Real Estate Settlement Procedures Act

[AI summary unavailable — showing source text] Real Estate Settlement Procedures Act - Directs the Secretary of Housing and Urban Development to report to the Congress on whether there is any necessity for establishing maximum charges for real estate settlement services. Directs the Secretary, in consultation with the Administrator of Veterans' Affairs, the 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 provide the booklet to each person from whom it receives an application to borrow money to finance the purchase of residential real estate. Requires lenders agreeing to make a federal…