Is it common in the industry for a bank to allow customers to open a deposit account at the same time the customer is closing on a real estate transaction and signing their mortgage docs at a title company?
We're considering sending the deposit account opening docs to the title company to be executed at the same time as the real estate closing as a convenience for our out-of-market customers. What risks can you think of that need to be mitigated in this situation?
Great thoughts! My other concerns were privacy related to the deposit account records and any potential RESPA issues that might arise if only certain title companies are willing to perform the function and could that be considered a thing of value.