Finance
Under RESPA's Section 8, an affiliated business arrangement (ABA) disclosure must be provided:
AOnly at closing
BBefore or at the time of the referral to the affiliated service✓ Correct
C30 days before closing
DOnly if the referral fee exceeds $500
Explanation
RESPA requires disclosure of affiliated business arrangements (e.g.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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