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How Do I Qualify for
Referring Broker Fees?
 Lender compliance with the Real Estate Settlement
Procedures Act (RESPA) and Regulation X requires that
brokers perform sufficient services to qualify for compensation.
In the process of referring a client and
collaborating with Trimark Funding, the broker performs sufficient
services to qualify for compensation.
Qualifying services include taking the loan application (Form 1003) and
providing at least five out of the following thirteen additional qualifying
services:
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1. |
Initiating/ordering
verification of employment (VOE) and
verifications of deposits (VOD) |
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2. |
Initiating/ordering
appraisals |
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3. |
Initiating/ordering
requests for mortgage and other loan verifications |
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4. |
Initiating/ordering
inspections or engineering reports |
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5. |
Providing disclosures
(truth-in-lending, good faith estimate, others) to the
Borrower |
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6. |
Ordering legal documents |
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7. |
Determining whether the
property was located in a flood zone or ordering such
service |
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8. |
Analyzing the
Applicants income and debt, and pre-qualifying the
Applicant to determine the maximum mortgage that the
prospective Borrower can afford |
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9. |
Educating the Applicant
in the home-buying and financing process, advising the
Applicant about the different types of loan products
available, and demonstrating how closing costs and monthly
payments would vary under each product |
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10. |
Collecting financial
information (tax returns, bank statements) and other related
documents that are part of the application process |
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11. |
Assisting the Applicant
in underwriting (Form 1008) and clearing credit problems |
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12. |
Maintaining regular
contact with the Applicant, Realtors, and Lender
between application submission and closing, to update them
on the status of the application and to gather any
additional information as needed |
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13. |
Participating in the
loan closing
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5753 E Santa Ana Canyon Rd. G-617
Anaheim Hills CA, 92807
Phone 1-877-695-4900
Fax 714-279-0717
© 2009
Privacy Policy
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Help your clients
Make "Cash" Offers to
the Bank With a Hard Money Loan! |
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MORTGAGE PROFESSIONALS'
QUICKSTART GUIDE |
Apply Online For A
Hard Money Loan Now!
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Mark Reynolds
President,
Mortgage Loan Broker
State Broker and Lending
Licenses
California Department of Real Estate
Real Estate Broker
License #: 01281254
California Department of Corporations
Finance Lender and Broker License
License #: 603 8149
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