[WSBARP] CFPB & Realtor Checks

[Richard Holland]

I was watching a CLE today and the presenter commented that the checks written on a file must exactly match what is stated on the Settlement Statement (I am not talking about the CDF here to be clear).  I bring this up because there is at least one real estate franchise in Washington that requests 4 separate checks from us at closing, breaking down their commission into broker, agent, b&o etc. and several that want a check to the agent separate from the balance to the broker.  Now we hate doing that anyway and I am only too glad not to have to do this.  However, I am trying to find where in the applicable law it says this so I can provide it when we are challenged.  I want to be able to say more than "Well, this CLE I watched...." So wondering if anyone is aware of the specific 'authority' for this because they have run into it as well.

Sincerely,

Richard L. Holland

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