What he learns from the buyer credit history

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Reference no: EM133654502

Question

MLO Thomas received a loan application from Vince. When he read the property address for the house Vince was buying, he saw that it was his brother's house. His brother was recently offered a job in another town and was anxious to ensure that the sales transaction wouldn't fall through for any reason. Ethically, what must Thomas do in this situation? Unset starred question Because his brother is anxious to sell, Thomas should create documentation to support the buyer's loan application. Since Thomas has a personal interest in the transaction, he must disclose it. Thomas should ask the underwriter as a personal favor to go easy on the buyer's application. Thomas should share details with his brother about what he learns from the buyer's credit history.

Reference no: EM133654502

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