RESPA - Real Estate
Settlement Procedures Act

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Highlights

For the first time in more than 30 years, the U.S. Department of Housing and Urban Development has issued long-anticipated mortgage reforms that will help consumers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.

	RESPA Final Rule
	"Required Use" Comments Due April 9 and Effective Date Delay
	Good Faith Estimate
	HUD-1
	HUD1-A
	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