Researching Each State's Real Estate Regulations

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Question:

I need to find information regarding each U.S. state's regulations regarding real estate loans. RESPA gives guidelines regarding escrow accounts and fees, but gives each state the ability to overrule the rules if they favor the borrower. What is the best/easiest way to research what rules each state abides by?

Answer:

Unfortunately, there is no easy way. It usually means slogging through the law books. This is no easy feat because states often use different terminology or group laws in different ways. For example, some states put all property laws together, while others separate laws on personal property and real property.

However, in spite of this discouraging response, there is a way to go about this without all the research. You can always write (or e-mail) each state's Attorney General and ask the specific question about escrow laws. Keep the answers in a file, just in case the examiners want to know how you arrived at your conclusions.

First published on BankersOnline.com 4/24/06