Transcription of V. Lending — RESPA
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V. Lending — RESPA
V. Lending RESPA Real Estate Settlement Procedures Act ( RESPA ) Introduction The Real Estate Settlement Procedures Act of 1974 ( RESPA ) (12 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 settlement process. The Act also prohibits specific practices, such as kickbacks, and places limitations upon the use of escrow accounts. The Department of Housing and Urban Development (HUD) originally promulgated Regulation X, which implements RESPA .
applicable, the GFE, HUD-1 Settlement Statement, and Truth in Lending (TIL) disclosures. On August 4, 2016, the CFPB issued a final rule to further clarify, revise, and amend provisions of Regulation X as well as Regulation Z, the regulation implementing TILA. (81 Fed. Reg. 72160) (October 19, 2016). The amendments in the
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