Insurance Disclosure Required?

Answered by:

Question:

We do not offer credit life insurance on the consumer real estate loans. Are we required to have the customer sign the Federal Sale of Insurance Disclosure at application for these?

Answer:

No.

The disclosure required by paragraph (b) of this section must be made orally and in writing at the time the consumer applies for an extension of credit in connection with which an insurance product or annuity is solicited, offered, or sold.