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#450491 - 11/01/05 03:29 PM Pitfalls of broker relationships??????
Anonymous
Unregistered

Hello,
My bank is looking into working with external mortgage brokers in order to boost our 2nd mortgage loans. We are exploring options for compensation with some difficulty. Does anyone have any suggestions on how to do this within the bounds of RESPA? Or any advice on how to avoid the pitfalls that come along with building broker relationships?

Thanks!!

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Lending Compliance
#450492 - 11/01/05 03:56 PM Re: Pitfalls of broker relationships??????
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
Have your attorney draft a contract for the relationship. Include those duties that the mortgage broker will be required to perform to earn their fee (take the application, do the verification of employment, etc). Check RESPA's 1999-1 and 2001-1 statements.
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