What does RESPA mean?

Asked by Amy Sherman, Brooklyn, NY Thu Mar 7, 2013

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Coldwell Ban…, Agent, New York, NY
Thu Mar 7, 2013
BEST ANSWER
RESPA is a Real Estate Settlement Procedures Act
A Federal Law that is used for disclosure requirements that would help the borrower understand the cost of obtaining a loan with all the services required to close. Prohibits Lenders to charge unearned fees.
2 votes
:) you rock.
Flag Mon Mar 11, 2013
Jean Paul Ho, Agent, Brooklyn, NY
Thu Mar 7, 2013
Thank you for your questions! We can definitely help you! Please call us at the office @ 1-718-875-8899 so we can schedule an appointment ASAP. We are open 7 days a week Monday Through Friday 9:00 AM to 9;00 PM Sat & Sun 10:00 AM to 7:00 PM We are member of Brooklyn New York MLS & Manhattan REBNY MLS
For more listing visit:
http://www.BrooklynRealProperty.com,


Office 1-718-875-8899
Brooklyn Real Property, Inc.
Downtown Brooklyn Office
389 Atlantic Avenue (Bet: Bond & Hoyt Street)
Brooklyn New York 11217
1-718-875-8899
Canarsie Office
9201 Flatlands Avenue (Corner of East 92 Street)
Brooklyn New York 11236
1-718-272-8988
1 vote
Rhonda Holt, Agent, New York, NY
Sat Mar 23, 2013
Hello RESPA stands for Real Estate Settlement Protection Act and it simply means that lenders are required to provide information to borrowers information throughout the loan process. It also protects against lenders and affiliated parties (i.e insurance and title companies) from charging inflated prices to the borrower and then the lender gets a kickback (getting a fee for referring the borrower to use a third parties services during the loan process).
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