Real Estate Settlement Procedures Act (RESPA - 1974) designed to protect prospective homeowners by requiring disclosure by lenders of settlement fees and
costs during the lending process.
If during the lending process, there are loan changes that result in changes in the APR by ⅛ of 1 % in either direction, an addition of a pre-payment penalty or a loan product change a new CD must be delivered, signed and additional three business day waiting period will apply.
During the lending process, the borrower must supply the dates of upcoming deposits from employers.
Ask if the lender responded quickly to phone calls, if the closing costs they charged were higher than expected, and if they fixed any problems that popped up
during the lending process.
During the lending process, too, it is important that you choose a lender with whom you feel comfortable with and who gave you the best options for your situation.