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Who Receives Home Ownership Counseling Notice

Answered by: 
Andy Zavoina

Question: 
When a loan is made to an entity but is secured by the residence of one of the members, is it OK if the entity and/or other members also receive the home ownership counseling notice or does this notice have to only go to the homeowner?
Answer: 

The purpose of the notice is to advise the homeowner that there may be options available to them and the effect of the loan. Only the homeowner could make the decision to pledge the property. Given to someone else may pose a privacy issue.

First published on BankersOnline.com 11/28/11

First published on 11/28/2011

Filed under: 
Lending
Filed under lending as: 
Privacy

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