What is required from the borrower regarding the attorney preference letter?

The attorney preference letter is a formal document that the borrower must sign and include in the loan package for the transaction to proceed. This letter typically states the borrower's choice of attorney or provides information about the attorney who will be handling the closing of the mortgage. It is a crucial component of the loan documentation process, ensuring that all parties are aware of the legal representation involved in the transaction.

Including the signed attorney preference letter in the loan package confirms that the borrower has made an informed decision regarding their legal counsel and has formally recognized this choice. This requirement helps establish clear communication and understanding among the lender, borrower, and attorney involved in the closing process.

While options regarding the attorney preference may exist, such as the borrower having a choice, the signed letter's inclusion is not optional; it is a legal necessity for the loan to be processed correctly. Therefore, the correct response emphasizes the importance of the signed and included letter in the loan documentation.