Does a Mortgage Broker Have a Fiduciary Relationship With Borrowers?
Does a Mortgage Broker Have a Fiduciary Relationship With Borrowers? Friday July 24, 2009 #spacer{clear:left}#abc #sidebar{margin-top:1.5em}zSB(3,3)You may be astonished to learn that your mortgage broker may not represent you. For the most part, professionals engaged by a buyer in the home buying process represent the buyer. A real estate lawyer hired by a buyer represents the buyer. A real estate agent hired exclusively by the buyer represents the buyer. Even the insurance agent who writes the home buyer’s home insurance represents the buyer to some extent. But the lender does not. Think of it like going to Target. Red bulls-eyes everywhere. Clean aisles. Good selection and choices in merchandise. Customer hot line phones conveniently located. Cheerful stockers and check-out clerks. But Target is selling you a product. It
