RESPA requires a lender to disclose good faith estimates of closing costs within three days of loan application.

Name: RESPA requires a lender to disclose good faith estimates of closing costs within three days of loan application.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This statement is true. The Real Estate Settlement Procedures Act (RESPA) requires lenders to provide borrowers with a good faith estimate (GFE) of their closing costs within three business days of receiving the loan application.

RESPA Requires a Lender to Disclose Good Faith Estimates of Closing