SC Attorney/Insurance Agent Preference Workflow

See link below to access the SC Attorney/Insurance Agent Job Aide:

http://www.eprmg.net/ResourceCenter/ComplianceInformation/SouthCarolinaAttorneyandInsurancePreferenceJobAid.pdf

1. The processor or LO is responsible for the information on the initial disclosure 
2. There needs to be a second set of eyes to verify the attorney and insurance agent at the very end match the disclosure.  This would have to be the closer/funder. 

 NOTE:  in both cases of the Attorney and Insurance Agent selection, must match the actual attorney and insurance agent used in the transaction.  This comparison is done by:

1. Regarding the attorney, reviewing supporting documentation in the file to determine the name of the Attorney
2. Regarding the insurance agent, reviewing the insurance binder declaration page to determine the name of the Insurance Agent.

 IF THE NAMES ON THE DISCLOSURE DO NOT MATCH, THE LOAN MUST NOT CLOSE OR FUND!  Further, the loan must not fund or close until the completed, executed Disclosures  are obtained matching the names of the attorney and insurance agent actually used by the borrower on the transaction.  This step is crucial because sometimes, as is their right, borrower’s may change attorneys or insurance agents during the transaction.