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.
This is not a commitment to lend. Loan approval is subject to credit, underwriting, and property approval. Rates and terms subject to change without notice. Additional conditions and restrictions may apply. Contact us for details.
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