Finance
RESPA (Real Estate Settlement Procedures Act) was designed to:
ASet maximum interest rates for residential mortgages
BProtect buyers by requiring disclosure of closing costs and prohibiting kickbacks✓ Correct
CRegulate the licensing of mortgage brokers
DMandate the use of escrow accounts for all real estate transactions
Explanation
RESPA requires lenders to provide a Loan Estimate and Closing Disclosure, and prohibits kickbacks and unearned fees among settlement service providers.
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