Posted on: 24th Aug, 2010 11:36 am
I believe an attorney can function as a real estate broker simply because s/he is an attorney, but I would like to know if s/he can function as a mortgage broker without being licensed as a mortgage broker, and if s/he can, can s/he be the attorney for the lender or the borrower on the same loan where s/he functions as the mortgage broker? What fees is s/he allowed to receive? Specifically, I am looking at a HUD-1 that shows a $16,500 Loan Origination Fee, but does not show to whom it was paid. I would like to know what type of licensing is required to entitle someone to receive that fee?
Can a Florida lawyer arrange a loan for a client and not disclose he is contributing part of the funds as the lender? Can he charge points/origination fee on the loan and not disclose who is receiving the points/fee?
Can a Florida lawyer arrange a loan for a client and not disclose he is contributing part of the funds as the lender? Can he charge points/origination fee on the loan and not disclose who is receiving the points/fee?
A person who is an attorney cannot necessarily function as a mortgage broker unless he or she has a license for the same. If a lawyer has a license for a mortgage broker, then he or she can be the lawyer for the lender or the borrower on the same loan. The loan origination fees have to be paid to the mortgage lender.
A lawyer in Florida can arrange a loan for a client. However, in the Good Faith Estimate, the lender will have to disclose all the required fees and points in details to the borrower.
A lawyer in Florida can arrange a loan for a client. However, in the Good Faith Estimate, the lender will have to disclose all the required fees and points in details to the borrower.