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MyMortgageDivision adheres strictly to all requirements imposed by
RESPA, the governing law pursuant to which loans are originated, underwritten
and funded. Under RESPA, the loan representative must perform a minimum of five
activities in addition to (a) below:
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Gather information from Borrowers to complete a loan application;
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Educate Borrowers as to the home buying and financing process;
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Advise the Borrowers about the different types of loan products available, and
show that closing costs and monthly payments vary under each product;
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Initiate and/or order inspections or engineering reports;
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Maintain regular contact with borrowers between application and closing in
order to apprise them of the status of the loan application and to gather any
additional needed information; determine or order a service to determine if the
property resides in a flood zone;
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Participate in the loan closing;
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Analyze Borrowers' income and debt and pre-qualify the prospective Borrower to
determine the maximum affordable mortgage;
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Collect financial information (tax returns, bank statements) and other related
documents that are part of the application process;
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Initiate and/or order requests for mortgage and other loan verifications;
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Initiate and/or order appraisals;
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Provide required disclosures (such as truth in lending and good faith estimate)
to Borrowers;
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Assist Borrowers to understand and clear credit problems; and
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Order legal documents.
In the event that MARKETER performs only counseling-type services as found
in (b), (c), (d), (i) and (j) above, then the following three conditions apply:
*Broker must give Borrowers the opportunity to consider loan products from at
least three different lenders;
*Broker in performing these counselling-type services will receive the same
compensation regardless of which lender's product is ultimately selected; and
*Payment made for these counselling-type services will be reasonably related to
the services performed
and will not be based on the amount of loan business referred to Lender.
*To earn commission, you must be an active Broker under Department of Real Estate DRE, or we’ll pay your Broker. Broker must complete a Broker Approval Package and be approved prior to the disbursement of funds.
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