![]() ![]() When a creditor requires a specific settlement service, but does not require the use of a specific provider, creditors are supposed to give a list of preferred providers to the applicant - known as the written list of providers - which provides at least one provider for the service being required. Background Requirements for the Written List of Providers Therefore, it is important for each financial institution to fully understand the TRID 2.0 changes that relate to the written list of service providers. The changes, however, can be quite confusing upon initial review. The final amendments to the written provider list are significantly better than what the CFPB originally proposed and provide creditors with guidance on how to deal with circumstances where a creditor did not provide the written list of providers or failed to disclose a required service on the list. Among the many changes in TRID 2.0 - which went into effect on Octothe CFPB has provided a few changes in relationship to the written provider list. ![]()
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