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.

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
30 year fixed 4.29%  0.01 4.30%
15 year fixed 3.23%  0.06 3.29%
5/1 ARM 3.33%  0.12 3.45%
 
View Rates in your areaSearch
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Polyana da Costa

Borrowers get $2.5B from Citi

About $2.5 billion of Citi's $7 billion settlement will go to consumers  ... Read more

advertisement
Partner Center
advertisement

Connect with us