Finance
What is the purpose of RESPA (Real Estate Settlement Procedures Act)?
ATo set maximum mortgage interest rates
BTo require disclosure of settlement costs and prohibit kickbacks✓ Correct
CTo regulate real estate agent commissions
DTo insure mortgage loans against default
Explanation
RESPA requires lenders to provide borrowers with disclosures about settlement costs and prohibits kickbacks, referral fees, and unearned fees between settlement service providers.
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