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Resources > Glossary > RESPA Servicing Disclosure

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RESPA Servicing Disclosure

Function: noun

Definition 1:
RESPA stands for Real Estate Settlement Procedures Act and is a consumer protection statute. RESPA requires that the borrowers receive periodical disclosures elaborating on the costs involved in the settlement, descriptions of lender servicing, and escrow account information and practices. RESPA also does not allow a number of lending practices that increase the cost of settlement services.