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Real Estate Settlement Procedures Act (RESPA)
Provide loan applicants with good faith estimates of all costs in relation to settlement services (costs for creating the real estate loan).
Provide loan applicants with disclosures regarding the possible transfer of the servicing of loans (both the lender and the new servicer must provide notices when servicing is transferred).
Provide disclosure of actual costs and charges for settlement services at the loan closing.
Not give any fee or kickback to any person for providing settlement services.
Subsection:
2601 Congressional Findings and Purpose
2602 Definitions
2603 Uniform Settlement Statement
2604 Special Information Booklets
2605 Servicing of Mortgage Loans and Admn. of Escrow Accounts
2606 Exempted Transactions
2607 Prohibition against Kickbacks and Unearned Fees
2608 Title Companies
2609 Escrow Accounts
2610 Prohibition of Fees for Preparation of Truth-in-Lending, Uniform Settlement, and Escrow Account Statements
2611 to 2613 Repealed
2614 Jurisdiction of Courts and Limitations
2615 Validity of Contracts and Liens
2616 State laws unaffected; inconsistent Federal and State
provisions
2617 Authority of the Secretary
Amendment Amends various sections of the Statute