Topic Options
#2192460 - 09/13/18 12:45 PM Using Escrow Comp on Purchase Contract
Vive Accommodare Offline
Gold Star

Registered: 04/11/13
Posts: 455
Loc: Compliance
Good Morning All! I know with the previous KBYO rule on your initial Loan Estimate you would propose an Escrow Company to the Borrower so they could take the LE and shop for their services. You could not however input the Escrow Company listed on a Purchase Contract specifically because that didn't show the Borrower had the ability to shop. With the revised rule though, does that mean if we have the Purchase Contract in hand when the Borrowers dropped off their 1003, could we input the Escrow Company listed on the contract and in good faith demonstrate the Borrowers still had the ability to shop?
_________________________
"Tact is telling someone to go to [censored] in such a way, they look forward to the trip" Winston Churchill

Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2192481 - 09/13/18 01:54 PM Re: Using Escrow Comp on Purchase Contract [Re: Vive Accommodare]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 68093
Loc: Galveston, TX
You always list your own on the initial LE. They can switch if they want too. Why would you voluntarily subject these charges to a 10% tolerance test by listing the company you think they are going to use and putting that company on your WSPL?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Top