Legal Details (RESPA):
Obviously there are many advantages for both the client and a Real Estate Agent who offers mortgage origination services to his clients. The mortgage industry is very closely regulated and if you choose to offer your clients the service of mortgage origination, you must abide by all of the rules of the Real Estate Settlement Procedures Act (RESPA) and all other State and Federal Regulations.
The basic keys of being in compliance with RESPA are as follows:
Allowed on Conventional loans only, not allowed on Government loans such as FHA, VA, etc.
The Real Estate Agent Loan Officer must be an employee of a licensed mortgage company.
The Real Estate Agent Loan Officer must perform the tasks of a mortgage originator. This includes such tasks as:
o Assisting the borrower with the loan application
o Present a special dual-capacity disclosure to the borrower
o Gather the necessary documents from the borrower
o Present and explain the loan disclosures to the borrower
o Pull Credit
o Present loan options to the borrower
o Keep the borrower updated as to the status of the loan
o Schedule the closing with the borrower
o Attend the loan closing
TO APPLY FOR THIS OPPORTUNITY - CLICK HERE
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