RESPA

The Real Estate Settlement Procedures Act (RESPA) was enacted in 1974 to provide consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. Through the years, the Department of Housing and Urban Development (HUD) has issued regulations and policy statements to provide RESPA guidance to industry and consumers alike.

On November 17, 2008, HUD published a new final rule “To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs.” The rule mandates use of a new Good Faith Estimate (GFE) and HUD-1 which went into effect on January 1, 2010. For more information on RESPA click here. 

Click here for Frequently Asked RESPA Questions, Answers Provided by NAR's Legal Cousel.

Click here to order a copy of the NAR DVD (Introduction to RESPA), which includes:

         - A RESPA Overview

         - A RESPA slideshow with narration

         - Video frequently asked questions presented by Phil Schulman, RESPA Attorney