Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Real Estate Settlement Procedures Act of 1974 (RESPA)

Administering Agency/Entity Consumer Financial Protection Bureau (CFPB) and Federal Financial Regulators (Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency) and the Federal Financial Institutions Examination Council (FFIEC)
Short Description RESPA seeks to reduce unnecessarily high settlement costs by requiring disclosures to homebuyers and sellers, and by prohibiting abusive practices in the real estate settlement process. RESPA covers all federally related mortgage loans on one-to-four family residential properties and requires that borrowers receive disclosures at various times. All borrowers must be given information about real estate transactions and settlement services, as well as the possibility of mortgage servicing being transferred. RESPA also prohibits certain practices that increase the cost of settlement services. Responsibility for rulemaking under RESPA moved to CFPB on July 21, 2011. CFPB and the federal financial regulators are responsible for examination and enforcement of RESPA at certain institutions, and FFIEC helps promote uniformity.
Primary Purpose Regulatory requirements
Type of Housing Supported Homeownership
Type of Assistance Regulation
Fiscal Year 2010 Obligations Costs for RESPA are not quantified or tracked separately.

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