[SS Fed] Real Estate Settlement Procedures Act – Part I
The Real Estate Settlement Procedures Act (RESPA) was enacted in 1974 to provide protection for consumers throughout the loan origination process and during and after closing. RESPA assists consumers in selecting appropriate settlement services, and eliminates fraudulent costs associated with settlement services, such as kickbacks and referral fees. RESPA deals with loans secured by mortgages on one- to four-family residential properties, including most purchase loans, assumptions, refinances, property improvement loans, and equity lines of credit.
This course provides an overview of RESPA, including an explanation of transactions subject to and exempt from the law, important definitions, and information related to required disclosures.