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Is a mortgage legal if the broker was not licensed at the time of the closing?
Wiki User
∙ 16y ago
No the Broker was not legal to perform business; unless the Mortgage Banker is working with another lending institution that is licensed. Check their references before moving forward.
Wiki User
∙ 16y ago
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Is it legal to collect a finders fee from a mortgage broker?
Yes, you can collect a finders fee from a mortgage broker. Gifts and money are exchanged in this situation all the time.
If the loan officer that completed your mortgage was not licensed yet is the mortgage legal?
The answer to this question has many variables. 1. State laws come into effect. 2. Was all information on the application truthful and accurate? 3. Who is the mortgage held by?
Do I need a college degree to get a mortgage broker license?
You do not need a college degree to get a mortgage broker license, however, the process you must go through is tedious. A mortgage broker must have a broad and extensive knowledge of local laws and a relationship with several financial institutions in order to serve several different areas and clients. Although you may not need a college degree, it's advised that you have a bit of legal experience with real estate.
Is it legal for a lawyer who is not a licensed real estate agent to earn a real estate commission in Minnesota?
In some states it is completely legal for Lawyers to broker deals for which commission is payable. It differs from state to state. In some states a lawyer can simply act as a broker, say New York for example. Lawyers will often request documentation that confirms this role. http://www.thinkpropertiesnyc.com No, I guess, it is not legal for a lawyer who is not a licensed real estate agent to earn a real estate commission in Minnesota.
What is a mortgage broker?
A mortgage broker is a person who interediates in the process of mortgage loans for individuals or businesses. Basically, mortgage brokers sell mortgage products, however, in their work they also might be performing tasks such as marketing to attract clients, assessing the borrowers circumstances (credit history, affordability, etc.), assessing the market to find a mortgage product that fits the client's needs, explaining the legal processes involved, etc. Mortgage brokers can work independently or in companies which offer mortgage advice. The companies are very prevalent in most parts of the world, from Canada to Israel. The links included provide more information on mortgage brokers in the world, as well as mortgage advice.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
What is the Legal framework for mortgage in Nigeria?
what is the legal frame work for mortgage of land in nigeria
What are the typical closing costs when buying a home?
The closing costs are most based on the admistration and legal end of buying a home. The include the cost of drawing up deeds, local government costs and any financial costs like that of setting up a loan or mortgage.
What if your address on your mortage note is not your property Is there an out to mortage?
The street address of a property is what the property is commonly known as but the mortgage is goverened by the legal description. There may have been a mistake on the address but I'll bet that if you look at the legal description in your closing documents, it matches your property.
Can notaries do loan signings?
You need to check the laws in your jurisdiction and also be fully informed of your exposure when you are not represented by an attorney at your closing. A real estate closing is a critical step in the transfer of property rights and title. In some states only licensed attorneys can supervise the interests being conveyed at a closing. There exists controversy in some states that notary witness closings may be an unauthorized practice of law. Other states have passed laws that specifically require licensed attorney involvement in real estate closings.A mortgage notary signing agent is a Notary Public who takes the place of an attorney in a real estate closing. The borrower has no legal representation at this type of closing. In some states they are called "Witness Closings" because the notary only serves the purpose of witnessing the borrower's signature on the loan document and recording the mortgage in the land records. If the borrower has any questions about the mortgage, they are told to call the bank.During the sub-prime lending scourge, witness closings became the popular way for lenders who had no local offices to keep their costs down and take advantage of unsophisticated borrowers who were often surprised at the closing by the higher cost of fees that had been added to the amount borrowed. When they asked, "Why are the fees so much higher than we discussed with the mortgage agent?", they were told, "Let's get this mortgage signed and recorded and then you can call the agent about those fees." Of course, once the mortgage was signed and recorded it was too late and the "witness" walked out with their fee for their services.Mortgage notary signing agents are controlled by law in some states. A move to get lawyers out of the closing room has been a longstanding mission in the business world by people claiming it will keep consumer costs down. In reality it removes a layer of legal protection for the unwary and uninformed consumer.
How can you obtain a mortgage wihout a Social Security number?
You cannot refinance a mortgage if you don't already have a mortgage, so how did you get a mortgage if you are an illegal immigrant with no social security number? You should attain legal status first.
