RESPA Test Study Guide | 100% Correct
Which of the following sets of documents are required by The Real Estate Settlement Procedures Act to be given to the applicant at the time of a purchase money application? -The Truth in Lending Act statement, the Good Faith Estimate, and the HUD-1 -The Affiliated Business Arrangement (ABA) Disclosure, The Good Faith Estimate, and the Uniform Residential Loan Application (Form 1003) -The Special Information Booklet, the Good Faith Estimate, The Mortgage Servicing Disclosure Statement -The Consumer Handbook on Adjustable Rate Mortgages, the Good Faith Estimate, and the Truth in Lending Act disclosure - The correct answer is "C" -The Special Information Booklet, the Good Faith Estimate, The Mortgage Servicing Disclosure Statement When borrowers apply for a mortgage loan, mortgage brokers and/or lenders must give the borrowers: a Special Information Booklet, which contains consumer information regarding various real estate settlement services. (Required for purchase transactions only) and a Good Faith Estimate (GFE) of settlement costs, which lists the charges the buyer is likely to pay at settlement. This is only an estimate and the actual charges may differ. If a lender requires the borrower to use a particular settlement provider, then the lender must disclose this requirement on the GFE.
Document information
- Uploaded on
- February 14, 2023
- Number of pages
- 11
- Written in
- 2022/2023
- Type
- Exam (elaborations)
- Contains
- Questions & answers
