We give the Notice of Free Choice of Agent and Insurer & Disclosure with Respect to Title Insurance Disclosure for our loans that the customer purchase title insurance. We were told by the insurance company years ago that these two disclosures were to be given on any loan, consumer and business purpose loans, that is secured by property with a 1 – 4 family dwelling ONLY. That the loans that were secured by land or a commercial building they were not required to be given. Now the newer representative at our title insurance company is saying that ANY loan that we sell title insurance on (no matter what the collateral is) we DO have to give these two disclosures but she says she is not a compliance expert either…. Can you tell me what type of loan these 2 disclosures are require to be given on?
- This reply was modified 1 year ago by Sandy. Reason: Want notification of reply