FinanceQuestion 86 of 120
The Real Estate Settlement Procedures Act (RESPA) is primarily intended to:
a.Set national property tax rates
b.Guarantee mortgage approval
c.License appraisers
d.Provide consumers disclosures about settlement costs and prohibit kickbacks
Explanation
RESPA is a federal law requiring disclosures about closing (settlement) costs and prohibiting kickbacks and referral fees that increase costs to consumers. It applies to most federally related mortgage loans on residential property. It works alongside TILA to protect borrowers.
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