial Markets
heinonline.org [PDF]
… The settlement fees analyzed here are those that belong in the 800, 1100, and 1300 series of the HUD-1, with a few exclusions.6 Essentially … Fees to real estate agents are not of interest, because the seller made a choice about whether to market the property himself or …



Q&A About Real Estate Settlement Procedures Act (RESPA)


What does RESPA do?

It protects potential homeowners and enables them to become more intelligent consumers.

How can you protect yourself from being taken advantage of by others during your home buying experience?

You can get help from a real estate attorney or real estate agent who has knowledge about how to avoid being taken advantage of by others during your home buying experience.

Who are the parties involved in a loan settlement process?

The lender, the borrower and other parties involved in the loan settlement process.

What is RESPA?

Real Estate Settlement Procedures Act.

What does RESPA require lenders to provide borrowers at certain points in the loan settlement process?

Information about closing costs and terms of the mortgage.

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