RESPA- Requires lenders to provide good faith estimates of settlement costs

Q.  Which one of the following requires lenders to provide "good faith" estimates of settlement costs?
- Published on 20 Jul 15

a. FOIA
b. NCUA
c. RESPA
d. TILA

ANSWER: RESPA
 
The Real Estate Settlement Procedures Act (RESPA) ensures that consumers are provided with helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices.

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