Best Practices: Investor Requirements on the LE/CD

In Stories by News Room

According to BM&G closing supervisor Tiffany Bahney in Houston, each investor has its own requirements on the LE/CD – and no two are the same.  Tiffany has created a list of questions for the investor, and says this best practice is what keeps her on her toes!

  • Can you lock a loan using a CD?
  • Can Box B fees be payable to lender or can FBO language be used?
  • If fee amounts are not disclosed on the List of Providers, do they need to be cured?
  • What exactly is a valid COC?
  • Loan number consistency – what if my LE has a different loan number? What if the loan number on my disclosures is the borrower name?
  • Can a processor cert cure a non-numerical error on a disclosure?
  • Should the non-borrowing spouse sign the 3-day CD? Should they sign the final CD?
  • Should seller fees be shown on the borrower CD?
  • Can a refinance be done on a standard form? Can we go from a standard disclosure to an alternate disclosure in the middle of a loan?
  • Can the disclosed lender credit decrease?