RESPA
- Real Estate Settlement Procedures Act: a law that mandates lenders to reveal all costs, practices, and relationships during the process of purchasing and getting a loan for residential real estate to protect consumers from abuses
- Under RESPA, lenders must detail all costs associated with a mortgage loan.
- RESPA serves to protect buyers from potential financial abuses during the home buying process.
- The violation of RESPA by not disclosing settlement costs can lead to significant penalties.
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