RESPA

RESPA, or the Real Estate Settlement Procedures Act, is a U.S. law that helps protect homebuyers by ensuring transparency during the home buying process. It requires lenders to provide clear information about all settlement costs, such as fees and services involved in closing a mortgage. RESPA also prohibits kickbacks or referral fees that could influence a buyer’s choice of services. Its goal is to promote fair and affordable home purchases by making the process more transparent and reducing unnecessary costs.