November 5th, 2019
Settlement Service provider List ( called the SPL) must be provided with your loan estimate. Here are the current requirements.
- Must be given at time of application or within three days of application.
- Must identify AT LEAST ONE PROVIDER for each service disclosed in section c of your LE.
- You can bundle, but you must say what is included in the bundle.
- The provider you name must be local to the property and able to complete the service.
- If you have an ownership interest in a service provider, you must also provide the affiliated business arrangement disclosure. “Sharing a financial benefit, etc.”
- The SPL must be separate from the LE.
- Has to include service provider name, estimate of costs (matching the LE) and name address and other contact information.
Confused? Just call us or email us for help. We are a compliance services firm run by former underwriters and originators, with attorney supervision. No guesses here.
Nelson A. Locke, Esq