Compliance Q&A


How often do you have to send the Settlement Service Providers List? I know you need to send it with the initial LE, but do you send it with each subsequent LE (change in circumstance) as well?

 

The TRID rule itself is not crystal clear on whether or not an updated Written List of Providers must be provided with a revised Loan Estimate. However, the CFPB did address this very issue in its May 26th, 2016 CFPB webinar. In this session, the Bureau clarifies that one can provide either a brand new complete Written List of Providers, or an additional list that just contains the service providers for the service that has changed/added, basically an addendum to the original list. Also, since providing this List impacts fee tolerances, it might make sense to take the conservative approach and include the List with each revised Loan Estimate, even if services that may be shopped for haven’t changed

 

 

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