Closings glossary
RESPA
The federal statute regulating residential settlement disclosure and prohibiting kickbacks or unearned fees for referring settlement service business.
What is RESPA?
Quick Answer
The full definition
The federal statute regulating residential settlement disclosure and prohibiting kickbacks or unearned fees for referring settlement service business.
Also called: Real Estate Settlement Procedures Act.
Where does respa come up in a New York City closing?
A referral arrangement that pays a fee for sending title business on a Bronx closing is a RESPA problem regardless of how the payment is labeled.
What else should you read before closing?
In the glossary
- Closing DisclosureThe federal disclosure listing a residential borrower's loan terms, closing costs and cash to close. It is delivered at least three business days b...
- Closing statementThe itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer m...
- Premium (title insurance)The one-time charge for a title policy, computed from the filed New York rate schedule by amount of insurance, plus any endorsement and search-rela...
- Title insuranceInsurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is ...
- Underwriter (title)The insurer whose policy is issued on a transaction. An agency prepares and issues on the underwriter's forms, and claims are ultimately paid by th...
Questions this raises
- How are title fees shown on a Loan Estimate?Section C holds shoppable title services, Section E holds recording and transfer taxes. How to read New York title lines and compare them to the fi...
- What is the difference between the ALTA settlement statement and the Closing Disclosure?The Closing Disclosure is the lender's borrower form. The ALTA statement is the agent's full accounting for both sides. How to reconcile them befor...
Have a closing coming up?
Tell us about the transaction. An attorney reads every intake form and responds the same business day.
Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.