Posted by Just Wondering! on 1/26/05 12:26pm
Msg #18216

Mortgage Broker/Signing Agent

Is being a signing agent and a mortgage broker a conflict of interest.....I know it shouldn't be but I wonder how lenders look at it, does anyone know? I know some signing agency won't hire you if you are related to an employee of the company.

Reply by Just Wondering! on 1/26/05 12:39pm
Msg #18218

Re: His Hughness, What do you think? I know you have an

Opinion

Reply by HisHughness on 1/26/05 2:02pm
Msg #18234

Re: His Hughness, What do you think? I know you have an

I don't think a conflict of interest by a signing agent ever enters the mind of loan officers or title preparers. And if it did, as they do with so many other ethical considerations about notarial acts, I think they would ignore it.

My guess is they would regard a background in the morgage broker business as a major plus.

Reply by Just Wondering! on 1/26/05 2:09pm
Msg #18235

Re: His Hughness, What do you think? I know you have an

The only conflict I could see is if the signing agent/mortgage broker was active in the mortgage business and seized the opportunity to maybe get a new customer if they seemed unhappy with their terms of the loan they were signing. What was I thinking? They definitely would not get repeat business!

Reply by Charm_AL on 1/26/05 2:30pm
Msg #18244

broker/SA

I was a mortgage broker and my experience helped me tremendously in this industry! I don't work as a broker anymore because I got tired of working 50+ hours a week. I chose this because I wanted to spend more time with the lil one at home. Best move I've ever made.
I don't think it's a conflict of interest to do both, but I've never heard of an on staff SA at a mortgage company here. They have lawyers do the closings. I wish I could get the business of some of my ex co-workers but the owners feel safer (liability) to keep the lawyer. I figured they could save the borrower more money by paying less than $400. out to him
go fig'r

Reply by Loretta Reed on 1/26/05 8:42pm
Msg #18308

Re: broker/SA

I have been approached by a lender to be a broker for them on the side. I probably will accept the offer. I will not let it effect the closings that I will handle. That would be like cutting off my hand to spite my face. I can make money all the way around. If I don't sell the loan, I will be doing the title search and closing the loan for someone or I will sell the loan and make money anyway. Works for me. And the 40% broker commission to start, I will give it a shot.

Reply by Alabama on 1/26/05 1:35pm
Msg #18228

I know their are guidelines that a active real estate agent can't be a mortgage broker for
FHA loans and maybe others. It's my understanding it is considered a conflict of interest.
I'll be interested to see if there are any answers to your question? Not sure about a signing agent, I would guess it would be up to the signing agency, title company or lender. Who knows!

Reply by Sue/AZ on 1/26/05 2:25pm
Msg #18241

I work with a mortgage broker and I am a signing agent. No conflict at all.

Reply by Charm_AL on 1/26/05 2:31pm
Msg #18245

sue

the question was being a mortgage broker and SA

Reply by Just Wondering! on 1/26/05 9:10pm
Msg #18313

If your a mortgage broker would you let another mortgage broker/signing agent close a loan for one of your borrowers? Just A Thought!