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For PITI's sake: Mortgage acronyms defined

Mortgage » For PITI's sake: Mortgage acronyms defined

RESPA and TILA
RESPA and TILA © iStock

RESPA and TILA

The Real Estate Settlement Procedures Act, or RESPA, and the Truth in Lending Act, or TILA, are the 2 main pieces of federal legislation that govern mortgage lending to consumers.

Among other things, RESPA requires lenders to provide borrowers with a Loan Estimate within 3 days of applying for a loan, as well as the Closing Disclosure 3 days before closing.

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