In California ... is it okay/legal for a loan officer to generate a loan for his/her parents?
Had a signing last night, which required Spanish. LO was present. When she introduced herself to me, she advised me she is also the borrowers' daughter. She was there to fast-track the process. With EO's authorization (I called from the table to confirm), she was allowed to take completed package to scan to her corporate office last night then this morning she is driving to San Jose to hand-deliver to Title.
I don't know if EO is aware of relationship ... or, if it makes a difference.
Then -- in conversation, this same LO is telling me how busy she is. She tells me she had a borrower recently that is Spanish-speaking only. Title couldn't find a Spanish-speaking notary so she (the LO) acted as interpreter. BIG OOPS!! I made her aware this is a no-no. Per CA notary law, the notary must be able to communicate directly with signer(s). She seemed surprised, but, once I explained, she said it makes sense.
It was an interesting day for me yesterday ....
Earlier, had a GNW appointment for a couple celebrating their 66th wedding anniversary. Bless their hearts!
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