Escrow & Title
In Minnesota, 'RESPA required disclosures' in a residential mortgage transaction include all of the following EXCEPT:
AA Loan Estimate provided within 3 business days of application
BAn Affiliated Business Arrangement (AfBA) disclosure when applicable
CA Closing Disclosure provided at least 3 business days before closing
DA property survey completed by a licensed surveyor✓ Correct
Explanation
RESPA requires Loan Estimates, Closing Disclosures, Affiliated Business Arrangement disclosures, and servicing transfer notices. A property survey is not a RESPA-required disclosure—it may be required by the lender or title company but is not a RESPA mandate.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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