RESPA (Real Estate Settlement Procedure Act)
A federal statute and regulation promulgated by HUD governing real estate lending practices and disclosures. Its main feature pertains to the provision of a good faith estimate of loan settlement costs and the provision of the HUD settlement booklet within three days of making a loan application. With the recent changes to RESPA, it is difficult to keep up with industry compliance. Southwest Funding takes that burden off its retail mortgage branch offices by offering the necessary training and support to keep abreast of industry changes.
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