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#2037771 - 09/09/15 08:35 PM Mortgage servicing disclosure
JoAnne Offline
Platinum Poster
Joined: Feb 2001
Posts: 795
On the current Mortgage Servicing Disclosure (Model Form MS-1), it says "We May" and gives 3 options. On the new Loan Estimate, it says "We intend" and only gives 2 options. What if you don't know at the time of providing the Loan Estimate because you don't know if it will be FHA, portfolio, investor, etc? What do you check?
Last edited by John Burnett; 09/10/15 02:17 PM.
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TRID - TILA/RESPA Integrated Disclosures Rule
#2037814 - 09/10/15 02:21 PM Re: Mortgage servicing disclosure JoAnne
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,641
Cape Cod
If you intend to transfer servicing, you check the second option. If you intend to retain servicing, you check the first option. You aren't promising anything. You are simply revealing current plans.

There never was a real need for the "we may" option used in the current disclosure format.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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