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#576696 - 06/27/06 07:42 PM TIL disclosures
J2C Offline
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Joined: May 2004
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Big Brother knows and that's a...
Are brokers prohibited from giving a borrower the early TIL disclosures?
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Lending Compliance
#576697 - 06/27/06 08:19 PM Re: TIL disclosures
RR Joker Offline
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I don't see any prohibition and I only know of broker's responsiblities being specifically covered under RESPA (see section 3500.7) Maybe someone will come along and be able to be specific to Reg Z requirements.
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#576698 - 06/28/06 02:45 PM Re: TIL disclosures
J2C Offline
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The problem that I have is that our QC review of loans is done by an outside firm. They keep writing us up saying that we aren't giving the early TIL disclosure within 3 days. The response by our VP is that they are brokered loans so it doesn't apply.....

can someone help?
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#576699 - 06/28/06 03:41 PM Re: TIL disclosures
Dan Persfull Online
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Dan Persfull
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Bloomington, IN
Quote:

The response by our VP is that they are brokered loans so it doesn't apply.....




That's incorrect. See the Commentary to 226.19(a)(3). The lender is responsible for providing the disclosure.

The regulation requires the creditor to provide the disclosure, however the regulation does not, to my knowledge, prevent the creditor from contracting a third party to provide the disclosure. However, they still bear the responsibility.
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#576700 - 06/28/06 05:16 PM Re: TIL disclosures
redsfan Offline
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As Dan indicates, providing the early TIL is the responsibility of the lender. The broker is not the lender. There are some states that prohibit the broker from providing the early TIL. NY may be one of them. I know Mass is.

The question is when does your three business days start running? You cannot be expected to provide the early TIL within three days of the application date if the broker does not provide the appication until four days after taking it. For brokered loans, your time should begin to toll beginning on the date your mortgage dept. receives the application. You need to document that to make sure you are in compliance
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