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.
Why This Is the Correct Answer
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.
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