Final answer:
The lender is required, under RESPA (Real Estate Settlement Procedures Act), to provide a detailed "Good Faith Estimate (GFE)" statement at the time of loan application or within three business days to the buyer.
Step-by-step explanation:
The lender is required, under RESPA (Real Estate Settlement Procedures Act), to provide a detailed "Good Faith Estimate (GFE)" statement at the time of loan application or within three business days to the Buyer.
This statement includes an estimate of the costs and terms of the loan, helping the buyer understand the potential expenses involved in the mortgage process.
By providing this information to the buyer, RESPA aims to promote transparency and protect consumers in real estate transactions.