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#1008931 - 07/31/08 02:49 PM Updating Required Service Provider Disclosures
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
The last time we updated our required provider disclosure was 12/07. Typically, we update it once a year. Recently, however, we changed flood certification providers. Do we need to update it now...or is it okay to wait until December?

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#1008939 - 07/31/08 02:57 PM Re: Updating Required Service Provider Disclosures Many Hats
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,251
Galveston, TX
There no provisions to update these on an annual basis - they have to reflect current conditions.
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#1008944 - 07/31/08 03:01 PM Re: Updating Required Service Provider Disclosures rlcarey
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Okay....so we'll go ahead an update them today. Thanks!!!!

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#1008948 - 07/31/08 03:03 PM Re: Updating Required Service Provider Disclosures Many Hats
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,417
Bloomington, IN
As long as you are disclosing the new particular/required service provided as required by 3500.7(e) you should be OK.

FWIW, I maintain our list and update it annually or when there is a change in a service provider.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1134104 - 02/23/09 04:44 PM Re: Updating Required Service Provider Disclosures Dan Persfull
tjbanker Offline
Gold Star
Joined: Jun 2002
Posts: 310
We are looking at updating our required provider disclosure. What is the magic number that a bank may use to say "used repeatedly" in the last 12 months? Is twelve a good number or do you go by a percentage of loans closed? Any advice is appreciated. Thanks~!

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