What is RESPA, and why should consumers, real estate agents, and title agents know about it?
RESPA stands for the Federal Real Estate Settlement Procedures Act. This video tells you about it all.
What is RESPA?
RESPA requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions.
RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices and business relationships between closing service providers and other parties to the transaction.
Serious criminal and civil penalties can result from violations of the rules against kick-backs and other illegal business practices.
For more information about RESPA, visit HUD.GOV or call 1-800-569-4287 for a local counseling referral.
First Title & Abstract, Inc. is fully dedicated to complying with the letter and spirit of RESPA.
We urge all consumers and mortgage brokers and real estate agents to only work with a Naples title company or Marco Island title company that takes seriously the obligations of federal law.
First Title & Abstract, Inc. has been in business longer than any other title company, and we are proud of our long-standing record of independence and service with integrity.
Our attorneys zealously guard our company’s reputation for full compliance with state and federal laws.