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S A M P L E L E T T E RDate: __________________________To Whom It May Concern,___________Escrow is in receipt of your communication dated ____ requesting that we prepare the Buyer/Borrower’s Loan Estimate (LE) and/or Closing Disclosure (CD) which are a lender requirement under the new TILA RESPA Integrated Disclosures (TRID) regulations issued by the Consumer Financial Protection Bureau (CFPB) with an effective date of October 3, 2015.The regulations state specifically that the Lender/Creditor will be responsible for the issuance of the Loan Estimate and the Borrower/Consumer Closing Disclosures. The regulations also state that the Settlement Agent will have the responsibility of issuing the Seller’s Closing Disclosure.Given that the CFPB can charge Lenders penalties for not following the regulations and issuing incorrect disclosures and/or incorrect timing of the delivery of said disclosures, ranging from $5,000 per day to $1,000,000 per day, we have determined that the preparation and delivery of the LE and CD should be the lender’s sole responsibility and outside the scope of an escrow/settlement agent’s defined role in this transaction or under California law. To aid Lenders in the preparation of the new Disclosures, we will continue to provide the best information available for the possible transactional costs through the issuance of our estimated and final settlement statements, with the express understanding that our sole responsibility is for the accuracy of our own fees, and to provide all third party fees based on the best information available at the time.We understand we are required by the rule to provide the Seller with his Closing Disclosure on or before the date of consummation (signing) and immediately after closing. We will also provide you with a final Settlement Statement for the seller and buyer immediately after closing, along with a revised Seller’s CD, if applicable.If you have any questions with respect to the CFPB regulations, please access the regulation at you for your attention in this very important matter relating to Lender/Settlement Agent responsibilities with respect to the new TRID regulations.If you have any questions, please do not hesitate to give us a call.Your company name ................
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