Upon discovering a conflict of interest, how quickly must the Preferred Providers List be given to the borrower?

When a conflict of interest is identified in the lending process, it is essential to maintain transparency and uphold ethical standards in dealings with borrowers. In California, when a loan originator discovers a conflict of interest related to the Preferred Providers List, they are required to provide this list to the borrower within three business days. This timeframe allows borrowers to make informed decisions regarding the services and professionals they may choose to work with, knowing the relationships that the loan originator has with those providers. Timely disclosure is key in ensuring that borrowers can evaluate the potential impact of any affiliations or interests the loan originator may have, thus protecting their rights and interests in the transaction.