Who does a Mortgage Brokerage/Broker/Agent represent, if compensated by the lender?
It is up to the Mortgage Brokerage to determine who its client is and to disclose its role. The Mortgage Brokerage is required to disclose whether it is acting as a representative of: the lender, but not the borrower; the borrower, but not the lender; or both the borrower and the lender, and is not giving preference to the interests of either.
Related Questions
- If a Mortgage Agent provides his/her own money to fund a mortgage transaction through the Mortgage Brokerage, is it the Principal Broker’s responsibility to ensure compliance?
- Is a Principal Broker or Mortgage Broker/Agent allowed to lend his/her own money to a borrower through the Mortgage Brokerage?
- Who does a Mortgage Brokerage/Broker/Agent represent, if compensated by the lender?
