Regulation Z: Does the CFPB allow multiple brokers to be listed on the closing disclosure?

§1026.38(r) of Regulation Z requires the contact information for all parties involved in a transaction to be displayed on the 5th page of the closing disclosure on a separate table with the heading: “Contact Information”. The contact information for the creditor, mortgage broker, buyer’s real estate broker, seller’s real estate broker, and settlement agent is required to be displayed. The official interpretation in regulation Z lists the type of information required to be displayed for each of these professionals involved in the transaction, however, regulation Z does not give direction for scenarios where multiple brokers either for the seller or the buyer are involved in a transaction.

Should multiple real estate brokers for either the buyer or seller be listed on the table on the 5th page of the closing disclosure? If so, how?

Fortunately, the CFPB has since given guidance on this specific question.

The CFPB gives permission to omit real estate broker information when no real estate broker is involved. The CFPB also gives permission to include another real estate broker when, for example, two seller’s real estate brokers are splitting a commission. It is permissive language that allows altering the column to include an additional real estate broker both on the buyer and seller’s side when they are both involved in the transaction.