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Real Estate Settlement Procedures Act (RESPA)

Definition

A federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance.

Closing Costs
Truth in Lending Act (TILA)

Real Estate Settlement Procedures Act (RESPA)

Definition

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