This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Agreement between Mortgage Brokers to Find Acceptable Lender for Client
State:
Multi-State
Control #:
US-01780BG
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Yes, it is possible to switch lenders before closing. However, switching lenders may and most likely will cause a closing delay, which could be a problem. (More on that later.) Still, there are a few reasons why you might want to consider it.
Real estate agents often hand out lists of recommended mortgage lenders. An agent can't survive in the real estate business without a good mortgage lender or two to refer.In fact, buyers often don't know which they should do firstselect a mortgage lender or hire a real estate agent.
Licensed realtors can be loan officers, however, there are strict rules and regulations. If the real estate client is not their own and does not represent the home buyer or property buyer as a real estate agent, then they can originate any mortgage loan program including FHA Loans, VA Loans, USDA Loans.
Your agent can help you find a mortgage lender much easier and faster than a lender can help you find a good agent.Agents can be trusted to refer a mortgage lender with a proven record and who can close loans, while mortgage brokers might only refer agents who send them business, and this means nothing.
Consider working with multiple lenders When you get preapproved with multiple lenders, you can choose the offer that's best for you. Your lender will pull your credit reports during the preapproval process. This is known as a hard inquiry and will usually lower your credit scores by a few points.
No Obligation To Go With A Preferred LenderYour agent could ask you to get pre-qualified or pre-approved with the in-house lender before home shopping. It's okay to use this lender to get the initial pre-approval letter, even if you have no intention of using their services.
When a real estate agent or builder sends a borrower to a lender and receives something of value in exchange, the lender is the recipient, and the benefit provided to the agent is the referral fee. This article only deals with lenders as referrers.
The only way to change mortgage servicers is to refinance your loan and move to a lender that services the loans they originate. Keep in mind, just because a company services a loan today doesn't mean they'll continue to do so long term.
Applying for multiple pre-approvals does not improve your position as a buyer and certainly not as a borrower. Let's take a look at how a pre-approval application affects your credit score and how applying for multiple pre-approvals can actually have a negative impact on your credit report and score.