South Carolina Mortgage Broker Fee Agreement

(B) If a mortgage broker or lender violates the provisions of the subsection (A), the borrower may obtain a recovery from the mortgage broker or the lender responsible for the infringement: (2) if he acts as agent for the borrower, he owes that borrower an obligation of the utmost diligence, honesty and loyalty in the transaction , including the obligation to fully disclose the facts. If the mortgage broker or lender is authorized to act as an agent for another person, the mortgage fee contract must contain a statement of that fact and the identification of that person; (3) a detailed description of the services that the mortgage broker or lender is willing to provide to the borrower and an estimate of the fees that the mortgage broker or lender receives for these services, whether paid by the borrower, institutional lender or both; and (D) A mortgage fee agreement must be made in writing and must include the name, address and telephone number of the mortgage broker`s branch, bank account number, if any, date of agreement, name of proposed borrower or borrower, signature of borrower and lender, amount of fees and nature of services provided to the borrower. A copy of the contract must be provided to the borrower by the mortgage broker. The arm mortgage agreement may provide for a signed confirmation by the borrower of obtaining a copy of the agreement. When a mortgage broker holds mortgages, the mortgage agreement to be armed must contain a statement telling the applicant that the loan can be co-matched. Within three days of a final decision on the brokerage of a loan, the broker must send the applicant a written notice of coredration, including the name and street and postal address of the co-broker, as well as the broker who must be contacted regarding the advancement of the mortgage broker`s services provided to the applicant. Any broker in a co-brokerage contract must be authorized with the administrator. (C) A mortgage broker or lender charged with the breach cannot be held liable for an infringement in a legal action covered by this section if the mortgage broker or lender in charge of the infringement demonstrates, by being overweight, that the breach was not intentional and is the result of a good faith error, regardless of the maintenance of reasonably appropriate procedures to avoid the error.

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