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#935770 - 04/03/08 05:25 PM Affiliated Business Arrangement disclosure
Ski Offline
Platinum Poster
Joined: May 2003
Posts: 639
South Louisiana
Customer applies for Real Estate secured loan to Bank. Bank does NOT maintain a list of attorneys as required providers. Customer decides on their own to have attorney who is Director & Chairman of Bank prepare mortgage documents.

Bank has NOT referred customer to this attorney.

Would it be necessary to provde customer with affiliated buinsess Arrangement disclosure solely on fact that attorney is Director of Bank?

Thanks in adavance.

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Lending Compliance
#935861 - 04/03/08 06:23 PM Re: Affiliated Business Arrangement disclosure Ski
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
No. No referral was made.
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David Dickinson
http://www.bankerscompliance.com

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#936157 - 04/04/08 01:16 AM Re: Affiliated Business Arrangement disclosure David Dickinson
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Sounds like a huge conflict of interest to me for the Director and Chairman. Is he going to be a party on both sides of any lawsuit?????
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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