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#2259687 - 09/14/21 04:57 PM Affiliated Business Arrangement
dollars & sense Offline
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Joined: Oct 2006
Posts: 321
We have an external board member who owns a large majority of a local law firm. Do we need to provide a disclosure of Affiliated Business for the law firm on all RESPA covered loans? Typically the use of a law firm is not something the borrowers would need as part of their loan process.

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Lending Compliance
#2259693 - 09/14/21 06:04 PM Re: Affiliated Business Arrangement dollars & sense
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,266
Galveston, TX
Are you in anyway requiring their use or referring the borrower to them? If not, then no disclosure is required.
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