Skip to content
GeoDataVision
Thread Options
#1237786 - 08/24/09 04:30 PM Mortgage Broker Agreements
Kari Offline
100 Club
Kari
Joined: Sep 2002
Posts: 131
PA
Does anyone have a sample Mortgage Broker Agreement that states the Broker will not charge any fees prior to the E-Til being delivered to the customer.

Return to Top
Lending Compliance
#1238172 - 08/25/09 01:46 AM Re: Mortgage Broker Agreements Kari
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
Who's E-TIL? There's or your's? They are not the creditor so why are they delivering one?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1238234 - 08/25/09 12:25 PM Re: Mortgage Broker Agreements rlcarey
lscy Offline
Junior Member
Joined: Mar 2007
Posts: 33
You may want to refer to the definition of creditor in Reg Z. Since our loans are closed in the name of the broker and simultaneously assigned to us pending sale to an investor, the broker is the creditor and they are responsible for providing the E-TIL

Return to Top
#1241365 - 08/28/09 04:34 PM Re: Mortgage Broker Agreements lscy
Kari Offline
100 Club
Kari
Joined: Sep 2002
Posts: 131
PA
The loans are closed in our name. We send the E-TIL out from our bank. By our understanding, we should have something in place with the broker to be sure they are not going to charge any fees prior to us getting our E-TIL out. Our SVP lender went out to talk with the brokers but all we have are them saying they won't charge any fees prior to our E-TIL. Shouldn't we have something to CYA on our end?

Return to Top

Moderator:  Andy_Z