Potential Buyer Marshall seeks to purchase a home in a new subdivision. A licensee assists Marshall in securing a loan for such purpose from a savings and loan association, explaining to Marshall the loan processing costs that will be involved at closing. Under these conditions, when the loan is arranged, a copy of the HUD Booklet, "Settlement Costs and You":
A: Need not be provided to Marshall if the procedures and costs of the loan have been adequately explained;
B: Must be provided immediately by the licensee;
C: Must be provided to Marshall within one week;
D: Must be provided to Marshall by the lender within three days of the loan application.
Answer: D: Must be provided to Marshall by the lender within three days of the loan application.
Business
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