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#25357 - 07/25/02 04:31 PM Loan Broker Setting
SJB Offline
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SJB
Joined: Jun 2002
Posts: 1,210
California
We are starting a loan broker subsidiary. The broker sub will have offices in realtor offices. The question is how much separation is required between the broker's office and the realtor's offices? For example, one opinion I have heard is that if there is a door between the broker's office and realtor's it must be locked at all times, someone else said the door only had to be secured at night or when the broker was not present.

I did a search here and I have looked at HUD's web site and am not finding anything on point either place.

Anyone have any input or advice on where to point me to find the answer?

Thanks!
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General Discussion
#25358 - 07/26/02 04:36 AM Re: Loan Broker Setting
SJB Offline
Diamond Poster
SJB
Joined: Jun 2002
Posts: 1,210
California
Nobody knows or nobody cares? Stupid question?
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#25359 - 07/26/02 12:49 PM Re: Loan Broker Setting
waldensouth Offline
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waldensouth
Joined: Nov 2001
Posts: 7,980
FINALLY ABOVE the gnat line
I have absolutely no experience with this, but will give it a try. The only comparable situation I have dealt with was when we rented offices to a totally non-affiliated insurance agency. They had their own separate entrance and the adjoining door to our lobby was kept locked at all times. I would think that a phone call to your regulator would be in order. It does not need to appear that you have any sort of referral business with this realtor - make sure the rent is a comparable market rate.
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