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?