Real Estate Settlement Procedures Act - RESPA

Real Estate Settlement Procedures Act - RESPA
This act was designed to protect potential homeowners and enable them to become more intelligent consumers. RESPA requires that lenders provide greater amounts of information to prospective borrowers at certain points in the loan settlement process. It also prohibits the various parties involved from paying kickbacks to each other.

Originally passed by Congress in 1974, the latest RESPA regulations were published on November 17, 2008 and were scheduled to go into effect on January 1, 2010. Before this act was created, it was a common practice for a lender to advertise a loan at a certain rate of interest provided the borrower use the lender's title insurance company or other affiliate at a greatly inflated price. The affiliate would then pay the lender a portion of the inflated fee as a kickback.

Investment dictionary. . 2012.

Look at other dictionaries:

  • Israeli settlement — Israeli settlements are communities inhabited by Israelis in territory that was captured as a result of Jordanian attacks during the 1967 Six Day War. Such settlements currently exist in the West Bank, which is partially under Israeli military… …   Wikipedia

  • Mortgage industry of the United States — Historical U.S. Prime Rates The Mortgage industry of the United States is a major financial sector. The federal government created several programs, or government sponsored entities, to foster mortgage lending, construction and encourage home… …   Wikipedia

  • ИНСТРУКЦИИ ПОТРЕБИТЕЛЬСКОГО КРЕДИТА — CONSUMER LENDING REGULATIONSКонгресс принял основные законодательные акты, защищающие потребителей в их взаимоотношениях с фин. учреждениями. В число основных законов и постановлений, обязательных для исполнения банками, входят… …   Энциклопедия банковского дела и финансов

  • Brian D. Montgomery — is the incumbent Assistant Secretary for Housing and Federal Housing Commissioner, within the United States Department of Housing and Urban Development. He was confirmed to the position in February 2005.cite web | title= HUD The Honorable Brian D …   Wikipedia

  • Assistant Secretary of Housing and Urban Development for Housing — The Assistant Secretary for Housing, who also carries the title Federal Housing Commissioner, is a position within the United States Department of Housing and Urban Development. The Assistant Secretary is responsible for overseeing the $400… …   Wikipedia

  • Regulation X — / eks/ n: a regulation of the Department of Housing and Urban Development that implements the Real Estate Settlement Procedures Act Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. Regulation X …   Law dictionary

  • Regulation X — See Real Estate Settlement Procedures Act …   Financial and business terms

  • monkey business —  Pranks, being silly; less than ethical behavior.  ► “The Truth in Lending Act and the Real Estate Settlement and Procedures Act are supposed to PUT A DAMPER ON monkey business at settlement.” (Wall Street Journal, Dec. 1, 1995, p. B14) …   American business jargon

  • United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… …   Universalium

  • china — /chuy neuh/, n. 1. a translucent ceramic material, biscuit fired at a high temperature, its glaze fired at a low temperature. 2. any porcelain ware. 3. plates, cups, saucers, etc., collectively. 4. figurines made of porcelain or ceramic material …   Universalium

  • China — /chuy neuh/, n. 1. People s Republic of, a country in E Asia. 1,221,591,778; 3,691,502 sq. mi. (9,560,990 sq. km). Cap.: Beijing. 2. Republic of. Also called Nationalist China. a republic consisting mainly of the island of Taiwan off the SE coast …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.