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Federal real estate Settlement Procedures Act (RESPA) was enacted in 1974.

The purpose of RESPA and Regulation X are to:

*help consumers become better shoppers for settlement closing services.

*eliminate kickbacks and referral fees that unnecessarily increase costs of certain settlement services.

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12y ago

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The federal agency responsible for enforcing the Real Estate Settlement Procedures Act (RESPA) is the Consumer Financial Protection Bureau (CFPB). RESPA aims to protect consumers by providing transparency in the real estate settlement process and prohibiting certain practices, such as kickbacks. The CFPB oversees compliance with RESPA regulations and addresses violations to ensure fair treatment of consumers in real estate transactions.


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No. It doesn't apply to commercial loans.


RESPA law guidelines?

http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm This is Housing and Urban Development's website, the agency that is resposnisble for enforcing RESPA. It is very user friendly and breaks the Act down into plain english. You should be able to find answers to your questions here, or contact a local real estate or RESPA attorney.


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