Which documents are considered RESPA early disclosures?

Which documents are considered RESPA early disclosures?

• A. Good Faith Estimate, Closing Disclosure, Title Search Report
• B. Settlement booklet, Good Faith Estimate, Servicing disclosure
• C. Loan Estimate, Settlement booklet, Closing Statement
• D. HUD 1, Good Faith Estimate, Ownership disclosure

Answer: (B)

The correct answer identifies the documents that are classified as RESPA early disclosures, which include the settlement booklet, Good Faith Estimate, and servicing disclosure. The settlement booklet serves as a guide to help borrowers understand the mortgage process, and it includes information about the costs involved and their rights. The Good Faith Estimate outlines the expected costs of closing, offering transparency to borrowers about the financial aspects of their loan. The servicing disclosure informs borrowers about whether their loan may be transferred to another servicer, emphasizing their rights regarding mortgage servicing. These documents are critical in ensuring that borrowers receive the necessary information early in the process, helping them make informed decisions about their mortgage. The other options listed contain documents that do not fit the criteria for RESPA early disclosures or include ones that are related to the closing process rather than the initial disclosures provided to borrowers.

The correct answer identifies the documents that are classified as RESPA early disclosures, which include the settlement booklet, Good Faith Estimate, and servicing disclosure.

The settlement booklet serves as a guide to help borrowers understand the mortgage process, and it includes information about the costs involved and their rights. The Good Faith Estimate outlines the expected costs of closing, offering transparency to borrowers about the financial aspects of their loan. The servicing disclosure informs borrowers about whether their loan may be transferred to another servicer, emphasizing their rights regarding mortgage servicing.

These documents are critical in ensuring that borrowers receive the necessary information early in the process, helping them make informed decisions about their mortgage. The other options listed contain documents that do not fit the criteria for RESPA early disclosures or include ones that are related to the closing process rather than the initial disclosures provided to borrowers.