A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development is known as?

Question

Alicia Reyes

Social Studies

21 April, 15:08

A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development is known as?

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Answers (1)

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Braeden Bates · Answer 1

Answer:The Real Estate Settlement Procedures Act, or RESPA,

Explanation:

The Real Estate Settlement Procedures Act, or RESPA, is a law that was passed by Congress in order to give those who buy and those who sell houses a full settlement cost disclosure.

The act aims at eliminating unfair practices in real estate settlement and to eliminate bribes.

RESPA expect that lenders, mortgage brokers need to give a full disclosure to those who borrow from them regarding real estate transactions and settlement.