After extensive study, the federal Department of Housing and Urban Development has issued new rules under the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C 2601-2617, of 1996. The regulations represent a victory for borrowers since they will impose on lenders and their allies more pricing and product accountability.1
Purpose and Goals
Applying to federally-related mortgage loans, and not private investor and commercial transactions,2 the amended law required HUD to develop and prescribe rules and standard forms governing the purchase of real estate.
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