The Real Estate Settlement Procedures Act (RESPA)is a federal law that requires federally chartered or insured lenders to provide buyers and sellers with information on all settlement costs.According to RESPA,loan closing information must be prepared on a special form know as the:
A)Uniform Settlement Statement or HUD-1 form
B)Good-faith estimate
C)Settlement Costs and You booklet
D)Certificate of occupancy

Question

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RESPA requires that loan closing information be prepared on a special form known as the Uniform Settlement Statement or HUD-1 form. This form itemizes all charges and fees imposed on buyers and sellers, as well as the terms of the loan or mortgage. The HUD-1 form must be provided to the buyer at least 24 hours before closing, giving them an opportunity to review and understand the details of the transaction.

The Real Estate Settlement Procedures Act (RESPA)is a Federal Law