Affiliated Business Arrangements
To help ensure compliance with RESPA requirements for disclosing affiliated business relationships, the Affiliated Business Arrangements input form enables companies with affiliated business relationships with multiple affiliates such as title companies and appraisal management companies to store information for each affiliate and provide a separate disclosure for each affiliate independently. This disclosure helps investors ensure that they have visibility into a lender's affiliated relationships and whether fees being paid to affiliates are indicated appropriately in points/fees tests and disclosures.
The Affiliated Business Disclosure form is also available to record information needed for the Affiliated Business Disclosure Statement output form. The form discloses the nature of the relationship to businesses associated with the loan. It also discloses the providers of settlement services (and the projected charges) that you plan to use. Note that this form supports a single affiliate disclosure only.
Affiliated Business Arrangements Section
This section lists your company's affiliates. The order in which the affiliates are listed here determines the sequence of the printed disclosures (the first affiliate’s disclosure is printed first, and so on). Each entry displays the name of the affiliate, nature of relationship with the affiliate, the type of service provided, cost of the service, and if the service requirement is mandatory. Use the section to add a new affiliate to the list and manage the list.
Affiliated Business Arrangement Templates
If your system administrator has created Affiliated Business Arrangement templates, which are templates pre-populated with business affiliate information, you can apply a template to the Affiliated Business Arrangement form rather than manually entering this information.