Tag: Federal Regulations
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RESPA: What is it, and what do you need to know?
RESPA: The Real Estate Settlement Procedures Act What it does: RESPA is a federal statute enacted to protect consumers of residential (one-four family properties) federal mortgages from deceptive trade practices. The focus of the rule is to reduce undue closing costs and promote transparency within settlement/closing procedures. It accomplishes this by improving disclosures, informing consumers…