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  RESPA Definition
RESPA This is the acronym that stands for the Real Estate Settlement Procedures Act. This federal law is a consumer protection law that was implemented in 1974. The law covers one to four-family properties and demands that lenders provide you with advance notice of all of your closing costs prior to closing. The law also establishes guidelines for escrow account balances and prohibits "kickbacks" to parties for referring business associated with the loan.
   
   
   


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