Posted by Ed Garcia on March 01, 2002 at 12:26:51:
Todd,
RESPA is “Real Estate Settlement Procedures Act”: A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development.
The primary function of RESPA is disclosure proceedures.
The answer is YES.
Ed Garcia
Ed Garcia, Are Private Loans governed by RESPA? - Posted by Todd_OH
Posted by Todd_OH on February 28, 2002 at 11:51:12:
Ed Garcia, (and any other financing experts):
If I make a private loan from my IRA, is that governed by RESPA rules, or does RESPA only regulate institutional lenders?
Is there any exemption from individuals / IRAs not needing to do Truth-In-Lending, or are there limits on interest rates or late charges?
Where can I read more on RESPA (if necessary)?
Thanks in advance,
Todd_OH
Re: Ed Garcia,Are Private Loans governed by RESPA? - Posted by Ed Garcia
Posted by Ed Garcia on March 01, 2002 at 12:24:45:
Todd,
RESPA is “Real Estate Settlement Procedures Act”: A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development.
The primary function of RESPA is disclosures.
The answer isYES.
Ed Garcia