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Our bank allows shopping for title service providers and we provide a list of at least 1 provider that provides services in our market. Must our list also now only state the exact title services needed for each individual loan?
In other words, for a purchase state lenders and owners title insurance as well as a settlement / closing fee and a title search/exam on the List. However if the loan is for a refinance of a loan within our bank, and we would only require a title search/exam then the title service provider list would only list the title search / exam for that loan.Does TRID 2.0 require the Service Provider List to be that specific, by transaction?
Yes, that is correct. It would need to correspond with the settlement services for that transaction.
1026.19(e)(1)(vi)-3 states: The settlement service providers identified on the written list required by § 1026.19(e)(1)(vi)(C) must correspond to the required settlement services for which the consumer may shop, disclosed under § 1026.37(f)(3).
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