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#2241554 - 08/25/20 03:53 PM Chose different title company verbally vs. disclos
mmason Offline
Gold Star
Joined: Nov 2001
Posts: 445
New England

1) Customer tells LO at application that they want to use Title Company A so the processor orders the title work before we received signed disclosures back. We get the title work, and then we get the signed disclosures and the customer wrote that they want Title Company B. Since the bank jumped the gun before receiving disclosure to get the ball rolling, they are responsible for the cost and now have to order title work from Company B?

2) In the same scenario as above, the LO calls the customer after receiving the signed disclosures to clarify the change in title companies. The customer verbally indicates and then follows up with an email that they are ok with using Title Company A after all. Is that sufficient?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2241574 - 08/25/20 07:13 PM Re: Chose different title company verbally vs. disclos [Re: mmason]
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,251
Yes to both.
but I would never have done 2). Makes the bank look less than competent. Not only was the wrong company used but you jumped the gun. Nothing should be ordered prior to receiving the Intent which I assume was part of your disclosures.

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