No. Even though the rule provides a collector with a diploma of flexibility in how it may gather the six elements of an application, a creditor may not refuse the items of information given that it wishes more information.
Keep in mind that the presumption provision (A§ 1026.20(b)) is not amended to mention into the brand new disclosures. It’s our very own view it would be useful to render a conforming amendment to A§ 1026.20(b).
Q: For seller closure Disclosures that are supplied on a separate data from the settlement broker pursuant to A§ 1026.38(t)(5) and A§ 1026.19(f)(4), were creditors necessary to gather and retain papers pertaining to the seller that have been provided only to the payment broker?
The small answer is that creditors become compelled to acquire and hold a duplicate of completed completion Disclosures offered independently by funds broker to a vendor under A§ 1026.38(t)(5). However, lenders are not compelled to collect fundamental seller-specific documentation and documents from that third party payment agent to support the Closing Disclosure.
For the extent that creditor obtains paperwork linked to owner’s finishing Disclosure, including whenever seller-related documentation are given to the creditor by 3rd party payment representative along with the complete finishing Disclosure, the creditor should stay glued to the normal record preservation demands established in A§1026.25(c) and retain these data.
