RESPA
Government & Politics abbreviation · US Law
| Stands for | Real Estate Settlement Procedures Act |
|---|---|
| Categories | Government & Politics |
RESPA stands for Real Estate Settlement Procedures Act, a US law abbreviation.
Mortgage settlement law of 1974 that requires disclosures about closing costs, bans kickbacks and unearned referral fees among settlement service providers, and limits the amount lenders can require in escrow accounts for taxes and insurance.
Example: The title company's gift cards to agents for referrals violated RESPA Section 8.
Usage notes
Originally enforced by HUD, it moved to the Consumer Financial Protection Bureau in 2011. Section 8's anti-kickback rule is the source of most enforcement actions. Its servicing rules require mortgage servicers to respond to borrowers' written error notices and information requests.
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