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  Real Estate Settlement Procedures Act (Respa) Definition
Real Estate Settlement Procedures Act (Respa) A consumer protection law implemented in 1974 by the federal government that covers one to four-family properties. The law demands that lenders provide you with advance notice of all of your closing costs prior to closing and establishes guidelines for escrow account balances. The law also prohibits "kickbacks" to third parties for referring business associated with the loan.

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