No seller of property that will be purchased with the assistance of a federally related mortgage loan shall violate section 9 of RESPA (12 U.S.C. § 2608). Section 1024.2 defines “required use” of a provider of a settlement service.

Terms Used In 12 CFR 1024.16

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
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