What does the Real Estate Settlement Procedures Act (RESPA) require?

The Real Estate Settlement Procedures Act (RESPA) is primarily focused on providing consumers with the necessary information about the costs associated with the mortgage loan process and settlement services. This includes ensuring that borrowers receive a Good Faith Estimate of settlement costs, which outlines the various fees and expenses they will encounter during the closing process.

By mandating these disclosures, RESPA aims to promote transparency in the real estate transaction, allowing consumers to make informed decisions and compare different loan offers. The requirement for clarity in the mortgage loan costs helps to protect borrowers from being surprised by hidden fees and encourages competition among lenders.

The other options, while related to real estate in various ways, do not fall under the specific requirements set forth by RESPA. As such, the focus on mortgage loan cost disclosures accurately reflects the intent and regulatory scope of the Act.