Real Estate Settlement Procedures Act of 1974

[AI summary unavailable — showing source text] Real Estate Settlement Procedures Act - Expresses the findings of Congress and declares that the purpose of this Act is to effect specified changes in the settlement process for residential real estate. Defines the terms used in this Act. Directs 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 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 esta…