Under RESPA, the lender must provide a "Good Faith Estimate (GFE)" statement to whom?

The correct answer is that the lender must provide a "Good Faith Estimate (GFE)" statement to the borrower. The GFE is a standardized form that outlines the estimated fees and costs associated with a mortgage loan. It is crucial for the borrower as it provides transparency regarding the potential expenses, allowing them to make informed decisions when shopping for a mortgage.

The GFE helps borrowers compare offers from different lenders, ensuring they understand the financial implications of the loan terms. This requirement is part of the Real Estate Settlement Procedures Act (RESPA), which aims to protect consumers by mandating clear disclosures about settlement costs.

While the seller, real estate broker, and title company may be involved in the transaction or receive related information, the specific obligation to provide the GFE is directed at the borrower, emphasizing the importance of their understanding of the loan's financial terms.