Real Estate Settlement Costs Act

[AI summary unavailable — showing source text] Real Estate Settlement Costs Act - Defines the terms used in this Act, including "federally related mortgage loan" and "settlement services." Provides that all fees and charges for settlement services, in connection with a federally recorded mortgage loan, shall be paid by the lender. States that a lender may not, in connection with any federally related mortgage loan, require the borrower, or the seller of the property financed by the loan, to pay any points, discounts, charges, or similar fees (other than any penalty for late payment). Provides that no person who regularly provides title insurance using any means or instrumentality of interstate commerce shall provide such insurance to the buyer or seller of a home at a rate or price which is in excess of that charged to a mortgage lender for comparable coverage or provide more limited coverage to the buyer or seller of a home than it provides to mortgage lenders. Imposes civil penalties upon any lender or provider of title insurance who violates any provision of this Act.…