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#970718 - 06/06/08 03:11 PM Affiliated Business Disclosure
donna.raisor Offline
Platinum Poster
Joined: Sep 2004
Posts: 554
Our Internal Auditors reviewed a Commercial Loan and stated we should have provided an Affiliated Business Disclosure since the attorney that closed the loan is on the Board of Directors, is this correct?

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#970764 - 06/06/08 03:43 PM Re: Affiliated Business Disclosure donna.raisor
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
Most likely - see the definition of afiliate relationship in 3500.15(c).
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#970920 - 06/06/08 05:51 PM Re: Affiliated Business Disclosure rlcarey
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Quote:
Our Internal Auditors reviewed a Commercial Loan


If it's a commercial (business) purpose loan then it's not subject to RESPA.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#971249 - 06/06/08 11:33 PM Re: Affiliated Business Disclosure Dan Persfull
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
Jezz Dan - I completely missed that point
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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