RESPA-Compliant Security Fees
The Real Estate Settlement Procedures Act (RESPA) regulates fees charged in connection with real estate closings. Our security fees are designed to be fully compliant.
Understanding RESPA Compliance
The Real Estate Settlement Procedures Act (RESPA) regulates fees charged in connection with real estate closings. Our security fees are designed to be fully compliant.
Frequently Asked Questions
Yes, security and audit-trail services qualify as bona fide fees under RESPA when they directly benefit the consumer and transaction. The key is transparency and reasonable cost.
Disclose security fees clearly on the Loan Estimate and Closing Disclosure. Use specific language like 'Document Security & Audit Trail Service' with a clear description of the benefit.
A bona fide fee must be for services actually performed, reasonable in amount, and provide a benefit to the consumer. Our security services meet all these criteria.
Our Compliance Approach
We work with title companies and lenders to ensure our fees are properly disclosed and comply with all RESPA requirements.