Final answer:
The Real Estate Settlement Procedures Act requires the Initial Escrow Statement and the HUD-1 to be given at closing. The Initial Escrow Statement itemizes the payments to be made from the escrow account while the HUD-1 lists all charges in the transaction. Note that the HUD-1 has been replaced by the Closing Disclosure form for most kinds of mortgage loans since 2015.
Step-by-step explanation:
The Real Estate Settlement Procedures Act (RESPA) requires certain disclosures to be given at closing. The correct answer to this question is: b) The Initial Escrow Statement and the HUD-1.
The Initial Escrow Statement provides details about the escrow account that is set up for the property's taxes and insurance. This statement itemizes the payments that will be made from the escrow, as well as any cushion required by the lender. Meanwhile, the HUD-1 Settlement Statement is a standardized form used in the United States which itemizes all charges imposed on the borrower and the seller in the real estate transaction.
Note, as of October 3, 2015, for most kinds of mortgage loans, the HUD-1 Settlement Statement has been replaced by the Closing Disclosure form mandated by the Consumer Financial Protection Bureau.