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.
Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. 2601 et seq.) (the act) became effective on June 20, 1975. The act requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate ...
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