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#727861 - 05/07/07 09:02 PM gfe-required provider list
parr04 Offline
Gold Star
Joined: Aug 2004
Posts: 391
oklahoma
We have compliled a list of five or more service providers to keep from having to list them at the bottom of the gfe along with the relationship they have with the bank.

What is the proper wording used on the gfe to indicate we have a list to choose from and the service provider has not been chosen at the present time?

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Lending Compliance
#727874 - 05/07/07 09:33 PM Re: gfe-required provider list parr04
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
You can state on the GFE that a service provider for line xxx (indicate the appropriate line on the HUD 1-1A settlement statement) will be chosen from a lender controlled or approved list and give a range of cost.

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#727963 - 05/08/07 12:29 PM Re: gfe-required provider list Jan94
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,030
Bloomington, IN
Quote:
We have compliled a list of five or more service providers to keep from having to list them at the bottom of the gfe along with the relationship they have with the bank.



Just a clarification. The list of 5 or more must be of the same type service provider, i.e. appraisers. A list of 1 appraiser, 1 credit bureau, 1 tax service, 1 flood vendor and 1 PMI company does not constitute a list of 5 or more service providers for the GFE requirements.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#737196 - 05/21/07 06:47 PM Re: gfe-required provider list Dan Persfull
Seapointe Offline
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Joined: Aug 2005
Posts: 22
Follow up...
Is it necessary to include a description of the nature of any relationship between each such provider and the lender on a separate document from the GFE?

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#737256 - 05/21/07 07:20 PM Re: gfe-required provider list Seapointe
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,030
Bloomington, IN
Originally Posted By: Seapointe
Follow up...
Is it necessary to include a description of the nature of any relationship between each such provider and the lender on a separate document from the GFE?


No.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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