Definition of "RESPA"
  1. 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
How to use "RESPA" in a sentence
  1. Under RESPA, lenders must detail all costs associated with a mortgage loan.
  2. RESPA serves to protect buyers from potential financial abuses during the home buying process.
  3. The violation of RESPA by not disclosing settlement costs can lead to significant penalties.

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