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Buying
a Home - What is RESPA?
RESPA
stands for Real Estate Settlement Procedures Act. It requires mortgage lenders to
disclose information to potential homebuyers throughout the mortgage
process.
It protects borrowers from abuses by lending institutions. RESPA
mandates that lenders fully inform borrowers about all closing costs,
lender servicing and escrow account practices, business relationships
between closing service providers and other parties to the transaction.
For
more information on RESPA, go to http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm
or
call 1-800-569-4287 for a local counseling referral.
>> Learn what
your responsibilities are during the home loan process when buying a home
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