Real Estate Settlement Procedures Act Amendments

Summary

Real Estate Settlement Procedures Act Amendments - Provides that the standard form for the statement of settlement costs in all transactions involving federally related mortgage loans shall be completed and made available for inspection to the borrower at least one business day prior to settlement (presently 12 days in advance of settlement). Requires lenders to give the borrower a good faith estimate of the charges (or range of charges) likely to be incurred by the borrower in settlement. Repeals specified provisions of the Real Estate Settlement Procedures Act, including the requirement of advance disclosure of the prior selling price. Provides that in any transaction dealing with property purchased with the assistance of a federally related mortgage loan, neither the seller nor the lender may require as a condition of making a federally related mortgage loan, that title insurance be purchased from any particular title company. Permits a lender to refuse to accept a title search by a particular attorney if the lender permits the borrower to choose from at least three attorneys acceptable to the lender. Revises the escrow requirements under the Real Estate Settlement Procedures Act. Grants the Secretary of Housing and Urban Development authority to prescribe rules and regulations to achieve the purposes of this Act.

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1 official file

• Introduced in Senate

  summary · EN · 30 October 1975

  Open at official source

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