We allow borrowers to select who performs the closing and title work. Normally a title company can perform both services, so we just list a title company on our Written List of Service Providers. But in states that require an attorney to conduct the closing does our Written List of Service Providers need to list both an attorney and a title company?

Thanks,

Larry

All required services must be listed. So if both are required and they can shop, then yes.

It's a service you require for the closing the loan in order to comply with state law. IMO you would need to disclose a provider for that service.

Thanks!

Now that I've digested this I have a follow up question regarding tolerances. If we provide a Written List of Settlement Providers (WLSP) that lists an attorney for conducting closing and a title company for performing all the title services, and the borrower selects the attorney shown on our WLSP, but the attorney selects the title company that is not on our WLSP. What is the tolerance for the title fees? Are they held to a 10% tolerance because the borrower didn't choose a title company, or are they unlimited because the title company wasn't on the WLSP and was chosen by the borrower by proxy because the borrower chose the attorney who chose them?

I'm hoping someone can help with this last question above. What would be the tolerance for title company?

Thanks,

Larry

^^this
What's confusing is that the attorney is on your list. Does he chose title companies randomly or usually go with the same one? If it's the latter, that would be the title company I'd use the costs for and put on my SSPL.