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#619407 - 09/28/06 04:50 PM Broker and Required Provider Disclosure
Bank Angler Offline
Gold Star
Bank Angler
Joined: Apr 2004
Posts: 461
Just a short drive from Lake E...
In looking at 3500.7, I see where a broker has to provide a GFE. Does the broker have to give a required provider disclosure?

Also, the bank would have to redisclose affiliated businesses and required providers on loans that it closes that come from a broker right? Would these be closing docs, or disclosed on the HUD-1 or 1A?
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Lending Compliance
#619408 - 09/28/06 05:33 PM Re: Broker and Required Provider Disclosure
Kahola Offline
Platinum Poster
Joined: May 2001
Posts: 712
Scottsdale, AZ. 85255
For broker loans we re-disclose all intitial disclosures for RESPA and Reg Z.since we are ultimately responsible.

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#619409 - 09/28/06 07:02 PM Re: Broker and Required Provider Disclosure
ACBbank Offline
Power Poster
Joined: Jul 2006
Posts: 4,241
New York City
I have to agree with Pat. Never rely on a broker to perform your due diligence or supply required documentation/disclosures.
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#619410 - 10/01/06 10:56 PM Re: Broker and Required Provider Disclosure
Lucy Griffin Offline

Diamond Poster
Lucy Griffin
Joined: Nov 2000
Posts: 1,544
RESPA runs in all directions. Thus, a broker who is requiring a service provider should provide that notice as well as the GFE. But, as the above advice indicates, don't count on it. Most responsible lenders re-disclose just to be safe. You may not know whether a settlement service provider was required by the broker. However, if a service has already been performed and the fee is known, it would be wise to include that on the GFE.

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