The following are some of the most commonly asked questions received either by phone or email at settlement@fnf.com regarding the new forms and rules published by the CFPB:

Q. If the seller is paying both the owner's policy premium and the loan policy premium at closing, do the disclosure amounts have to be reflected in the seller's column or can we just disclose our filed/promulgated rates?
A. The disclosure amounts. The mandate concerning amounts to be shown for both owners' and lenders' policies apply to all disclosures under the rule and not just the borrower's disclosure.

Q. If the lender completes the borrower Closing Disclosure and sends it to the settlement agent, does the settlement agent need to also create a borrower Closing Disclosure?
A. No, if the lender prepares and delivers the Closing Disclosure, the settlement agent does not also need to create one for the borrower. Instead, the settlement agent should work up their file, balance with the lender and print a settlement statement.

Q. If the lender is requesting a signed copy of the seller's Closing Disclosure, what should the settlement agent do to comply?
A. The seller Closing Disclosure was never intended to be signed. However, rather than fight the requirement, it is easier in most cases to just pull signature lines to an attachment page of the Closing Disclosure and have the seller sign with their closing documents. The lender should truly be requiring proof the Closing Disclosure was sent on or before the date of consummation in compliance with the rule. The settlement agent should be providing either an email transmission, a fax confirmation or a copy of a transmittal proving the disclosure was sent on a timely basis.

Q. Are hard money lenders under the same CFPB requirements as institutional lenders and is a Closing Disclosure required to be delivered to the borrower prior to consummation?
A. Good news! It is 100% up to the lender to determine what rules and regulations they are subject to. If they inform the settlement agent their loan is subject to the new rules, then a Closing Disclosure should be used.

Q. The borrower settlement statement does not match lender's Closing Disclosure. The settlement statement is more due to proration of homeowner's association dues and property taxes. We sent the settlement statement to the lender to amend their Closing Disclosure. They instructed the settlement agent to have their initial disclosure signed and insisted they would not amend it to reflect the correct cash to close. How should we proceed?
A. Proceed to close and have the buyer sign the incorrect Closing Disclosure and the settlement statement for your files. The lender might have the opportunity post–closing to amend the Closing Disclosure for their borrower.