Virginia Mortgage Broker Fee Agreement
A. Any lender lending: which is secured by a subordinated mortgage or fiduciary activity, may require the borrower, in addition to the credit charges and interest allowed in the following 6.2-327, to pay the actual costs of a credit report, title control, title insurance, mortgage guarantee insurance, registration fees, investigations, legal fees, appraisal fees and payment fees , in order to determine whether the property, the loan is safe, in a special area of flood risk. Any other form of fees will not be imposed or payable to the borrower or any other party in connection with such a loan as: 2. You will receive compensation from a mortgage lender whose client, partner, agent, director, official or employee is; 5. Obtain compensation for the negotiation, investment or search of a mortgage if such a mortgage broker or a person linked to the mortgage broker has otherwise negotiated as a real estate agent, broker or seller in connection with the sale of the property that insures the mortgage credit and whether such a mortgage broker or person linked to the mortgage broker has received or will receive any other compensation or guarantee of value from the lender. , the borrower, seller or any other person, unless the borrower provides the following written communication at the time of the first mortgage benefit to the borrower: C. Notwithstanding the provisions of Sub-Division B 5, no person may act as a mortgage agent in a real estate sale transaction in which that person or person related to that person is acting as a real estate broker. , brokers or sellers have acted and received or received compensation in connection with such a transaction, unless that person has been a regular mortgage broker in the Commonwealth since February 25, 1989. 1. With the exception of the documented cost of credit reports and valuations, a borrower will compensate you until a written obligation is given to the borrower to borrow a mortgage; B.
No mortgage broker who must be licensed under this chapter can: 6. In the exercise of the broker`s obligation to apply this, make reasonable efforts to secure a mortgage in the best interest of the applicant, taking into account the circumstances and credit characteristics of the applicant, including, but not limited to the type of product, rate , fees and terms of repayment of the loan.