The Real Estate Settlement Procedures Act (RESPA) ensures that residential mortgage borrowers receive timely and accurate disclosures about the costs involving settlement procedures and protects them from unnecessarily high settlement charges caused by certain abusive practices.
The Uniform Settlement Statement, otherwise known as the HUD-1 Form, is mandated by the Real Estate Settlement Procedures Act (RESPA) for federally related mortgages. This document contains crucial details about the closing, outlining all charges and funds involved in a real estate transaction.
