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A question we received from one of our members:
I am reviewing our procedures on giving the Affiliated Business Arrangement Disclosure and would like some input.
Our affiliate is a title insurance company. Our instructions currently say that we must give the ABA Disclosure only if the transaction is for a purchase (hence, for owner’s title insurance provided by our affiliate). I disagree with these instructions and believe the ABA Disclosure should be given even when no owner’s title insurance is involved because we are referring the borrower to our affiliate to pay for lender’s title insurance. I don’t see where the two are differentiated in the Reg. What is your opinion on this?
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