TILA-RESPA: How Will You Be Affected?

Buying a house is a complex transaction. Sellers and buyers must access the services of real estate agents, mortgage lenders, title companies, appraisers and other professionals, to ensure the property title transfers, the loan is secured and the seller gets paid. The housing industry collapse of 2008 revealed significant problems in the processes involved in buying a house. Home buyers received confusing or misleading documentation, leading to foreclosures and losses. In response, the federal government reviewed those processes against the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), and issued a revision of real ...