FinancingMEDIUM
Which federal law requires mortgage servicers to provide a payoff statement within a specific timeframe?
Correct Answer
B) RESPA
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.
Answer Options
A
Fair Housing ActB
RESPAC
CERCLAD
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Related Topics & Key Terms
Related Topics:
mortgage-servicing-rulesconsumer-protection-real-estate
Key Terms:
RESPApayoff statementmortgage servicerRegulation X7 business days
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