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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: 338
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 Offline
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Joined: Jul 2001
Posts: 78,649
Galveston, TX
Are you in anyway requiring their use or referring the borrower to them? If not, then no disclosure is required.
The opinions expressed here should not be construed to be those of my employer:

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