The Real Estate Settlement Procedures Act: Disclosure of Fees to Mortgage Brokers (CRS Report for Congress)
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| Release Date |
March 24, 1998 |
| Report Number |
98-285 |
| Report Type |
Report |
| Authors |
Bruce E. Foote, Economics Division |
| Source Agency |
Congressional Research Service |
Summary:
This report provides an overview of one of the issues involving the Real Estate Settlement Procedures Act of 1974 (RESPA), which was enacted to prevent abuses in the settlement process for residential real estate. A current issue is whether certain compensation to mortgage brokers violates the anti-kickback provisions of RESPA. The present RESPA regulation is discussed, as well as the unsuccessful attempt to address the issues through a negotiated rulemaking. A summary and analysis of HUD's subsequent proposed rule is provided.
