FEDERAL LAW · PRIMARY SOURCE
RESPA — Mortgage Disclosures and Your Rights
Real Estate Settlement Procedures Act · 12 U.S.C. § 2601 et seq.
RESPA protects homebuyers by requiring clear mortgage cost disclosures upfront and before closing. It also prohibits lenders from receiving kickbacks from title companies, attorneys, or other settlement service providers.
Primary Statute
Real Estate Settlement Procedures Act
12 U.S.C. § 2601 et seq.
RESPA requires lenders to provide borrowers with a Loan Estimate within 3 business days of a mortgage application and a Closing Disclosure 3 business days before closing. RESPA prohibits kickbacks between settlement service providers and limits escrow account deposits.
https://www.consumerfinance.gov/rules-policy/regulations/1024/