Exam (elaborations)
Chapter 32: Mortgage Brokerage well answered
- Course
- Institution
Chapter 32: Mortgage Brokerage well answered
[Show more]
Content preview
Chapter 32: Mortgage Brokeragemortgage broker - correct answer ✔✔A person who brings together the user of capital (borrower) and
the supplier of capital (lender). For this service, a finder's fee is usually paid by the borrower.
Dual Agency Affidavit - correct answer ✔✔If the person who is applying for mortgage broker registration
also holds a real estate broker or salesperson license or functions as an attorney on residential mortgage
transactions, he or she must also submit a Dual Agency Affidavit.
Dual Agency Disclosure - correct answer ✔✔Required in listing contract; seller may accept or decline
potential dual agency situation.
Dual Agency - correct answer ✔✔In this section, the mortgage/real estate broker writes in his or her
name in both statements, indicating that he or she is the person who is representing the buyer as both
the mortgage broker and the real estate broker.
Your Rights Under Dual Agency - correct answer ✔✔This section spells out important rights of the buyer
and seller in agreeing to this arrangement. It also has space for the mortgage/real estate broker to
indicate the number of mortgage lenders he or she uses.
Acknowledgement of Prospective Buyer and Seller to Dual Agency - correct answer ✔✔In this section,
buyer and seller acknowledge that the mortgage/real estate broker will be unable to provide the full
range of fiduciary duties to each party. They also acknowledge their right to choose to engage their own
independent broker(s) to complete the transaction. The parties further acknowledge the number of
mortgage lenders the mortgage broker typically uses when placing applications.
Define the term mortgage broker. - correct answer ✔✔A mortgage broker is a person registered by the
New York State Banking Department who engages in the business of soliciting, processing, placing, or
negotiating mortgage loans for others.
What kind of experience must a mortgage broker have? - correct answer ✔✔A minimum of two years of
credit analysis or underwriting experience with an exempt organization, mortgage banker, mortgage
broker or licensed lender.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now