RESPA Settlement Procedures
RESPA (12 U.S.C. 2601): Loan Estimate (3 days after application), Closing Disclosure (3 days before closing). Prohibitions: Section 8 (kickbacks/referral fees), Section 9 (required title company), Section 10 (escrow limits: 1/12 annual + 2-month cushion). Violations: actual damages, $K for Section 8, attorney fees. CFPB enforces. Applies to all federally related FL mortgage loans.
Disclosures
- Loan Estimate: 3 days after application
- Closing Disclosure: 3 days before closing
- Accurate estimates required
Prohibitions
- Section 8: no kickbacks/referral fees
- Section 9: buyer chooses title company
- Section 10: escrow limits
Enforcement
- CFPB enforces
- Actual + $K damages
- Attorney fees
Related Terms
- Closing — Settlement
Barnes Walker Real Estate
Barnes Walker’s attorneys ensure RESPA compliance in Florida. Request a legal inquiry for assistance.
Florida Law Reference
12 U.S.C. § 2601 et seq. (RESPA); Fla. Stat. § 627.7711
Real estate closings in Florida are governed by federal RESPA requirements and state title insurance regulations. Florida is a "title state" where closings are typically handled by title companies or attorneys.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC