RESPA

Real Estate Settlement Procedures Act; a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships

Source: U.S. Department of Housing and Urban Development

Abbreviation for the Real Estate Settlement Procedures Act. This act allows consumers to review settlement costs at application and once again prior to closing.

Source: Ginnie Mae

Last reviewed October 2022