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#2037192 - 09/03/15 07:37 PM Title Services and Service Provider List TRID
Red Raiders Offline
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I noticed on the example from the CFPB that they broke out all title services (like you would on the Loan Estimate and Closing Disclosure) on the Service Provider List. Any chance for this List we can just list "Title Services"?

Their "List" has two different title service providers with four fees listed for one and three different fees listed for the other. Looks odd to me...

One last question (maybe!!), do we have to list a specific person in the contact information on the "List" or can we just list the general address, phone number and email address? I couldn't find specific instructions on how to complete this form so thought I'd throw it out there.
Last edited by John Burnett; 09/04/15 02:24 PM. Reason: character in subject line
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TRID - TILA/RESPA Integrated Disclosures Rule
#2037216 - 09/03/15 08:34 PM Re: Title Services and Service Provider List TRID Red Raiders
justsayjulie Offline
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This is from the commentary to 1026.19(e)(1)(vi):

3. Written list of providers. If the creditor permits the consumer to shop for a settlement service, § 1026.19(e)(1)(vi)(C) requires the creditor to provide the consumer with a written list identifying at least one available provider of that service and stating that the consumer may choose a different provider for that service. The settlement service providers identified on the written list required by § 1026.19(e)(vi)(C) must correspond to the settlement services for which the consumer may shop, disclosed pursuant to § 1026.37(f)(3). See form H-27 of appendix H to this part for a model list.

4. Identification of available providers. Section 1026.19(e)(1)(vi)(C) provides that the creditor must identify settlement service providers that are available to the consumer. A creditor does not comply with the identification requirement in § 1026.19(e)(1)(vi)(C) unless it provides sufficient information to allow the consumer to contact the provider, such as the name under which the provider does business and the provider's address and telephone number. Similarly, a creditor does not comply with the availability requirement in § 1026.19(e)(1)(vi)(C) if it provides a written list consisting of only settlement service providers that are no longer in business or that do not provide services where the consumer or property is located.
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#2037285 - 09/04/15 01:16 PM Re: Title Services and Service Provider List TRID Red Raiders
Red Raiders Offline
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So....based on the "red" wording, the specific person's name and an email address is not required to be listed, just the provider name, address and phone number.

Thoughts on my first question? Must we list out each title service on the Service Provider List?
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#2037493 - 09/08/15 02:48 PM Re: Title Services and Service Provider List TRID Red Raiders
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bump
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#2037495 - 09/08/15 03:07 PM Re: Title Services and Service Provider List TRID Red Raiders
John Burnett Offline
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First, the requirement under 1026.37(f)(2) and (3) for sections B and C of the Loan Estimate call for an itemization of the costs. Unlike the instructions under current RESPA regulations, you aren't supposed to lump items together into a total.

Second, the services listed on the Service Providers List of services the consumer can shop for should be a one-for-one match of the services listed on the Loan Estimate in Section C. In the sample for H27B, the Bureau gave an example in which the lender had the seven title services split between two providers. If you only include one provider for all of the title services, you would still have to list each of the individual services, but they could all be covered by the one provider. Looking at the sample, the blocks for Gamma Tittle Co. could have been extended down to cover all seven lines of services, and Delta Title Inc. would be omitted, for example.
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#2037506 - 09/08/15 03:31 PM Re: Title Services and Service Provider List TRID Red Raiders
Red Raiders Offline
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That's what I was afraid of, John. Maybe I'm not thinking of this right but could this cause some potential issues? Here is why I am concerned. Let's say we disclose on the Loan Estimate (using ABC Title on our Service Provider List):

Title - Search & Exam: $200
Title - Mortgage Policy: $150
Title - Alta Coverage: $100
Title - Closing Fee: $225

The borrower uses 123 Title and their fees are named slightly different:

Title - Search Fee: $250
Title - Lender's Policy: $140
Title - Alta 22-06 Location: $90
Title - Settlement Fee: $300

1. Would we be in violation since the services we listed on the LE don't exactly match the descriptions on the CD?
2. What if the borrower doesn't choose our listed provider and they have an additional title service disclosed (let's say Title - CPL fee: $50) that we didn't put on the LE. Is this a violation or is it allowed since they picked elsewhere?

Sorry if these are silly questions but just when I think I have it down there are things like this that pop up. smile
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#2037507 - 09/08/15 03:35 PM Re: Title Services and Service Provider List TRID Red Raiders
Kathleen O. Blanchard Offline

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That is why lenders must somehow control the closing disclosure preparation..whether you prepare it yourself or closely oversee preparation by a third party.
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#2037509 - 09/08/15 03:39 PM Re: Title Services and Service Provider List TRID Red Raiders
Red Raiders Offline
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The reason this came up was I was looking at fee descriptions on invoices from several different title companies. None of them were titled exactly the same. Is it ok to not have the fee descriptions on the invoices not exactly match the CD as long as we are putting the fees into the "right" description that matches what we disclosed on the LE?
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#2037526 - 09/08/15 04:20 PM Re: Title Services and Service Provider List TRID Red Raiders
Kathleen O. Blanchard Offline

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The regulation doesn't reach to invoices but the bank needs a way to translate those titles to your closing disclosure. I would suggest a conversation with the closing agents to line fees up into the correct boxes.
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#2037552 - 09/08/15 06:05 PM Re: Title Services and Service Provider List TRID Red Raiders
RR Becca Offline
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out of the frying pan...
The conversations I've been having with closing agents have mostly resulted in, "Sorry, that's what we call our fees."

No two of our closing agents have fee lists with matching names.
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#2037558 - 09/08/15 06:47 PM Re: Title Services and Service Provider List TRID Red Raiders
Kathleen O. Blanchard Offline

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My thought was that the conversation would be about "mapping" fees to what you have them titled as on the Closing Disclosure.
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#2037560 - 09/08/15 06:56 PM Re: Title Services and Service Provider List TRID Red Raiders
RR Becca Offline
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out of the frying pan...
I flat-out asked a couple of the attorneys if they'd mind if we changed their fee titles to line up with our standard breakdown on our disclosures (i.e. they call it "settlement agent fee" we call it "closing fee"). They protested.

I have absolutely no idea how we are going to manage this. For now the plan is to get quote sheets ahead of time from our usual suspects and go from those as much as possible, but that will not be helpful when a borrower picks a different attorney. The whole thing is giving me an eye twitch.
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#2037561 - 09/08/15 06:57 PM Re: Title Services and Service Provider List TRID Red Raiders
RR Becca Offline
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out of the frying pan...
Sorry - that first sentence should have said "*a* standard breakdown on our disclosures," not "our."
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#2037564 - 09/08/15 07:11 PM Re: Title Services and Service Provider List TRID Red Raiders
Red Raiders Offline
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I'm in the same boat here, RR Becca. Does anyone have any good thoughts on how to handle this and not go crazy?
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#2037568 - 09/08/15 07:21 PM Re: Title Services and Service Provider List TRID Red Raiders
RR Joker Offline
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I think we are going to end up having to say "look dood. This is our list. Make yours fit in it" We will hold the CloD ransom until they cooperate. smirk
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#2037582 - 09/08/15 08:19 PM Re: Title Services and Service Provider List TRID RR Joker
Kathleen O. Blanchard Offline

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I agree. It is the bank's closing disclosure. Too bad for them.
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#2037614 - 09/09/15 12:22 PM Re: Title Services and Service Provider List TRID Red Raiders
RR Becca Offline
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out of the frying pan...
OK, if this is going to be the best approach, anybody want to share an example of what you are going to use as your standardized list? Maybe then we could have better luck sorting out what does/does not get the Title label.
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#2037634 - 09/09/15 01:22 PM Re: Title Services and Service Provider List TRID Red Raiders
RR Joker Offline
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Check your pm.
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#2037698 - 09/09/15 05:05 PM Re: Title Services and Service Provider List TRID RR Joker
Red Raiders Offline
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I sent you a PM, RR Joker.
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#2037724 - 09/09/15 06:11 PM Re: Title Services and Service Provider List TRID Red Raiders
Ninky Offline
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So, if I understand correctly, if there are no services that the borrower can shop for, we do not print a provider list? Makes sense, but we were going to auto generate our provider list on all consumer real estate loans. Some close here at the bank and there are no outside settlement services (home equity loans). So on those, no provider list since there is nothing on page 2 under services you can shop for?

Also, on those that do close at a title company and there are services you can shop for on Page 2 Section C, those should map to the provider list? I also understand that the $ estimate on the provider list is optional.

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#2039231 - 09/17/15 09:00 PM Re: Title Services and Service Provider List TRID Red Raiders
solbrillante Offline
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Was anyone able to share a standardized list? If anyone has it, I'd appreciate it if you could share it with me.

Thanks.

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#2040366 - 09/24/15 04:54 PM Re: Title Services and Service Provider List TRID Red Raiders
CRL Offline
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This may be a stupid question, but will the service provider list be static or change with each LE? I'm guessing it must be produced separately for each LE, since for example, the lenders title policy cost is based on loan size, so the estimated fee will be different for each loan request. Am I thinking about this correctly?

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#2040391 - 09/24/15 06:05 PM Re: Title Services and Service Provider List TRID RR Becca
HGICO Offline
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Many bankers have therefore decided to prepare their own Closing Disclosures to ensure the LE and CD verbiage match precisely.

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#2040443 - 09/24/15 08:06 PM Re: Title Services and Service Provider List TRID Red Raiders
POWFNB Offline
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This might be too simple of an analysis, but if you allow the borrower to shop for a title company, provide them with your list of providers for that service (in my case it will be one title company), but they choose a different one altogether, then there is no limit on the amount of change in fees for title services (from LE to CD). That would be outside of your control. Am I missing the point of the question or is my understanding off?

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#2040611 - 09/25/15 04:25 PM Re: Title Services and Service Provider List TRID POWFNB
river girl Offline
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Our vendor modified the service provider list from the samples CFPB has provided. They removed the heading "Additional Details for Services you Can Shop For" and replaced with just "Service Provider List".

They also removed the verbiage "To get yo started with shopping, this list identifies some providers for the services you can shop for (see Section C on page 2 of your Loan Estimate).

Is that ok for them to remove those items? Seems the sample form would be safe harbor.

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