In what year was the Real Estate Settlement and Procedures Act (RESPA) created?

The Real Estate Settlement and Procedures Act (RESPA) was enacted in 1974. This landmark legislation was designed to provide consumers with better information about the nature and costs of the settlement process, ensuring transparency and fairness in real estate transactions. RESPA primarily focuses on the disclosures that must be made to homebuyers and the regulations surrounding the handling of funds during the closing of transactions. This act is a key piece of federal legislation in real estate practice and significantly influences how real estate transactions are conducted in the United States. Understanding RESPA is essential for real estate professionals, as it outlines the required practices and consumer protections in the closing process.