Real Estate Settlement Procedures Act (RESPA) – Escrow Account Protection Section 10 Regulations

escrow account

The Real Estate Settlement Procedures Act, commonly known as RESPA, includes Section 10, a provision designed to safeguard homeowners by regulating escrow accounts. These accounts are used by mortgage lenders to pay property taxes, homeowners insurance, and other charges related to property ownership. Section 10 of RESPA sets forth specific rules governing the amount of … Read more