What is the purpose of the Consumer Financial Protection Bureau in relation to RESPA?

The Consumer Financial Protection Bureau (CFPB) plays a critical role in administering and enforcing compliance with the Real Estate Settlement Procedures Act (RESPA). RESPA is a federal law designed to help consumers be better shoppers for settlement services and to eliminate abusive practices in the real estate settlement process. The CFPB oversees this system, ensuring that lenders and settlement service providers comply with the law's requirements.

By enforcing compliance, the CFPB aims to protect consumers from unfair, deceptive, or abusive practices in the mortgage and settlement process, creating transparency in real estate transactions. This regulatory oversight includes conducting investigations, enforcing penalties for violations, and helping to interpret RESPA's provisions.

In contrast, the other options do not align with the primary function of the CFPB. Providing legal services is outside the bureau's mandate, as is underwriting residential loans or acting as an agent for those transactions. The focus of the CFPB remains strictly on consumer protection and regulatory oversight of financial practices in real estate settlements.