RESPA is categorized as which type of statute?

RESPA, or the Real Estate Settlement Procedures Act, is a federal statute that was enacted to ensure transparency and fairness in the real estate settlement process. It specifically regulates how settlements are conducted and mandates that borrowers receive timely information regarding the costs associated with their loan and settlement, to avoid issues such as undisclosed fees or conflicts of interest that could lead to higher costs for consumers.

RESPA falls under the jurisdiction of the U.S. Department of Housing and Urban Development (HUD). This categorization is important because it indicates that HUD is responsible for enforcing the provisions of RESPA, ensuring that consumers are protected during the home buying and financing process. By regulating the settlement process, HUD aims to facilitate better understanding and management of the various costs involved in real estate transactions, ultimately aiding consumers in making more informed decisions.

The other choices represent different organizations or regulatory frameworks associated with financial services or housing but do not directly relate to the statute governing settlement procedures. TILA (Truth in Lending Act) is another consumer protection statute but it focuses on credit disclosures rather than settlement procedures. FNMA (Federal National Mortgage Association) is a government-sponsored enterprise involved in the mortgage market, and the Federal Reserve is the central bank of the United States that manages monetary policy, neither of