Posted on: 04th May, 2010 12:38 pm
What triggers the RESPA definition of an application?
Hi afgkyle,
I did not understand what you exactly wanted to say by "RESPA definition of an application". Real Estate Settlement Procedures Act or RESPA was passed by the U.S. government in 1974. It was designed to prohibit the use of kickbacks in real estate transactions. RESPA deals with closing costs and settlement procedures. It requires that the consumers receive all the disclosures related to the loan transaction and outlaws kickbacks which increases the cost of settlement services. RESPA is actually a HUD consumer protection statute that is designed to help home buyers to become better shoppers in the home buying process.
Thanks
I did not understand what you exactly wanted to say by "RESPA definition of an application". Real Estate Settlement Procedures Act or RESPA was passed by the U.S. government in 1974. It was designed to prohibit the use of kickbacks in real estate transactions. RESPA deals with closing costs and settlement procedures. It requires that the consumers receive all the disclosures related to the loan transaction and outlaws kickbacks which increases the cost of settlement services. RESPA is actually a HUD consumer protection statute that is designed to help home buyers to become better shoppers in the home buying process.
Thanks