Introduction
Real Estate Settlement Procedures Act
Real Estate Settlement Procedures Act or RESPA is a statute developed for consumer protection. The main purpose served by this act is to eliminate referral fees & kickbacks which unnecessarily increase costs associated with some particular settlement services. And to make consumers become more aware and better shoppers with regards to settlement services.
To meet the abovementioned purposes, it is required under RESPA that borrowers should be provided with disclosures at various times. Common disclosures are related to the costs linked with settlement, escrow account practices, outlining of lender servicing and to describe business relationships between different settlement service providers. This act also prohibits practices used for increasing the expenses involved in settlement services.
Loans covered under RESPA
This act covers loans which are secured with a mortgage for a one-to-four family residential property. It includes most of the purchase loans, refinances, property improvement loans, assumptions and equity lines of credit.
Disclosures required under RESPA
At various stages as per RESPA certain disclosures are necessary to be made to borrowers, these can be divided as:
- Disclosures at the time of loan application
- Disclosures before closing occurs
- Disclosures at settlement
- Disclosures after settlement
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