Question

RESPA requires that an escrow statement be sent to borrowers?

1) annually
2) monthly
3) at application
4) before closing

Answer 1

RESPA requires that an escrow statement be sent to borrowers annually.

Step-by-step explanation:

RESPA (Real Estate Settlement Procedures Act) requires that an escrow statement be sent to borrowers annually. An escrow statement provides a detailed breakdown of the funds held in escrow for payment of property taxes, homeowner's insurance, and other related expenses.