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Memphis, TN,



Did you know that RESPA is The Real Estate Settlement Procedures Act of 1974?


Did you know that (RESPA) became effective on June 20, 1975?


Did you know that RESPA Act requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process?


Did you know that RESPA Act also prohibits specific practices, such as kickbacks, and places limitations upon the use of escrow accounts?

Did you know that the Department of Housing and Urban Development (HUD) originally promulgated Regu

lation X, which implements RESPA?


Did you know that Congress has amended RESPA significantly since its enactment?


 Did you know that the National Affordable Housing Act of 1990 amended RESPA to require detailed

disclosures concerning the transfer, sale,or assignment of mortgage servicing?


 Did you know that RESPA requires disclosures for mortgage escrow accounts at closing and annually thereafter, itemizing the charges to be paid by the borrower and what is paid out of the account by the servicer?


Did you know that in October 1992, the Congress amended RESPA to cover subordinate lien loans?