We have a loan that we are working on that is a purchase of a second home. The borrowers are son and daughter in law and mom. Son and daughter in law live in Michigan, mom lives in Florida.
* How do we get the closing papers signed and what should they be dated?
* Do we send two closing packages, one to each and then combine them, or send one closing package and have the son and daughter in law forward to mom?
* Can they date the documents before the closing?
Who should technically be doing a loan closing?
I have a lender telling me that the borrower was considered to have shopped for services because the provider listed on the Settlement Service Provider List (SSPL) has 3 office locations and the borrower went through a different office location than that disclosed on the SSPL. The lender believes going to a different office address is considered "shopping." I don't agree, but would like clarification on this.
Since the settlement agent prepares the seller's Closing Disclosure in a purchase transaction, we as lender are not always able to get a fully complete CLoD with all information provided. The rules makes clear the settlement agent is to prepare the seller's CLoD and provide it to the creditor. We sometimes ask multiple times for the fully completed seller CLoD to be provided but often it is not completed to our satisfaction. I'm trying to determine what liability the creditor has? Must we simply document our due diligence in attempting to obtain this, even multiple times, to get a complete document and if impossible, go with the most complete document we can get, or must we refuse to fund the loan until the settlement agent provides what we think complies with the rule?