RESPA was developed to help buyers understand settlement processes and costs. Select one: a. True b. False

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05-07-2022
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RESPA was developed to help buyers understand settlement processes and costs. Select one: a. True b. False

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Tripatsingh039idn Tripatsingh039idn · Answer 1 · 2022-07-12T16:04:35-04:00

This is true that RESPA was developed to help buyers understand settlement processes and costs.

What is RESPA?

In order to give homebuyers and sellers accurate settlement cost disclosures, the U.S. Congress passed the Real Estate Settlement Procedures Act (RESPA) in 1975. RESPA was also developed in order to limit the usage of company accounts, forbid kickbacks, and remove abusive tactics in the real estate settlement process. The Consumer Financial Protection Bureau is now in charge of enforcing the federal law known as RESPA (CFPB).

Hence, The Real Estate Settlement Procedures Act (RESPA) aims to lower mortgage interest by doing away with referral fees and kickbacks while also improving disclosures of settlement costs to customers.

To know more about RESPA refer to: https://brainly.com/question/13577082

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What is RESPA?

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