Finance
Which federal act requires lenders to provide borrowers with a Good Faith Estimate and Truth-in-Lending disclosure for mortgage loans (pre-TRID, still relevant for HELOC and reverse mortgages)?
ARESPA and TILA✓ Correct
BECOA
CHMDA
DCRA
Explanation
RESPA required the Good Faith Estimate (GFE) and HUD-1 Settlement Statement for most purchase and refinance mortgages. TILA required the Truth-in-Lending disclosure showing APR.
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