Which information is NOT required to be included in an AfBA disclosure?
Correct Answer
C) The exact percentage of ownership interest
RESPA does not require disclosure of the exact percentage of ownership interest in the AfBA disclosure, only that an affiliated business relationship exists.
Why This Is the Correct Answer
RESPA does not require disclosure of the exact percentage of ownership interest in the AfBA disclosure, only that an affiliated business relationship exists.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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A lender originates a loan secured by property in an SFHA but the borrower obtains flood insurance through a private carrier instead of the NFIP. What additional documentation must the lender obtain?
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A lender provides a Closing Disclosure on Friday afternoon via email to a borrower who requested electronic delivery. Assuming no holidays, what is the earliest day the loan can close?