RESPA is the Real Estate Settlement Procedures Act, a law passed by Congress in 1974 that helps consumers understand the costs of settling a real estate transaction and protects them from kickbacks and referral fees that unnecessarily increase the cost of settlement services.

RESPA requires that consumers are provided with various disclosures throughout the home loan process, such as the Good Faith Estimate and HUD-1 Settlement Statement. Such disclosures contain information on how much a consumer will pay for loan, escrow and title fees.

RESPA applies to mortgages on one-to-four family residential properties.