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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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16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
the big W is that i get reimbursed for travel now thank GOD
jack moving up in the world :)
i have a brother named jack, so whenever i see your name im marginally happier than normal
babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
JumpySubsequentDolphin
16:38
maybe he has a babycat
babycat
16:38
I think everyone should have a babycat
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