How RESPA Law Can Protect Your Rights
RESPA is the most comprehensive aspect of real estate law and one every consumer should become familiar with. It stands for Real Estate Supplement Procedures Act and outlines the documentation and disclosures every real estate transaction must have. Furthermore, RESPA prohibits certain actions in order to keep predatory lenders from preying on unsuspecting and innocent home buyers.
For instance, were you aware that loan servicers can’t split fees? And another thing that lenders and home sellers can’t do is require a home buyer to purchase title insurance from a particular company as a condition of the sale. In other words, you’re allowed to get your own title insurance.
If your lender has violated either of the above RESPA conditions then you could be due some damages or you could seek a rescission on your loan. A mortgage document review can determine whether your rights have been violated.
Learn more about the loan audit process from the most comprehensive loan auditors online.
