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Yes, you can collect a finders fee from a mortgage broker. Gifts and money are exchanged in this situation all the time.
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∙ 9y ago
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Is a mortgage legal if the broker was not licensed at the time of the closing?
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.
Is it legal to charge a broker's fee and collect commission?
Brokers man charge a broker fee and collect commission but they must have you sign a disclosure that they are making money both ways. It isn't uncommon to be charged a broker fee if your total annual premiums are below $5,000 or if your broker is providing additional services like risk management, safety, 50+ certs, etc.
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.
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
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.
Can you buy a house but am not legally separated but have been separated for 5 years do you need a legal separation do get a mortgage in your name?
Whether you realize it or not, you may be dealing with two separate issues. One issue is can you get a mortgage based only on your income. The other issue involves legal ownership of the property. You may pay 100% of the value of the house but since you were not legally separated or divorced, your mate might be entitled to 50% of the value of the house when you sell. On the other hand, it is a number of years since I studied real estate law for this state. I imagine you should get the legal issues straightened out before you try to get the mortgage or at least check with the mortgage broker.
What is the legal term for someone who sells your stuff?
A sales representative. A broker.
What is legal mortgage?
The legal mortgage in land registry transfers the estate or interest in land or other property for securing the repayment of debt.Since the legal title can only be transferred once by the current owner(mortgagor) to a mortgagee,it follows that only the first mortgage can hold this distinct status.A legal mortgage is therefore a document in which the direct conveyance of title is involved subject to the repayment of a debt.
If the deed of the house is in your husbands and your name and you are paying the original owners mortgage what are your legal rights to the home?
You and your husband are the legal owners of the property but it is subject to the mortgage. If you default on the mortgage payments the bank can take possession of the property by foreclosure.
