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#1004637 - 07/25/08 02:25 PM Bank Acting as a Mortgage Broker
CaseyBoo30 Offline
Gold Star
Joined: Feb 2007
Posts: 262
Winchester, KY
If a Bank acts as a mortgage broker, where the loan is table funded and never hits the Bank's books, does the Bank have any responsibility for compliance on the documents/disclosures prepared by the servicer of the loan?

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Lending Compliance
#1004855 - 07/25/08 04:07 PM Re: Bank Acting as a Mortgage Broker CaseyBoo30
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
If you originate the loan then you are responsible for compliance, regardless who funds the loan.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1005085 - 07/25/08 05:30 PM Re: Bank Acting as a Mortgage Broker Dan Persfull
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
Agreed.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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