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RESPA

RESPA

RESPA, the Real Estate Settlement Procedures Act is a federal law of the USA. RESPA is a consumer protection law, aimed at protecting consumers from abuses during the  mortgage loan and real estate purchase processes. RESPA requires all lenders to present to the borrower a Good Faith Estimate (GFE) within three days of the loan application, that lists the costs the borrower pays to obtain the loan.

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