Real Estate Settlement and Escrow Account Act

[AI summary unavailable — showing source text] Real Estate Settlement and Escrow Account Act - Requires the Secretary of Housing and Urban Development, in consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, to establish the maximum amounts of the charges to be imposed upon the borrower and seller for services incident to or part of a real estate settlement. Directs the Secretary, in consultation with the Administrator of Veterans' Affairs, the Federal Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, to develop and prescribe a standard form for the statement of settlement costs which shall be used as the standard real estate settlement form in all transactions in the United States which involve Federally related mortgage loans. Requires such form to conspicuously and clearly itemize the charges imposed upon both the borrower and the seller in connection with the settlement. Directs the Secretary to prepare and distribute special booklets to help persons borrowing money to finance the purchase of residential real estate to better understand the nature and costs of real estate settlement services. Requires lenders to …