Real Estate Settlement Procedures Act (RESPA)

• By: Staff Editor
• Date: July 07, 2009

RESPA is a (Housing and Urban Development) HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by HUD. It covers loans secured with a mortgage placed on a one-to-four family residential property. RESPA was originally passed by U.S Congress in 1974. The latest RESPA regulations were published on November 17, 2008 and are scheduled to go into effect on January 1, 2010.