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RESPA

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AcronymDefinition
RESPAReal Estate Settlement Procedure Act


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The department also is expected to issue comprehensive revisions to the RESPA regulations to Congress at some point in the summer.
The NAR called on all Realtors to lobby against any revisions to the 1974 RESPA that would ban Realtors from charging fees for computer-originated mortgages, a relatively new but lucrative development in the industry.
Nevertheless, the proposed changes to RESPA would seem to overturn the current system, as title companies engage in a race to the bottom under economic pressure to offer cut-rate prices and/or cut-rate services.
 
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