7. Whether private mortgage insurance is required or not; D. If an applicant has paid a blocking fee and the loan is not entered into because the blackout period was not a reasonable period given the market conditions in effect at the time of the closing agreement, that blocking fee is refunded. 3. Mortgage credit is refused because of the assessed value of the property intended to insure the mortgage. 2. The mortgage is refused because of the applicant`s lack of creditworthiness; or 1. Given the market conditions in place at the time of the contract change, the commitment period was not a reasonable length of time; 5. Obtain compensation for the negotiation, investment or search of a mortgage if such a mortgage broker or a person linked to the mortgage broker has otherwise negotiated as a real estate agent, broker or seller in connection with the sale of the property that insures the mortgage credit and whether such a mortgage broker or person linked to the mortgage broker has received or will receive any other compensation or guarantee of value from the lender. , the borrower, seller or any other person, unless the borrower is offered in writing at the time of providing hand mortgage services to the borrower: 2.
identification of the property to insure the mortgage (this does not require a formal legal description); 6. In the exercise of the broker`s obligation, which is created here, to make reasonable efforts to insure a mortgage that is in the best interests of the applicant, taking into account the circumstances and characteristics of the applicant`s loan, including, but not only on the type of product, rates, fees and terms of repayment of the loan It is not given. B. No mortgage broker who must be approved under this chapter can: 2) receive compensation from a mortgage lender whose client, partner, agent, manager, official or employee are: 4. The interest rate and points relating to the mortgage, if the commitment agreement is also a lock-in agreement or a declaration that the mortgage is granted at the interest rate and points applicable by the mortgage lender three days before the mortgage liquidation 6. a declaration that all conditions not bound by the blocking agreement may be amended up to three days before the count; and 4) receive compensation from a borrower other than that set by a written agreement from the borrower; 9. A statement that, if the loan is not made within the commitment period, the mortgage lender is no longer bound by the agreement of commitment and that the commitment fee paid by the applicant is repaid only in the circumstances under sub-part C of this section and in the other circumstances provided for by the undertaking agreement; and B. When a consumer is granted by a mortgage lender or mortgage broker acting on behalf of the mortgage lender, it is signed by a representative of the mortgage lender or mortgage agent and includes: C.
Notwithstanding the provisions of Sub-Division B 5, no person may act as a mortgage broker in a real estate transaction in which that person or anyone connected to that person , acted as a real estate agent, broker or seller and received or obtained compensation in connection with such a transaction, unless that person had not regularly acted as a mortgage broker in the Commonwealth since February 25, 1989.