Quote:
Originally Posted by Redux
I dont disagree with most of what you said (the Fed analogy is a bit extreme, since car dealers are not in the business to lend money)
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There is a banking license hanging in my office. I'm a Notary. I'm a licensed insurance producer.
While we do not actually lend the money, we DO write the contracts (indirect lending), and are bound by the same laws that govern a lending institution.
So, I have a 'buy rate' and I can 'sell' it for x points of margin depending on the particular lender's program. I cannot offer a lower rate in order to induce some one to purchase an ancillary products. I cannot present the purchase of ancillary products as a condition of credit approval. I must excercise Fair Lending Practice with respect to race, religion, age etc....If I decide that some one is not worthy of credit, I must generate an adverse action letter detailing WHY I've declined them. I have to check your name against the OFAC list, I have to perform Identiy verification, I must safeguard your personal information, I must keep these records for 7 years..... et-friggin-cetera.
I'm just saying....
This aint no Disco