Question

The Real Estate Settlement Procedures Act (RESPA) applies in a loan assumption if the:

A) Terms of the assumed loan are modified by the lender
B) Lender charges less than $50 for the assumption
C) Buyer must be approved by the lender for the assumption to occur
D) Seller does NOT want to be liable for the loan in the future

Answer 1

The Real Estate Settlement Procedures Act (RESPA) applies in a loan assumption if the buyer must be approved by the lender for the assumption to occur.

Step-by-step explanation:

The Real Estate Settlement Procedures Act (RESPA) applies in a loan assumption if the buyer must be approved by the lender for the assumption to occur.