Under the microscope: RESPA closing cost disclosures yesterday, today, and tomorrow


"More than three decades have passed since the enactment of the Real Estate Settlement Procedures Act, 12 USC §§ 2601-2617, a law intended to reduce homebuyer confusion about settlement costs and prevent abusive settlement practices. Skyrocketing growth and innovation in the home mortgage industry have occurred simultaneously with constant tinkering of RESPA disclosure requirements, yet the disclosures are still unsatisfactory in the view of many.

Now with Dodd-Frank implementation on the horizon, RESPA disclosures will be under the microscope as policy-makers attempt to combine RESPA and Truth in Lending Act disclosures into a single unified whole."

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