Congress enacted RESPA in 1974 for two purposes:
• To allow consumers to obtain information on the costs of closing so that they can shop for settlement services. RESPA uses mandatory disclosure requirements to ensure that consumers obtain information on closing costs. • To protect consumers from excessive settlement costs and unearned fees. RESPA establishes prohibited practices to protect consumers from unearned fees.
• To allow consumers to obtain information on the costs of closing so that they can shop for settlement services. RESPA uses mandatory disclosure requirements to ensure that consumers obtain information on closing costs.
• To protect consumers from excessive settlement costs and unearned fees. RESPA establishes prohibited practices to protect consumers from unearned fees.
The Department of Housing and Urban Development (HUD) is the federal regulatory agency The Department of Housing and Urban Development (HUD) is the federal regulatory agency regulations that HUD has promulgated under RESPA are known as Regulation X.
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