The ____________ Act governs closings on owner-occupied houses,condominiums,and apartment buildings of four units or fewer.

Question

The ____________ Act governs closings on owner-occupied houses,condominiums,and apartment buildings of four units or fewer. ​

Quizplus · Accepted Answer

The Real Estate Settlement Procedures Act (RESPA) governs closing on owner-occupied houses, condominiums, and apartment buildings of four units or fewer. RESPAs aim to protect borrowers by mandating that mortgage lenders disclose details about the nature and costs of real estate transactions to the borrower. It ensures that borrowers receive accurate and timely information on closing costs and services, preventing them from being caught off-guard by unexpected fees. The Equal Credit Opportunity Act (ECOA) prohibits lenders from discouraging or discriminating based on race, religion, age, sex, or national origin, among other things. The Truth-in-Lending Act (TILA) requires lenders to disclose credit terms and conditions at the onset of a loan. Mortgage lenders are financial institutions that provide funds for mortgage loans.

The ____________ Act Governs Closings on Owner-Occupied Houses,condominiums,and Apartment Buildings