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RESPA - Real Estate
Settlement Procedures Act

 Information by State
 Print version
 

Highlights
HUD has proposed changes to RESPA which provide homebuyers more complete, accurate and understandable information about their mortgages. These changes will also help borrowers shop for the best loan.
-   Proposed RESPA Rule, March 2008
-   Proposed Good Faith Estimate
-   Proposed HUD-1
-   Loan Product Script Samples:
   - Fixed Interest Rate
    - Adjustable Rate Mortgage
    - Adjustable Rate w/Init Discounted Interest
    - Hybrid Fixed Rate-Adjustable Rate
    - Fixed Interest w/Balloon-Interest Only
    - Fixed Interest Rate w/Balloon
   - Instructions to the Closing Script Preparer
-   Summary Consumer Testing of the GFE - Feb/08
-   PD&R Testing Reports and Peer Reviews
-   Regulatory Impact Analysis

Consumers
RESPA is about closing costs and settlement procedures. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by HUD.
-   More about RESPA
-   FAQ's for Homebuyers
-   FAQ's about Escrow Accounts
-   Know Your Borrower's Rights
-   Your Rights and the Responsibilities of the Mortgage Servicer
-   Sample Complaint to Lender
-   Buying Your Home: Settlement Costs
-   Property Tax Alert
-   Private Mortgage Insurance (PMI) Act Information
-   State and Local Consumer Agencies
-   Other Federal Resources

Industry
-   Statute
-   Final Rules & Regulations
-   Proposed Rules
-   Statements of Policy
-   Program Guidance
-   Federal Register Notices
-   Public Guidance Documents
-   FAQ's for Industry
-   Settlement Agreements
-   Joint Report to Congress
-   Legal Proceedings
 
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