What is RESPA?
The Real Estate Settlement Procedures Act (RESPA) ensures consumers all over the country are provided with helpful information about the cost of their mortgage settlement, and are protected from high settlement charges caused by abusive practices.
What is the most recent RESPA rule?
The most recent RESPA Rule makes it clearer and less expensive for consumers to obtain mortgage financing. The new rule has a required, standardized Good Faith Estimate (GFE) to make shopping settlement providers easier. There is also an improved disclosure of the settlement costs and terms related to the interest rate. The HUD-1 was updated to help consumers determine if their closing costs met established requirements.