The Real Estate Settlement Procedures Act (RESPA) helps consumers by providing clear information about settlement costs and reducing certain fees.
RESPA was signed into law in December 1974 and went into effect on June 20, 1975. It ensures that lenders and mortgage servicers disclose all the costs associated with buying a home, giving buyers a better understanding of their financial responsibilities.
RESPA also prohibits referral fees and kickbacks, making sure that homebuyers are not influenced by hidden incentives. This law aims to create a fair and transparent real estate market, protecting the rights and financial well-being of consumers.
Cannon Mortgage Company, Inc. | NMLS #123456
Equal Housing Opportunity.
This is not a commitment to lend. All loans are subject to credit approval and property appraisal.
Terms and conditions apply. Rates and programs are subject to change without notice.
Licensed in NC and SC.
For licensing information, visit www.nmlsconsumeraccess.org.
