Re: How do you become a mortgage broker? - Posted by Mark-NC
Posted by Mark-NC on March 27, 2000 at 09:22:50:
The Respa Docs I have to Use for my Note Deals Include;
GOOD FAITH ESTIMATE. This Form is supposed to be presented to the buyer within 3 days after signing the 1003 credit application. It basicly reflects the estimated charges that the buyer is likely to incur at the settlement of a loan.
FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT, This form is signed at closing by the buyer. It spells out the terms and charges of the loan, like the annual percentage rate, finance charge, amount financed, total amount of payments ect.
On a Note deal (because the Note is sold) I also have to provide a form called a SERVICING DISCLOSURE STATEMENT. This basicly says that You are not going to service this loan and you have the right to assign or sell it and any other loans.
I can fax you a blank copy of these if you wish.