mortgage

For PITI's sake: Mortgage acronyms defined

RESPA and TILA
RESPA and TILA

The Real Estate Settlement Procedures Act, or RESPA, and the Truth in Lending Act, or TILA, are the two main pieces of federal legislation that govern mortgage lending to consumers.

Among other things, RESPA requires lenders to provide borrowers with a GFE within three days of applying for a loan as well as the HUD-1 at or before closing. TILA requires lenders to provide borrowers with clear terms and costs of a loan.

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