Real Estate Settlement Procedures Act (RESPA)

Real Estate Settlement Procedures Act (RESPA) – A law that protects consumers, bans illegal kickbacks or commissions and requires lenders to disclose closing costs.

  • Example: The Real Estate Settlement Procedures Act (RESPA) was designed to protect consumers from unfair closing practices. Prior to RESPA some closing costs were undisclosed and several parties may have been taking commissions or fees that the buyer or seller was unaware of.
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