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#2
05-04-2005, 12:46 AM
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Re: What is RESPA?
RESPA stands for the Real Estate Settlement Procedures Act. RESPA covers conventional mortgage loans on one-to-four family properties, as well as government insured and guaranteed loans. It requires lenders to provide borrowers certain settlement cost and loan information throughout the loan process (i.e., the Good Faith Estimate, Settlement Cost Booklet, HUD-1). RESPA also sets forth certain requirements for loan servicing and escrow accounts. The statute further protects borrowers by prohibiting kickbacks and referral fees which may increase costs in the settlement process. Further information can be found on HUD’s web site. You may also call HUD’s Customer Service Center for a copy of the helpful brochure "Buying Your Home." The number is (800) 767-7468.
Please contact me again if you have any questions. Yours faithfully Todd 
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