RESPA is a federal law that allows consumers to review information regarding estimated settlement costs provided by the lender in the form of a Good Faith Estimate after application and again prior to or at a settlement in the form of a HUD Settlement provided by the settlement agent.
The given a borrower under federal law that allow for the cancellation of a contract. With respect to mortgage refinancing, the law gives the homeowner three business days to cancel the new loan if the refiance transaction extinguishes or replaces an existing lien or liens(s), or if equity is extracted from the homestead.
Form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a "release of mortgage."
