During the settlement process, which act requires lenders to disclose all fees associated with the loan?

The correct answer is B, as the Real Estate Settlement Procedures Act (RESPA) mandates that lenders disclose all fees associated with the loan during the settlement process. RESPA's primary purpose is to ensure transparency in the real estate transaction process, particularly regarding the costs involved in obtaining a mortgage. Under RESPA, lenders are required to provide a detailed breakdown of all fees and charges, helping borrowers to understand the true cost of their mortgage and avoid any hidden fees that can arise during the settlement process.

The Truth in Lending Act primarily focuses on ensuring that consumers are fully informed about the terms and costs associated with borrowing money, including the annual percentage rate (APR) and the total financing charges. While it does promote transparency, it does not specifically target the disclosure of all fees during the settlement process like RESPA does.

The Equal Credit Opportunity Act is designed to prevent discrimination in lending based on certain protected classes, ensuring that all individuals have equal access to credit. Its focus is on fair treatment, rather than fee disclosures.

The Fair Housing Act prohibits discrimination in housing-related transactions and aims to ensure equal housing opportunities. Like the Equal Credit Opportunity Act, it does not address the specifics of loan fee disclosures during the settlement process.

Hence, RESPA remains the key legislation