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Real Estate Settlement Procedures Act

Real Estate Settlement Procedures Act definition - business

Real Estate Settlement Procedures Act

A 1974 federal statute requiring specified disclosures to real estate borrowers and outlawing kickbacks that increase the expense of real estate settlements. Lenders are required to spell out costs associated with settlements, outline lender servicing and escrows account practices, and describe business relationships between settlement service providers.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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