We are not alone! Lenders are out here with us. In fact they may have more pressure on them than us. Hard to believe, but true.
Due to increased liability they may want more control. They need to decide how they are going to handle Closing Disclosures. They can do all, or have a provider, probably the title company, do all, or split it. Each lender will need to decide so you will know your part. It will be different for each lender.
But any way that the lender decides, privacy of non-public personal information is important and confidentiality is a must.
A title company must have a written policy in place and follow it. Doors, drawers and dungarees must have a lock on them. This will be covered in a later blog. Don’t worry about the dungarees right now.
There are statutory penalties up to $4,000 if proper disclosures are not made, and other CFPB enforcement of consumer laws can be $5,000 to $1 million dollars per day depending on the violation.
Got your attention? The CFPB agents will get it.