New RESPA Rules for Consumer Protection in Real Estate Settlements and Loans
Jeffrey Margolis and Barry D. Lapides - Duane Morris LLP
March 4, 2010
The U.S. Department of Housing and Urban Development (HUD) recently issued new rules that modify the Real Estate Settlement Procedures Act (RESPA). RESPA is a consumer-protection statute that was enacted to (1) help consumers become better shoppers for settlement services and (2) eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services. Loans secured with a mortgage placed on a one-to-four-family residential property are governed by RESPA. These loans include most purchase loans, assumptions, refinances, property improvement loans, and equity lines of credit. HUD's Office of RESPA and Interstate Land Sales is responsible for enforcing RESPA.
Want the Rest of the Article? - It's Free to Members
Archived articles are reserved for InformLegal.com members. To access this content, please log in or create a new account. Membership to InformLegal.com is free! Get instant access to all the Legal content you need to help your organization stay current.