RESPA was enacted in 1974 for the following purpose:
1) To assure proper disclosure is always given to the buyer concerning interest rate on a new note.
2) To effect specific changes in the settlement process resulting in more effective advance disclosure of settlement costs to home buyer and sellers.
3) To assure full disclosure is always made in regard to financing on FHA and VA loans.
4) To allow lending institutions to charge discount points and have all this fully disclosed at the time of closing of the sale.