TAR 2516 – Authorization to Furnish TILA-RESPA Integrated Disclosures.
Simply said, without this form the real estate agent cannot receive a copy of the closing statement (CD – Closing Disclosure). Without the TAR 2516 signed we will unable to review the Closing Disclosure prior to closing, discuss the Closing Disclosure with the title or confirm that our table funded CDA is a correct. Therefore this form should become a part of the transaction early.
When working with buyers include the TAR 2516 as part of the paperwork that needs to be signed in your contract packet. Send the signed TAR 2516 to the title company along with the executed documents and the earnest money.
For sellers, include the TAR 2516 as part of the paperwork that needs to signed with the signing of the listing agreement to be sure it isn’t forgotten. Otherwise, definitely when the contract is finalized.
b. It is anticipated that this form will be added to Back Agent as a required form, but in the meantime, it should be stressed as an important document with each transaction.
c. The title company and lender should receive the TAR 2516 as soon as the contract is fully executed (per both entities).
d. If the buyer or seller has any issues with providing the agent with a signed TAR 2516, the matter should be discussed with management and the client should understand the need for at least the CD to be received by the agent/company. Other confidential information like the loan estimates referred to in the form might be information that the buyer wishes to keep confidential.
e. How this form will be responded to by the client remains to be seen. But the CD is necessary for the reasons stated above. Reminding the client that the settlement statement has always been provided to the real estate company might be helpful information for them during this transition.
Click HERE to download the form.