QM & QRM Report; Closing & Servicing Costs March Higher

Posted To: Pipeline Press

Regina Lowrie from RML Advisors answers the question, “How should we handle the title insurance companies, escrow companies and closing attorneys in our vender management program where the borrower has the right to designate the closing agent?” She points out that all closing agents are considered vendors , and some may be seen as high risk vendors due to their exposure to confidential client information such as social security numbers and banking information. Since this personal information has to be protected, lenders should ensure that the closing agent’s data/security systems are secure and protect the clients’ nonpublic personal information. Lenders should inform the borrower and the buyer’s and seller’s representatives to the transaction about their vendor requirements and timeline expectations…(read more)

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Source: Mortgage News Daily

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