I apologize if this has already been asked, but I am a little confused regarding the new rules for required providers. We currently choose the attorney that we will be using for a loan closing. We have a few title companies that have asked us to send work their way but we only use attorneys and these companies have done questionable work in the past. Starting 1/1/10 it looks like a borrower has the right to choose their own attorney/title company, and if they do, the bank doesn't have to worry about the 10% tolerance, but what about the quality of the providers work? I hope I've misunderstood this and the bank can continue to require certain providers.

Any help would be greatly appreciated!!

Dawn

I think you can alway refuse to allow a service provider. There is no more "required providers. There is a requirement to provide a list of "recommended providers" with the GFE when you allow the applicant to shop for settlement services.