What is one responsibility of the mortgage lender when closing a real estate transaction?

One critical responsibility of the mortgage lender when closing a real estate transaction is to provide a written loan estimate to the borrower. This loan estimate outlines the terms of the loan, including the interest rate, monthly payments, and closing costs. It serves to inform the borrower about the financial obligations they are entering into and allows them to understand and compare the costs of different loan options. Providing this estimate is essential for ensuring that borrowers make well-informed decisions regarding their financing options.

The other responsibilities mentioned in the choices do not fall under the lender's duties at closing. Collecting property taxes is typically a responsibility of the local government or the title company, while determining the purchase price of the property is the role of the buyer and seller involved in the transaction. Conducting a property appraisal is generally handled by an appraiser who is often hired by the lender; while important, it is not the lender's direct responsibility at the point of closing.