The Commissioner will determine the appropriate minimum initial net worth that the The Commissioner will determine the appropriate minimum initial net worth that the mortgage broker on James Island SC must maintain in accordance with this section based on the expected average monthly balance of the accounts held by the mortgage broker on James Island SC in accordance with NRS 645B. If the Commissioner so requests, a mortgage broker on James Island SC who is subject to the provisions of this section and their mortgage agents must submit to the Commissioner or allow the Commissioner to review any documentation or other evidence related to the determination of the mortgage broker's net worth. A) Adopt regulations that prescribe rules for determining the net worth of a mortgage broker on James Island SC; and.
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What questions are mortgage lenders not allowed to ask?
Questions about personal characteristics, gender identity, or sexual orientation are considered invasive and are not related to those of the borrower. Mortgage lenders must base their credit decisions on objective financial criteria, such as credit history, income, employment status, and debt-to-income ratio.
What is typically the seller's largest closing cost?
Generally, sellers can expect to pay some significant closing costs, including realtor commissions and taxes and transfer fees. Usually, the seller pays most of the commissions, including the commissions of both real estate agents.
How do mortgage brokers make money?
They usually earn a commission of around 1% to 2% of the value of the loan. Mortgage brokers in Mount Pleasant SC can work independently or belong to a brokerage firm.
What Documents Do I Need to Provide to My Mortgage Broker?
Learn what documents you need to provide to your mortgage broker in order to get your loan approved. Includes information on verifying identity and assessing financial situation.
