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16 June, 20:10

A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development is known as?

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  1. 16 June, 22:22
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    Answer:The Real Estate Settlement Procedures Act, or RESPA,

    Explanation:

    The Real Estate Settlement Procedures Act, or RESPA, is a law that was passed by Congress in order to give those who buy and those who sell houses a full settlement cost disclosure.

    The act aims at eliminating unfair practices in real estate settlement and to eliminate bribes.

    RESPA expect that lenders, mortgage brokers need to give a full disclosure to those who borrow from them regarding real estate transactions and settlement.
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