When it comes to the life cycle of a mortgage loan transaction, there are very few instances where you (the financial institution) need to be concerned with the seller(s). You may need certain information to facilitate the more technical and/or legal aspects of the transaction, but from a compliance standpoint, there isn’t much you need to know…except when it comes to TRID. While you are not responsible for compliance and/or completion of the Seller’s Closing Disclosure (CD), you DO still need to retain a copy of the Seller’s CD. This is something we see that is very commonly missed.
Jerod explains more in the video.
Published
2023/02/05