Real Estate Settlement Procedures Act: Disclosures
9 min! Run Time
Employees
only
Provided
What you'll learn
Skills covered in this course
Description
The Real Estate Settlement Procedures Act (RESPA), passed in 1974, protects buyers of one-to-four-unit homes from the unnecessary closing fees that were common before the law existed.
What this course covers:
- What RESPA is and why Congress passed it in 1974
- The residential properties RESPA covers
- The disclosures RESPA requires during settlement
- How disclosures protect homebuyers at closing
Ideal for real estate, mortgage, and settlement professionals.
System Requirements
See System Requirements in the Coggno Knowledge Base
Author
Frequently Asked Questions
The course explains that RESPA, passed in 1974, protects buyers of one-to-four-unit homes from the unnecessary closing fees that were common before the law existed, giving learners the historical reason the statute was needed and what problem it was written to solve.
This course covers the residential properties RESPA covers, helping settlement and mortgage staff recognize which transactions fall under the law's protections when a home purchase involves one to four units, the range the statute was written to address.
The course details the disclosures RESPA requires during settlement, giving learners a working sense of what documentation buyers must receive as part of the closing process the law was built around when Congress passed it back in 1974.
It explains how disclosures protect homebuyers at closing, connecting the required paperwork back to RESPA's original purpose of shielding buyers from the unnecessary closing fees the law was passed to stop across one-to-four-unit residential purchases.
The course is ideal for real estate, mortgage, and settlement professionals who need a working understanding of RESPA's history, the properties it covers, and the disclosure requirements it places on residential closings involving one-to-four-unit homes.
