What does RESPA focus on specifically?

RESPA, which stands for the Real Estate Settlement Procedures Act, specifically focuses on real estate settlement procedures. The primary purpose of RESPA is to provide consumers with pertinent and timely information about the costs associated with the settlement process and to eliminate kickbacks and referral fees that can increase the costs of real estate transactions.

By ensuring transparency in the settlement process, RESPA aims to protect consumers from unfair practices and unexpected charges when they are buying or refinancing a home. This involves requiring lenders to provide disclosures regarding settlement costs, which help borrowers understand what they are being charged for and why.

The other areas mentioned, such as loan interest rates, consumer credit information, and loan servicing practices, are not the primary focus of RESPA. While they are important aspects of real estate finance, RESPA specifically addresses the procedures related to the closing process and ensures consumers are informed throughout that process.