Los Angeles counsel Summer Conley wrote an article for Guide to Assigning & Loaning Benefit Money titled, "Check Your Plan Loan Administration For Residential Loan Evidence."
The article discusses the two main ways plan sponsors may address loan procedures in connection with residential loans. The two ways are:
- the plan sponsor may develop policies and procedures that it follows in-house in administering loans; or
- the plan sponsor may rely upon a third-party administrator to adopt and implement policies and procedures for administering loans.