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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)
a dual agency
when a mortgage broker representing the buyer is also the real estate broker representing the seller in the same transaction
what must be signed by the buyer/borrower and the seller (dual agency)
a Mortgage Broker Disclosure Form.
The dual agency relationship must be disclosed
at the first substantive contact between the mortgage broker and the prospective buyer.