Explanation:
Borrowers must be given disclosures at several points during the transaction process, according to RESPA. In some disclosures, the costs of the settlement are specified, lender servicing and escrow account procedures are described, and business ties between settlement service providers are discussed.
Explanation:
An estimate provided in good faith does not bind you to a certain lender. It does provide you with useful information so you may "search around" for the best loan with the lowest settlement expenses.
Explanation:
The day after the consumer's application is received on a business day is when the Disclosure time period officially starts. Initial disclosure for the loan estimate (delivery): The initial Loan Estimate must be delivered by the lender no later than three business days (using the common definition of a working day) following the receipt of the application.
Correct answer:
False
Explanation:
The borrower's consent is required for the lender to obtain a credit report. Normally, written consent is required for this. The borrower can authorize a lender to pull their credit by signing a typical borrower authorization form.
Correct answer:
True
Correct answer:
False
