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Is it imperative that a mortgage broker discloses all fees…

Customer Question
Is it imperative that...

Is it imperative that a mortgage broker discloses all fees he is paid on a transaction

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New York

Lawyer's Assistant: Has any paperwork been filed?

I have done many commercial real estate loans that I paid a broker a fee and recently found out they might be getting an additional fee from the lendor

Submitted: 11 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
9/19/2017
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 11 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 126,954
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

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Real Estate Lawyer: Law Educator, Esq., Lawyer replied 11 months ago

A real estate and mortgage broker must claim all fees received on a transaction. They must also disclose if they are acting as an agent for another entity and receiving fees from the lender. However, just because they are getting fees from multiple parties does not mean that you would not be liable to pay whatever your contract calls for paying on the fees.

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