Gus has applied for a home equity line of credit from his federally insured bank so that he can make some renovations to his kitchen. The same bank is his lender for his home mortgage. Will this loan be subject to Real Estate Settlement Procedures Act requirements

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Mccrawk554 Mccrawk554

21-06-2022
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Gus has applied for a home equity line of credit from his federally insured bank so that he can make some renovations to his kitchen. The same bank is his lender for his home mortgage. Will this loan be subject to Real Estate Settlement Procedures Act requirements

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suchetasVT suchetasVT · Answer 1 · 2022-06-29T20:21:40+02:00

This is true that the given loan will be subjected to Real Estate Settlement Procedures Act requirements as RESPA applies to any residential loan transaction from a federally insured financial institution, including equity lines of credit.

What is Real Estate Settlement Procedures Act?

RESPA is an act that prohibits certain practices such as bribes, referrals, and unearned fees.

RESPA also regulates the use of escrow accounts, for instance, it prohibits credit managers from asking for excessive large escrow accounts and prevents sellers from hiring title insurance companies.

Therefore, This is true that the given loan will be subjected to Real Estate Settlement Procedures Act requirements as RESPA applies to any residential loan transaction from a federally insured financial institution, including equity lines of credit.

learn more about RESPA:

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