What does RESPA require lenders to provide to borrowers at the time of loan application?

The correct answer is that RESPA (Real Estate Settlement Procedures Act) requires lenders to provide a list of affiliated business arrangements at the time of loan application. This requirement is in place to ensure that borrowers are fully informed about any business relationships that exist between the lender and other service providers that may be involved in the transaction, such as title companies, real estate brokers, or settlement agents.

Providing this list helps borrowers understand potential conflicts of interest and gives them the opportunity to choose service providers freely rather than feeling pressured to use the lender's affiliated entities. This transparency is crucial in promoting fair and competitive practices within the mortgage industry.

The other choices do not align with the specific requirements of RESPA at the initial loan application stage. For instance, while a completed loan application is essential for processing a mortgage, it is not something that RESPA mandates to be provided. Similarly, a detailed disclosure of closing costs is required under RESPA but is typically provided later in the process, not at the time of application. A list of property appraisers would not be required by RESPA, as it focuses more on the relationships between service providers and the lender rather than specific appraiser information.