EstatePass
Financing

Financing Practice Question

Which federal law requires mortgage servicers to provide a payoff statement within a specific timeframe?
A
Fair Housing Act
B
RESPA
C
CERCLA
D
ADA
Explanation

RESPA requires mortgage servicers to provide accurate payoff statements within 7 business days of a written request. This ensures borrowers can obtain timely information needed for refinancing or selling their property.

More Financing Questions

Private Mortgage Insurance (PMI) is typically required when:

An adjustable-rate mortgage (ARM) has:

Points paid at closing are:

Which government agency insures FHA loans?

In Florida, a satisfaction of mortgage must be recorded within:

All Topics

Practice More Questions

Access 2,000+ practice questions and pass your real estate exam.

Get Started Free