Thanks Randy. Our affiliate title company only owns 1%. So I was thinking that the affiliate would not be an affiliate for tolerance purposes - only for affiliated business arrangement purposes? Maybe I am off in my thinking...
I think the tolerance issue will rely on the Bank Holding Act definition of affiliate (which should exclude the Title Company/Board Member). I think the affiliated business arrangement disclosure relies on the RESPA definition (i.e. 1%, etc.).
CFPB analysis of new TRID rule: (See footnote 195) http://www.consumerfinance.gov/eregulati...otnote-jump-195
Affiliated Business Arrangement Definition (RESPA) https://www.bankersonline.com/regulations/12-1024-014
RESPA Exam procedures clarifying that the Affiliated Business Arrangement requirements (page 54/82): http://files.consumerfinance.gov/f/201308_cfpb_respa_narrative-exam-procedures.pdf
Also, do you think it is necessary to provide the list of allowed closing companies to the borrower to document we are not "requiring" the use of the affiliate?