Three New Lender Announcements in Early May

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They keep rolling in as August 1 approaches!

town crierWe’re 60 business days away from implementation of TRID, and lenders continue to make announcements about how they will approach the closing process in the new environment. I am committed to keeping South Carolina closing attorneys informed about these continuing revelations, so here is a synopsis of the most recent developments.

Freedom Mortgage announced on May 7 that it will prepare and deliver the borrower’s Closing Disclosure and will employ Closing Insight™ as its method of exchanging information with settlement agents (closing attorneys in South Carolina). Other methods of exchanging information (e-mail, fax) will no longer be used, and closing attorneys were encouraged to sign up for this information portal by visiting www.closinginsight.com.

Chase Mortgage Banking recently repeated that it will deliver the borrower’s CD and will provide a copy of that document in the closing package. The closing attorney will prepare and deliver the seller’s CD and will provide Chase with a copy.

Chase stated it will rely on closing attorneys for transaction numbers such as seller credits, broker’s commissions, seller and purchaser attorneys’ fees, real estate agent bills, external mortgage payoffs, adjustments, prorations, taxes, recording fees and title fees. All of this information should be given to Chase ten days prior to closing.

Chase also stated that it will continue to use encrypted secure email (iSentry and/or Voltage) to provide documents to closing attorneys.

Bank of America announced on May 6 that closing attorneys should register with Closing Insight™, but that registration will not insure a place on BofA’s “Written List of Providers” (WLP). Those interested in being including on the WLP should apply at www.bankofamerica.com/suppliers, but applying does not insure that applicants will be added to the list. BofA representatives will engage prospective candidates for consideration as opportunities for expanding the supplier base become available. Those currently on the WLP do not need to reapply.

BofA also announced that it will absorb the cost of Closing Insight™. To our knowledge, no other lender has made a similar announcement.

It is encouraging that lenders continue to think through their processes and to provide us with additional information. The more knowledge we have up front, the fewer surprises we will experience after August 1. I promise to continue to distribute this news as it is announced to the letstalkdirtsc.com audience.

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