The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 USC 2601- 17) became effective on June 20, 1975. The act requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures of the nature and costs of the real estate settlement process.The act also protects borrowers against certain abusive practices, such as kickbacks, and places limitations upon the use of escrow accounts....

Introduction Examination Objectives....