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#1341765 - 02/11/10 03:34 PM Settlement Service Provider & Appraisal Disclosure
OldSchoolBanker Offline
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Joined: May 2005
Posts: 662
FL
Seeking clarification on a disclosures we send to clients:

The original Settlement Service Providers where we used to list the appraisers, credit bureaus utilized in the transacton. We used to send it with the GFE. Now with the new Provider list of those the client can shop, do we still have the old list? I think not but am seeking a Guru concurrence.

Thanks
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Lending Compliance
#1341778 - 02/11/10 03:40 PM Re: Settlement Service Provider & Appraisal Disclosure OldSchoolBanker
Mrs. Rizzo Offline
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Mrs. Rizzo
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Curled up by the fire...
I'm not a guru but if you are allowing the borrowers to shop for those services, you would list them in Block 6 of the GFE and the SSPL has to list at least one servicer for each shoppable service.
If you aren't allowing them to shop, we are putting those fees in Block 3.
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#1341782 - 02/11/10 03:43 PM Re: Settlement Service Provider & Appraisal Disclosure Mrs. Rizzo
OldSchoolBanker Offline
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Posts: 662
FL
Thanks Rizzo, but I am referring to the old Settlement Service Provider list pre 2010 that always listed settlement providers. Has it gone away entirely? Yes, I am aware of the new 2010 Provider List for services they can shop.

regards
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#1341788 - 02/11/10 03:47 PM Re: Settlement Service Provider & Appraisal Disclosure OldSchoolBanker
Amos Offline
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USA
Yes, the "old" provider list is obsolete.

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#1341887 - 02/11/10 05:01 PM Re: Settlement Service Provider & Appraisal Disclosure Amos
David Dickinson Offline
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David Dickinson
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Central City, NE
Just to clarify: There is no longer a "required provider" list. Now there is a "recommended providers" list, but only if you allow the borrower to shop.
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#1341987 - 02/11/10 06:14 PM Re: Settlement Service Provider & Appraisal Disclosure David Dickinson
OldSchoolBanker Offline
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Joined: May 2005
Posts: 662
FL
Thanks David and Amos. That was thought but I needed a second (and third) opinion.
regards
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#1343406 - 02/14/10 09:00 PM Re: Settlement Service Provider & Appraisal Disclosure OldSchoolBanker
theloanbug Offline
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Joined: Sep 2005
Posts: 746
On the new GFE the only one that shows on our provider is the appraiser. Is this correct? I am so used to my abstracting company, attorney, and appraiser showing on the GFE as providers, but this is no longer how it is. This is correct???

I am just making sure. Thanks for all of your help.

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#1343492 - 02/15/10 10:48 PM Re: Settlement Service Provider & Appraisal Disclosure theloanbug
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
IF you pick the providers (appraisal, credit report, flood determination, for instance) then you don't list these on your Provider List.

IF you allow the borrower to shop for the services, you list companies on your Provider List.

I wouldn't think the appraiser would be on your provider list as you don't let the borrower choose the appraiser.
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#1518024 - 03/04/11 10:56 PM Re: Settlement Service Provider & Appraisal Disclosure David Dickinson
river girl Offline
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Joined: Nov 2004
Posts: 1,005
I just looked at one of our initial disclosure packets and apparently we are still using the required provider list. It has the credit reporting agency, the tax certification and the flood ceritifcation companies only.
OH MY!
I looked in RESPA and I see the Affiliated Provider form in Appendix D - I dont' think that is what I need to use - right?
Where do I find the new form for the "Recommended provider's list"? Maybe I use the same template for the old form and just change the wording?
HOW DID I MISS THIS!!!! sick

WOW...pages 14, 15, 16, and 17 of the FAQ. My FAQ are covred in writing except for those pages. I think I need a vaction. AND maybe a new job wink
Last edited by river girl; 03/04/11 11:05 PM.
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#1518158 - 03/07/11 03:06 PM Re: Settlement Service Provider & Appraisal Disclosure OldSchoolBanker
fslic banker Offline
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Joined: Jan 2011
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Block 6 (Required Services That You Can Shot For) is always blank on our GFEs. We do allow the borrower to shop for Block 4 (Title Services and Lenders Title Insurance) and Block 5 (Owners Title Insurance). Our "List of Providers of Settlement Services" form contains a list of 10 law offices, title insurance companies or abstract offices but there seems to be no differentiation between which companies provide closing services and which may provide owners or lenders title insurance services - all names, addresses and phone numbers are simply listed under the generic heading "Settlement Service Provider". Should this list be differentiated by service offered or is it OK to simply provide an integrated list? Also, we have a column heading on this form for "Estimated Charge for Service" which is never completed. Is this an issue? Thank you.

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