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3) What is the purpose of the Real Estate Settlement Procedures Act? The Truth-in-Lending Act? What is required of residential mortgage lenders to comply with

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3) What is the purpose of the Real Estate Settlement Procedures Act? The Truth-in-Lending Act? What is required of residential mortgage lenders to comply with the statutes? Include an explanation of the purpose of each act and how they are implemented (ie. what is required by and what is prohibited by each)

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