The act requiring mortgage lenders to give borrowers HUD booklets and good faith estimates of the closing costs is called the
A) Equal Credit Opportunity Act.
B) Truth-in-Lending Act.
C) Real Estate Settlement Procedures Act.
D) Mortgage Lenders Act of 1980.
E) None of the above.

Question

Quizplus · Accepted Answer

The act that requires mortgage lenders to give borrowers HUD booklets and good faith estimates of the closing costs is the Real Estate Settlement Procedures Act (RESPA). The other options mentioned address different aspects of credit or lending, but do not specifically require the disclosure of closing costs.

The Act Requiring Mortgage Lenders to Give Borrowers HUD Booklets