Nearest relative on loan application

Can someone tell me if it is a regulatory requirement to obtain an applicant's nearest living relative information or is it just good information to have in case of default? Our mortgage department does not require this information so now we are tying to decide if we will continue to require it on consumer loan applications.

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Lela Purvis, CRCM/CCBCO/CBAP

It's not a regulatory requirement. It does help if you have to find your borrower down the road, but that's all I'm aware that it does.

I've never heard of this. Seems like an invasion of privacy to me. I'd be po'd if someone listed me as nearest relative on a loan. And I wouldn't give this type of information if asked for it on a loan I was taking out. jmho