First Funding Blog

Who is responsible for the content of the settlement statement?

The lender is responsible for the content of the loan settlement statement. Many people mistakenly believe that the settlement agent is responsible for the settlement content. The settlement agent is responsible for constructing the settlement statement following the instructions given by the lender. In the case of a wholesale loan transaction, the lender is the wholesale loan investor. In the case of a correspondent loan transaction, the mortgage banker is the lender.