Real estate Settlement Procedures act is a crucial act among the real estate laws and is administered and enforced by the Consumer Financial Protection Bureau in Florida State.
This act helps the consumers in the nation to clearly understand their rights about the mortgage settlements, according to the Florida real estate laws.
Requirements for enforcement of the act:
RESPA is all about the Closing cost settlement procedures.
A major requirement mentioned in the act is a standardized Good Faith Estimate, which can facilitate the following:
- Improve the disclosure of settlement costs.
- Improve the interest rate related terms.
- Aiding the service providers.