Real Estate Settlement Procedures Act - RESPA
- Real Estate Settlement Procedures Act - RESPA
- This act was designed to protect potential homeowners and enable them to become more intelligent consumers. RESPA requires that lenders provide greater amounts of information to prospective borrowers at certain points in the loan settlement process. It also prohibits the various parties involved from paying kickbacks to each other.
Originally passed by Congress in 1974, the latest RESPA regulations were published on November 17, 2008 and were scheduled to go into effect on January 1, 2010. Before this act was created, it was a common practice for a lender to advertise a loan at a certain rate of interest provided the borrower use the lender's title insurance company or other affiliate at a greatly inflated price. The affiliate would then pay the lender a portion of the inflated fee as a kickback.
Investment dictionary.
Academic.
2012.
Look at other dictionaries:
Real Estate Settlement Procedures Act — ( RESPA) A Federal statute that requires lenders and persons who conduct real estate loan closings (settlements) to make certain disclosures. The law also prohibits certain practices such as kickbacks. The Department of Housing and Urban… … Financial and business terms
Real Estate Settlement Procedures Act — The Real Estate Settlement Procedures Act , (known as RESPA ), was an Act passed by the United States Congress in 1974. It is codified at Title 12, Chapter 27 of the United States Code, UnitedStatesCode|12|2601|2617.PurposeIt was created because… … Wikipedia
Real estate broker — This article is about the North American practice. For other definitions and practices in other countries, see Real estate. For real property, see Real property. Realtor redirects here. For the real estate industry trade association that refers… … Wikipedia
real estate — Land and anything permanently affixed to the land, such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items which would be personal property if not attached … Black's law dictionary
List of real estate topics — This aims to be a complete list of the articles on real estate. NOTOC compactTOC # *72 hour clause A *Abstract of title *Acknowledgment *Acre A measure of land *Ad valorem tax *Adjustable rate mortgage (ARM) *Administrator/Administratrix *Adverse … Wikipedia
Index of real estate articles — Property law Part of t … Wikipedia
RESPA — Real Estate Settlement Procedures Act (RESPA) A Federal statute that requires lenders and persons who conduct real estate loan closings (settlements) to make certain disclosures. The law also prohibits certain practices such as kickbacks. The… … Financial and business terms
RESPA — or RESPA may refer to: *Real Estate Settlement Procedures Act *Respa (person), an early leader of the Goths … Wikipedia
settlement — Act or process of adjusting or determining; an adjusting; an adjustment between persons concerning their dealings or difficulties; an agreement by which parties having disputed matters between them reach or ascertain what is coming from one to… … Black's law dictionary
RESPA — (Real Estate Settlement Procedures Act) A federal statute governing disclosure of settlement costs in the sale of residential (one to four family) improved property which is to be financed by a federally insured lender. 12 U.S.C.A. No. 2601 et… … Black's law dictionary
