What is RESPA and how does it affect the home buying process?

Asked by Trulia Raleigh, Raleigh, NC Tue Apr 2, 2013

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Margaret Moore’s answer
Margaret Moo…, Agent, Chapel Hill, NC
Sat Apr 6, 2013
RESPA helps to provide a clearer picture of the cost of mortgage financing and to protect consumers from unnecessary high settlement charges caused by certain bad practices. Click the link below for a complete explanation.
Margaret Moore
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Nila Maceda…, Agent, Raleigh, NC
Tue Apr 2, 2013
RESPA - means Real Estate Settlement Procedures Act. Please refer Keith Jean Pierre's answer below. The intention of the Real Estate Settlement Procedures Act is to protect consumers and for them to become better home shopper of service providers for loans. For additional information on homebuying process, pelase visit our website at http://www.CarolinaMaxRealty.com.
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Keith Jean-P…, Agent, East Brunswick, NJ
Tue Apr 2, 2013
The Real Estate Settlement Procedures Act (RESPA) ensures that consumers throughout the nation are provided with more helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices.

The most recent RESPA Rule makes obtaining mortgage financing clearer and, ultimately, cheaper for consumers. The new Rule includes a required, standardized Good Faith Estimate (GFE) to facilitate shopping among settlement service providers and to improve disclosure of settlement costs and interest rate related terms. The HUD-1 was improved to help consumers determine if their actual closing costs were within established tolerance requirements.
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