Residential Mortgage Loan Originator Disclosure Form
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3RESIDENTIAL MORTGAGE LOAN ORIGINATOR DISCLOSURE
Residential Mortgage Loan Originator:_____________________
License Number:___________________________________
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 Residential Mortgage Loan
Originator. 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 loan secured by residential real estate.
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 of our compensation by you or by
the lender or investor. 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 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.
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