RESPA is a rule under which act?

The Real Estate Settlement Procedures Act (RESPA) is indeed a rule under the Real Estate Settlement Procedures Act. This federal law, enacted in 1974, was designed to protect consumers by requiring disclosures about the costs associated with the settlement process of real estate transactions. It aims to help buyers and borrowers better understand their mortgage options and the various fees involved in the settlement process.

RESPA mandates that certain disclosures must be provided to consumers, such as a Good Faith Estimate of settlement costs and a HUD-1 Settlement Statement, ensuring that they are aware of all charges they will incur at closing. This transparency helps prevent abusive practices and ensures that clients can make informed decisions.

While the other acts mentioned, such as the Equal Credit Opportunity Act, the Truth in Lending Act, and the National Housing Act, serve important functions in protecting consumers in the finance and housing markets, they do not pertain specifically to real estate settlement procedures like RESPA does. Instead, they focus on issues such as credit discrimination, lending transparency, and housing affordability, respectively.