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Definitions from the Web

Term: RESPA

Description:

RESPA stands for the Real Estate Settlement Procedures Act. It is a federal law enacted in the United States that aims to protect consumers in the real estate and mortgage loan settlement processes. RESPA sets guidelines and regulations for lenders, borrowers, and other entities involved in real estate transactions, ensuring transparency, fair practices, and eliminating kickbacks or excessive charges.

Sample sentences:

• Homebuyers should be aware of the RESPA requirements before engaging in any real estate transaction.
• RESPA prohibits any referral fees between real estate agents and mortgage lenders.
• Lenders are required to provide borrowers with a RESPA-compliant Good Faith Estimate (GFE) of closing costs.

Related Products:

Find related books and resources on Amazon:

• Books about RESPA
• Real Estate Law Books
• Mortgage Lending Books