What is the Reg Letter for RESPA?

The correct identifier for the Real Estate Settlement Procedures Act (RESPA) is Reg X. RESPA is designed to provide consumers with important information about the real estate settlement process, which includes the costs associated with closing on a property and the servicing of mortgage loans. Reg X outlines the requirements for disclosures provided to borrowers, such as the Good Faith Estimate and the HUD-1 Settlement Statement, ensuring transparency and fostering informed decision-making in real estate transactions.

The other regulations listed are associated with different areas: Reg Z pertains to the Truth in Lending Act, which focuses on consumer credit disclosures; Reg T governs the extension of credit by broker-dealers; and Reg V relates to the Fair Credit Reporting Act, which deals with consumer credit reporting. Understanding these distinctions is essential for anyone working in mortgage lending, as each regulation addresses different aspects of financial transactions and consumer protections.