Question

A customer asks for the name of a title company. You have a list of companies with whom you have done business. At what point, according to RESPA, must Teresa give her customer an ABA disclosure?

Answer 1

Teresa must give her customer an ABA disclosure according to RESPA at the point when the customer asks for the name of a title company.

Step-by-step explanation:

Teresa must give her customer an ABA disclosure according to RESPA at the point when the customer asks for the name of a title company. RESPA, which stands for the Real Estate Settlement Procedures Act, requires lenders to provide borrowers with a good faith estimate of the costs associated with the closing of a mortgage loan, including the name of a title company. By providing an ABA disclosure, Teresa can ensure that her customer receives accurate and transparent information about the title company.