TRID Shopping List
It’s quite common for our Review Team to find violations associated with the Settlement Service Provider List required for TRID-covered applications, when there are required services that can be shopped for. While shopping list violations can be wide-ranging, there is one we want to draw attention to. Specifically, the shopping list cannot be generic and must be specific to the transaction at hand. For example, if an applicant requests a loan for a property located in another state, the shopping list should generally reflect providers for the required services relative to that property’s location. In other words, if John Doe lives in Nebraska but is looking to purchase a property in Iowa, the shopping list should reflect providers in Iowa.
Jerod explains more in the video.
Published
2024/09/30
Jerod Moyer
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!