MORTGAGE BROKER/LOAN OFFICER DISCLOSURE
Mortgage Broker or Loan Officer: Paula Peden
License Number: 2944
The information in this disclosure is provided to clarify the nature of our relationship, my duties to you, and how I am to be compensated as a Mortgage Broker or Loan Officer. This disclosure is a requirement of the Texas Mortgage Broker License Act.
Since I may be working for a company, references to “we” or “us” refer to me and any company for which I am working.
Check ALL that apply
Duties and Nature of
Relationship
You, the applicant(s), have applied with us for a residential mortgage loan.
¨ We will submit
your loan application to a participating lender which we may from time to time
contract upon such terms as you may request or a lender may require. In
connection with this mortgage loan, we are acting as an independent contractor
and not as your agent. We will enter into separate independent contractor
agreements with various lenders. While we will seek to assist you in meeting
your financial needs, we do not distribute the products of all lenders or
investors in the market and cannot guarantee the lowest or best terms available
in the market.
¨ In connection with this mortgage loan, we are acting as an independent contractor and not as your agent. We will make your loan ourselves. We may either sell the loan to an investor or retain it. (You will receive a separate disclosure as to how we will handle servicing rights on any such loan.) We have a number of established independent contractor relationships with various investors to whom we sell closed loans. We are not an agent for any such investor in connection with the sale of a loan. While we will seek to assist you in meeting your financial needs, we cannot guarantee the lowest or best terms available in the market.
¨ We will be acting as follows:
How we will be
compensated
¨ The retail price
we offer you – your interest rate, total points, and fees – will include our
compensation. In some cases we may be paid all or part of our compensation by
you or by the lender or investor. Alternatively, we may be paid a portion of
our compensation by both you and the lender. For example, in some cases, if you
would rather pay a lower interest rate, you may pay higher up-front points and
fees. Also, in some cases, if you would rather pay less up-front, you may be
able to pay a higher rate, in which case some or all of my compensation will be
paid by the lender. We also may be paid by the lender based on other goods,
services, or facilities performed or provided by us to the lender.
¨ Our pricing for
your loan is based upon current wholesale options available to us in the
secondary market where closed loans are sold. Fees charged directly to you by
us may vary depending on the type of loan for which you have applied.
At the time of this disclosure, we are receiving $0.00 in fees. The services which these fees are being charged include the following:
¨ Application fee $___________
¨ Processing fee $___________
¨ Appraisal fee $___________
¨ Credit report fee $___________
¨ Automated underwriting fee $___________
Other (list):
___________________ $___________
___________________ $___________
Of this amount, $0.00 is
not refundable unless the amount is required to be refunded under applicable
state or federal law upon the exercise of a right of rescission (such as the
Truth in Lending Act, 15 U.S.C. §1600, et seq. and Regulation Z , 12 C.F.R.
Part 226 or the provisions of the Home Equity provisions of the Texas
Constitution, Article XVI, Section 50.
The estimated fees which we will charge will be as shown on the good faith estimate which we are providing to you now or which we will provide you within three (3) days in accordance with the requirements of the Real Estate Settlement Procedures Act and its implementing regulations.
Paula Peden IS LICENSED UNDER THE
LAWS OF THE STATE OF
THE DEPARTMENT MAINTAINS THE MORTGAGE BROKER RECOVERY FUND
TO MAKE PAYMENTS OF CERTAIN TYPES OF JUDGMENTS AGAINST A MORTGAGE BROKER OR
LOAN OFFICER. NOT ALL CLAIMS ARE
COMPENSABLE AND A COURT MUST ORDER THE PAYMENT OF A CLAIM FROM THE RECOVERY
FUND BEFORE THE DEPARTMENT MAY PAY A CLAIM.
FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT SUBCHAPTER
F OF THE MORTGAGE BROKER LICENSE
Applicant(s) Mortgage Broker/Loan Officer
Signed:_____________________ Signed:_______________________
Name:______________________ Name: Paula Peden
Date:_______________________ Date:_________________________
Signed:_____________________
Name:______________________