Effective 08 Jul 2009, see footnote
443.867. Disclosure statement required of brokers, content — fee — compensation. — 1. Each residential mortgage loan broker shall disclose, within a loan brokerage disclosure statement and fee agreement with each borrower:
(1) Whether the licensee makes loans; and
(2) Whether the funds may be provided by another person which may affect availability of funds.
2. The mortgage loan brokerage disclosure statement and fee agreement shall disclose the amount and sources of the residential mortgage loan broker's fees and all other compensation related to obtaining a residential mortgage loan on behalf of the borrower.
3. The loan origination fee or other compensation of a residential mortgage loan broker shall not be limited under state law so long as the mortgage loan brokerage disclosure statement and fee agreement is fully compliant with this section and federal law.
4. A mortgage loan originator shall be compensated exclusively by the residential mortgage loan broker employing the mortgage loan originator. A mortgage loan originator shall not obtain compensation directly from any lender or borrower or any other person providing real estate settlement services.
5. In the event the mortgage loan brokerage disclosure statement and fee agreement is not fully compliant with this section or in the event the mortgage loan broker obtains fees and compensation in excess of the amount disclosed, the mortgage loan broker shall forfeit double the amount of fees and compensation obtained to the borrower.
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(L. 1994 S.B. 718 § 24, A.L. 2001 S.B. 538, A.L. 2009 H.B. 382)
Effective 7-08-09
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