Transcription of Regulation X Real Estate Settlement Procedures Act
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Regulation X Real Estate Settlement Procedures Act
Regulation XReal Estate Settlement Procedures ActThe real Estate Settlement Procedures Act of 1974(RESPA) (12 2601et seq.) (the act) becameeffective on June 20, 1975. The act requireslenders, mortgage brokers, or servicers of homeloans to provide borrowers with pertinent andtimely disclosures regarding the nature and costsof the real Estate Settlement process. The act alsoprohibits specific practices, such as kickbacks,and places limitations upon the use of escrowaccounts. The Department of Housing and UrbanDevelopment (HUD) originally promulgated Regu-lation X, which implements has amended RESPA significantlysince its enactment. The National Affordable Hous-ing Act of 1990 amended RESPA to requiredetailed disclosures concerning the transfer, sale,or assignment of mortgage servicing. It alsorequires disclosures for mortgage escrow ac-counts at closing and annually thereafter, itemizingthe charges to be paid by the borrower and what ispaid out of the account by the October 1992, Congress amended RESPA tocover subordinate lien , when it enacted the Economic Growthand Regulatory Paperwork Reduction Act of 1996,1further amended RESPA to clarify certain defini-tions including co
Regulation X Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. 2601 …
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