When it comes to a non-exclusive broker of the bank, RESPA section 3500.7 (a)4 states that if a mortgage broker is the exclusive agent of the lender, either the lender or the mortgage broker shall provide the food faith estimate whithin three business days after the morgage broker receives or prepares the application. THAT IS CLEAR TO ME.

On the other had section 3500.7 (b) it indicates that when the broker is not an exclusive broker for the lender, the mortgage broker provides the disclosure and the lenter is not required to provide an additoinal GFE, but the funding lender is responsible for ascertaining that the good faith estimate has been delivered.

When reading todays Bankersonline Weekly Briefing, there is a question on Broker's Disclosures. But if I'm reading it correctly it states that if the broker is not an exclusive broker, the lender is to also provide the GFE. I'm confused section 3500.7(a)4 says that either lender or broker if an exclusive agent, section 3500.7(b) if broker is not an exclusive agent , the broker provides and the lender just has to be sure that it was delivered.

Can someone please clarify this confusion. I'm currently trying to make changes to my residential loan procedures and it's getting very confused. We always use to provide the GFE regardless of exclusive or not, we now have someone in the bank that is of the opinion that we should not have to provide them, and we do not use an exclusive broker. When reading the Reg. I get more confused.