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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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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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