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LSDefine

Simple English definitions for legal terms

RESPA

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A quick definition of RESPA:

RESPA stands for Real Estate Settlement Procedures Act. It is a law that helps protect people who are buying or refinancing a home. This law requires lenders to give borrowers important information about the costs of getting a mortgage, and it also limits the fees that lenders can charge. RESPA also requires that borrowers receive certain documents before and after closing on a home, so they know exactly what they are paying for. Overall, RESPA helps make the home buying process more transparent and fair for everyone involved.

A more thorough explanation:

RESPA (pronounced "res-puh") stands for Real Estate Settlement Procedures Act. It is a federal law that was passed in 1974 to protect homebuyers and ensure they are informed about the costs associated with buying a home.

One of the main purposes of RESPA is to require lenders to provide borrowers with a Good Faith Estimate (GFE) of the closing costs associated with their loan. This estimate must be provided within three days of the borrower applying for the loan. The GFE includes an itemized list of all the fees and charges associated with the loan, such as appraisal fees, title insurance, and loan origination fees.

Another important aspect of RESPA is that it requires lenders to use a specific form, called a HUD-1 Settlement Statement, to disclose all of the fees and charges associated with the closing of the loan. This form must be provided to the borrower at least one day before the closing of the loan.

RESPA also prohibits certain practices, such as kickbacks and referral fees, that could lead to higher costs for the borrower. For example, a lender cannot pay a real estate agent a fee for referring a borrower to them.

Overall, RESPA is designed to protect homebuyers and ensure they are fully informed about the costs associated with buying a home. By requiring lenders to provide detailed information about the fees and charges associated with a loan, borrowers can make more informed decisions and avoid surprises at closing.

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[] ararara
16:14
@syddak: don’t forget about Cornell actually better than the rest
16:16
@ararara: why is that?
[] ararara
16:17
WELL I just got back from a wedding in CA with a bunch of Ivy leaguers and Cornell was all the rage! There’s a big ol waterfall outside the law school!
holy gorgeous
MrThickRopes
16:18
I change my mind
16:18
I swam there as a child
16:18
was nice
MrThickRopes
16:18
Ion wanna be lawyer ennymore
[] ararara
16:18
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16:21
@ararara: was the wedding in SB by chance?
[] ararara
16:22
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16:23
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[] ararara
16:23
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MrThickRopes
16:29
Penn state send me some email
MrThickRopes
16:29
Thank you for your application to Penn State Dickinson Law. We want to keep you informed throughout the application process and write with an update on the current admissions cycle. First, we want to thank you for your patience. We know that this is a stressful process for our applicants, and we want to make sure we keep the lines of communication open with you. Carefully reviewing applications takes time and each application is given due consideration. While we can't provide a specific timeline for decisions at this point, please know that your application is under consideration until you receive a final decision from us. If we're able to offer you admission, we will assign a deposit deadline that gives you time to consider your offer.
MrThickRopes
16:29
This ain’t tell me nothinnng
I GOT THAT TOO I WAS SO MAD
the title threw me off so badddddd
16:33
yikes how useless is that...
16:34
got waitlisted by rutgers and i think penn state too with that email :((((
i wouldn't take that email as a waitlist!!! i'd take it more as "we are gonna be slow"
i know someone who didn't get an acceptance notice until the fucking day before orientation like what
16:38
stay positive mr fingers!
mrphalanges
16:38
thank you!!
mrphalanges
16:38
hope that yall get into your schools!!
you too!!:)
oh to be the kid with a 3.9 and a 170+
DefinitelyRobbingBanks
16:41
Kinda wish I applied to Penn State.
MrThickRopes
16:41
Ima crash tf outtt
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