Home Loans 101: What is RESPA?
What's RESPA? Find out...
The Real Estate Settlement Procedures Act (RESPA) helps consumers by providing clear information about settlement costs and reducing certain fees.
RESPA was signed into law in December 1974 and went into effect on June 20, 1975. It ensures that lenders and mortgage servicers disclose all the costs associated with buying a home, giving buyers a better understanding of their financial responsibilities.
RESPA also prohibits referral fees and kickbacks, making sure that homebuyers are not influenced by hidden incentives. This law aims to create a fair and transparent real estate market, protecting the rights and financial well-being of consumers.
Disclaimer: The information provided on this page is for informational purposes only and does not constitute financial advice. Mortgage rates and terms are subject to change. We recommend consulting with a qualified financial advisor to discuss your specific situation. You can also contact us directly to learn more about your qualifications and approval. Terms and conditions apply.
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