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RESPA Escrow Program
| The Real Estate
Settlement Procedures Act (RESPA) provides borrowers with pertinent and timely disclosures
regarding the nature and costs of the real estate settlement process. RESPA provisions
also protect borrowers by placing limitations on the use of escrow accounts and requiring
specific disclosures of applicable charges and disbursement dates.
The RESPA Escrow Program is an efficient tool for determining whether a financial institution is properly calculating and disclosing escrow account information as required under Section 3500.17 of the Department of Housing and Urban Developments Regulation X which implements the Real Estate Settlement Procedures Act.
This program is intended for use by banking industry professionals only.
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