What is new with the mortgage broker agreement with the borrower?
In order to earn a loan origination fee, the written mortgage broker agreement between the mortgage broker and the borrower must be signed and dated by the Principal Loan Officer (PLO) or branch manager and the borrower. The PLO is explained below. The unique registry identifier of each loan originator responsible for the loan must be on the agreement. (F.S. 494.0038) Except for application and third-party fees, all fees received by the mortgage broker from a borrower must be called a loan origination fee. (F.S. 494.0038(1)) All fees must be disclosed in dollar amounts. (F.S. 494.0038(2)) All loan origination fees must be paid to the mortgage broker. (F.S. 494.0038(3)) A mortgage broker may not pay a commission to an unlicensed person. (F.S.
Related Questions
- Does the servicer have to receive the signed Home Affordable Modification Agreement from the borrower prior to the effective date of the modification?
- How can the borrower be assured that the person he or she is negotiating with has the authority to enter into any loan modification agreement?
- Is computer access (Internet, databases, personal computing) included in the reciprocal borrower agreement?
