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What is RESPA and how does it impact my joint marketing?

April 26, 2017impact Joint Marketing RESPA

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What is RESPA and how does it impact my joint marketing?

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RESPA (Real Estate Settlement Procedures Act) requires lenders to provide borrowers certain settlement cost and loan information throughout the loan process (i.e., the Good Faith Estimate, Settlement Cost Booklet, HUD-1). RESPA also sets forth certain requirements for loan servicing and escrow accounts. The statute further protects borrowers by prohibiting kickbacks and referral fees which may increase costs in the settlement process.