Which regulation is specific to transactions for 1-4 family residences?

The correct answer is RESPA (Real Estate Settlement Procedures Act). RESPA is specifically designed to address disclosures to consumers regarding the settlement process for transactions involving 1-4 family residences. It mandates that borrowers receive pertinent information about the costs associated with their home purchases, including an itemization of fees and the necessary disclosures that help to ensure transparency in the mortgage and settlement process.

The regulation focuses on preventing practices like kickbacks and referral fees that can inflate the cost of settlement services. RESPA also ensures that borrowers are aware of their rights and the terms involved in their mortgage transactions, which is critical for protecting consumers in residential real estate.

While the Truth in Lending Act is related to consumer credit and establishes rules for disclosure of borrowing costs, its scope is broader and includes all types of loans, not just for residential properties. The Fair Housing Act addresses discrimination in housing, and HOEPA (Home Ownership and Equity Protection Act) provides protections for high-cost mortgages, but both of these regulations do not specifically focus on the settlement process for 1-4 family residences as RESPA does.