RESPA

Acronym for “Real Estate Settlement Procedures Act”. A law enforced by HUD created to insure that borrowers in mortgage loan transactions have knowledge of all settlement costs. “RESPA is a casually used term for the document at closing which details all costs in a closing financed with a mortgage. (This document is also referred to as “The HUD”)

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2017-03-13T19:40:17+00:00