Who is responsible for administering the Real Estate Settlement Procedures Act (RESPA)?

The Consumer Financial Protection Bureau (CFPB) is responsible for administering the Real Estate Settlement Procedures Act (RESPA). This act, established in 1974, is designed to provide transparency in the settlement process for consumers involved in real estate transactions. The CFPB oversees the enforcement of RESPA, ensuring that lenders and other settlement service providers follow the guidelines intended to protect consumers, such as disclosing closing costs and preventing abusive practices within the real estate settlement process.

The CFPB's role is significant because it helps ensure that consumers receive clear and concise information about their mortgage options and closing costs, thus allowing for informed decision-making during home buying or refinancing processes. This oversight helps enhance consumer confidence in the real estate market.

The other entities listed, while related to real estate in various capacities, do not have the regulatory authority or specific focus on administering RESPA. The Federal Housing Administration primarily deals with loan insurance and regulation within specific mortgage programs, while the Department of Housing and Urban Development (HUD) used to administer RESPA before the duties were transferred to the CFPB with its establishment in 2011. The National Association of Realtors is a professional organization that represents real estate professionals but does not administer or enforce federal laws.