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RESPA stands for the Federal Real Estate Settlement Procedures Act. The act requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions. That means, as a potential home buyer or seller, RESPA is working for your benefit.

RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices, and business relationships between closing service providers and other parties to the transaction. These RESPA requirements—among others—serve as a way to regulate settlement costs and eliminate abusive practices that could harm home sellers and buyers.

For more information on RESPA, visit HUD.GOV or call 1-800-569-4287 for a local counseling referral.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

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