Chapter 18: Mortgage Brokerages

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4 Terms

1

The NYS Department of Financial Services

registers and licenses all companies and individuals who conduct mortgage related services in New York. (including mortgage broker license)

2

a dual agency

when a mortgage broker representing the buyer is also the real estate broker representing the seller in the same transaction

3

what must be signed by the buyer/borrower and the seller (dual agency)

a Mortgage Broker Disclosure Form.

4

The dual agency relationship must be disclosed

at the first substantive contact between the mortgage broker and the prospective buyer.