A federal law requiring mortgage lenders to give potential borrowers a government publication describing the closing process and providing clear, advance disclosure of all closing costs to home…

The correct answer is B. Real Estate settlement procedure Act. See the full explanation below for the reasoning.

Fiduciary and Trust Activities

Question

A federal law requiring mortgage lenders to give potential borrowers a government publication describing the closing process and providing clear, advance disclosure of all closing costs to home buyers is called:

Options

AMultiple listing service
BReal Estate settlement procedure Act
CTitle check
DClosing statement

How the community answered

(30 responses)

A
7% (2)
B
73% (22)
C
17% (5)
D
3% (1)

Topics

#RESPA#closing cost disclosure#mortgage lender requirements#federal real estate law

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