The "Real Estate Settlement Procedures Act (RESPA)" requires lenders to tell people what fees they will be charged when they get a mortgage loan to buy, refinance, or make improvements on a home with 1-4 units. This law is now looked after by the "Consumer Financial Protection Bureau (CFPB)", but before that it was managed by the "Department of Housing and Urban Development (HUD)".
These are questions that the above text answers:
1. What is the purpose of the Real Estate Settlement Procedures Act (RESPA)?
2. Who is responsible for enforcing the RESPA?
3. What types of properties does the RESPA apply to?
4. What information are lenders required to provide under the RESPA?
5. What is the current agency responsible for overseeing the RESPA?
6. What types of transactions does the RESPA cover?
7. What is the role of the Consumer Financial Protection Bureau (CFPB) in relation to the RESPA?
8. What is the role of the Department of Housing and Urban Development (HUD) in relation to the RESPA?
9. What are the main benefits of the RESPA for homeowners?