The Real Estate Settlement Procedures Act (RESPA) is a federal law that requires federally chartered or insured lenders to provide buyers and sellers with expectations of their closing costs prior to the closing date. When a borrower (the buyer) applies for a loan, the lender will provide him/her with which of the following forms that includes details pertaining to specific loan information and an estimate of expenses that the borrower is likely to incur at the closing?
A. Uniform Settlement Statement (HUD-1) form
B. Good-faith estimate
C. Settlement Costs and You booklet
D. Certificate of occupancyAnswer: B. Good-faith estimate

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05-12-2022
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The Real Estate Settlement Procedures Act (RESPA) is a federal law that requires federally chartered or insured lenders to provide buyers and sellers with expectations of their closing costs prior to the closing date. When a borrower (the buyer) applies for a loan, the lender will provide him/her with which of the following forms that includes details pertaining to specific loan information and an estimate of expenses that the borrower is likely to incur at the closing?
A. Uniform Settlement Statement (HUD-1) form
B. Good-faith estimate
C. Settlement Costs and You booklet
D. Certificate of occupancyAnswer: B. Good-faith estimate

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shristiparmar1221 shristiparmar1221 · Answer 1 · 2022-12-19T01:55:38+01:00

When a borrower (the buyer) submits an application for a loan, the lender will give him or her a good-faith estimate that includes information about the specific loan and an estimation of the costs that the borrower is expected to incur at the closing. As a result, choice (B) is correct.

What does a good faith estimate mean?

Prior to 2015, the Real Estate Settlement Procedures Act required that a mortgage lender or broker in the United States present a consumer with a good faith estimate (also known as a GFE).

In order to alleviate consumer misunderstanding, the CFPB replaced the GFE in August 2015 with a loan estimate form that serves a similar purpose but adheres to somewhat different rules. A good faith estimate, also known as a loan estimate, is a template that can be used to evaluate offers or quotes from various brokers or lenders.

Hence, option (B) is accurate.

Learn more about good faith estimates, from:

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