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MORTGAGE BORROWER COMPENSATION DISCLOSURE DOCUMENT
The following form was developed by the Real Estate Council of Alberta to assist
borrowers in understanding how mortgage brokerages are compensated.
COMPENSATION
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How to fill out mortgage borrower compensation disclosure
How to fill out mortgage borrower compensation disclosure:
01
Start by obtaining the necessary form: The mortgage borrower compensation disclosure form can usually be obtained from your lender or mortgage broker. Make sure you have the most up-to-date version of the form.
02
Provide your personal information: Begin by filling out your personal information accurately. This typically includes your full name, address, contact information, and Social Security number.
03
Disclose your loan details: Next, provide the details of your mortgage loan. This may include the loan amount, interest rate, loan term, and any other relevant information. Ensure that all the information you provide is accurate and matches your loan agreement.
04
Declare any compensation received: In this section, disclose any compensation received by the mortgage lender or broker. This can include origination fees, discount points, yield spread premiums, or any other fees or payments received in connection with your mortgage loan.
05
Indicate the source of compensation: Specify where the compensation is coming from, such as the lender, broker, or a third party. It's important to be transparent about the sources of compensation to ensure full disclosure.
06
Review and sign: After completing all the necessary sections, carefully review the form to ensure accuracy and completeness. Once satisfied, sign and date the disclosure form.
Who needs mortgage borrower compensation disclosure?
01
Borrowers applying for a mortgage loan: Any individual or entity applying for a mortgage loan from a lender or mortgage broker may be required to provide a mortgage borrower compensation disclosure. This includes first-time homeowners, existing homeowners seeking refinancing, or individuals looking to purchase an investment property.
02
Mortgage lenders and brokers: It is also essential for mortgage lenders and brokers to have borrowers fill out the mortgage borrower compensation disclosure. This allows transparency in disclosing any compensation received and maintains compliance with industry regulations.
03
Regulatory bodies and auditors: Regulators and auditors in the mortgage industry may review mortgage borrower compensation disclosures for compliance purposes. These disclosures play a vital role in ensuring fair lending practices and preventing potential conflicts of interest.
Overall, the mortgage borrower compensation disclosure serves as a means of providing transparency and maintaining ethical practices in the mortgage lending industry. It helps borrowers understand the potential compensation involved in their loan and allows regulators to monitor compliance within the industry.
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What is mortgage borrower compensation disclosure?
Mortgage borrower compensation disclosure is a document that outlines any compensation received by the borrower or third parties in connection with a mortgage loan.
Who is required to file mortgage borrower compensation disclosure?
Lenders and mortgage brokers are required to file mortgage borrower compensation disclosure.
How to fill out mortgage borrower compensation disclosure?
Mortgage borrower compensation disclosure should be filled out accurately and completely, providing all relevant compensation information.
What is the purpose of mortgage borrower compensation disclosure?
The purpose of mortgage borrower compensation disclosure is to ensure transparency and disclosure of any compensation received in the mortgage lending process.
What information must be reported on mortgage borrower compensation disclosure?
Information such as fees, commissions, or other forms of compensation received by the borrower or third parties must be reported on mortgage borrower compensation disclosure.
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