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What is the purpose of RESPA? And what transactions are subject to RESPA, and which transactions...

What is the purpose of RESPA? And what transactions are subject to RESPA, and which transactions are exempt?

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Answer #1

Following are the purpose of RESPA---------------

RESPA stands for real estate settlement proceduresAct.

1. RESPA help the customers become better shoppers for settlement services.

2. It can also eliminate kickbacks and referaal fees that unnecessarily increase the costs of surtain settlement services.

3. It prohibit surtain unlawful practices by real estate settlement providers.

The transaction which are subject to RESPA , it covers most real estate transaction and both first and subordinate liens. it covers various types of loans like home purchase loan, property improvement loan, lender-approved assumptions, equity lines of credit, and reverse mortages.

The transaction which are exempted by RESPA are loans of 25 acres or more, loans for business, commercial, or agricultural purpose, temporary financing such as bridge loan and loans secured by vacant loan.

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