Real Estate Settlement and Escrow Account Act

Real Estate Settlement and Escrow Account Act - Requires the Secretary of Housing and Urban Development, in consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, to establish the maximum amounts of the charges to be imposed upon the borrower and seller for services incident to or part of a real estate settlement.

Directs the Secretary, in consultation with the Administrator of Veterans' Affairs, the Federal Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, to develop and prescribe a standard form for the statement of settlement costs which shall be used as the standard real estate settlement form in all transactions in the United States which involve Federally related mortgage loans. Requires such form to conspicuously and clearly itemize the charges imposed upon both the borrower and the seller in connection with the settlement.

Directs the Secretary to prepare and distribute special booklets to help persons borrowing money to finance the purchase of residential real estate to better understand the nature and costs of real estate settlement services.

Requires lenders to provide the booklet to each person from whom it receives an application to borrow money to finance the purchase of residential real estate.

Requires lenders agreeing to make a Federally related mortgage loan to provide to the prospective borrower, and to any officer or agency of the Federal Government proposing to insure, guarantee, supplement, or assist such loan, an itemized disclosure in writing of each charge arising in connection with such settlement.

Prohibits any person from giving and accepting any thing of value pursuant to any agreement or understanding, oral or otherwise, involving a Federally related mortgage loan.

Requires the lender and the buyer to equally share the payment of all charges, fees, and commissions levied in connection with a Federally related mortgage loan for title searches, surveys of property boundaries, and examination of property boundaries.

States that any fee or commission charged in connection with a Federally related mortgage loan for title insurance to protect the lender's interest shall be borne solely by the lender.

Provides that no lender shall make any commitment for a Federally related mortgage loan unless the seller or his agent has disclosed to the buyer prior to the signing of a sales agreement the name and address of the present owner, the date the property was acquired, and the present status of the property with respect to any options or contracts to sell and the amount involved in such options or contracts.

Directs the Secretary to establish and place in operation on a demonstration basis in various areas of the United States, a model system or systems for the recordation of land parcels in a manner and form calculated to facilitate and simplify land transfers and mortgage transactions and reduce the cost thereof.

States that the provisions of this Act, and the amendments made thereby, shall become effective one hundred and eighty days after the date of the enactment of this Act.