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Hawaii Attorney Legal Blog
The Law Offices of Philip R. Brown
Wednesday, June 03, 2009
Real Estate Settlement Procedures Act (RESPA)
The Real Estate Settlement Procedures Act (RESPA), 12 U.S.C.A Section 26, et seq, was enacted by Congress to "effect certain changes in the settlement process for residential real estate that will result:"
A particular RESPA disclosure that must be made by a lender includes the following:
The failure of a lender to make the above disclosure establishes a private right of action for the borrower against the lender. Sanborn v American Lending Network, 506 F.Supp.2d 917, 923 (D.Utah, 2007).
(1) in more effective advance disclosures to home buyers and sellers of settlement costs;12 U.S.C.A. Section 2601(b).
(2) in the elimination of kickbacks or referral fees that tend to increase unnecessarily the costs of certain settlement services;
(3) in a reduction in the amounts home buyers are required to place in escrow accounts established to insure the payment of real estate taxes and insurance; and
(4) in slight reform and modernization of local recordkeeping of land title information.
A particular RESPA disclosure that must be made by a lender includes the following:
Each person who makes a federally related mortgage loan shall disclose to each person who applies for the loan, at the time of application for the loan, whether the servicing of the loan may be assigned, sold, or transferred to any other person at the time while the loan is outstanding.12 U.S.C.A Section 2605(a)(emphasis added).
The failure of a lender to make the above disclosure establishes a private right of action for the borrower against the lender. Sanborn v American Lending Network, 506 F.Supp.2d 917, 923 (D.Utah, 2007).
Labels: Hawaii Real Estate Litigation
posted by PhilBrown at 8:00 PM
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