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 RESPA Defined
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Special Reports
Tuesday, January 8, 2008
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First passed in 1974, the Real Estate Settlement Procedures Act (RESPA) is a federal statute enacted by the U.S. Department of Housing and Urban Development (HUD) to govern the real estate settlement process by mandating all parties fully inform borrowers about all closing costs, lender servicing and escrow account practices, business relationships between closing service providers and other parties to the transactions. |
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