PRE-APPLICATION DISCLOSURE AND FEE AGREEMENT FOR USE BY NEW YORK REGISTERED MORTGAGE BROKERS 2025

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The document is a Pre-Application Disclosure and Fee Agreement for New York registered mortgage brokers, outlining the services provided by the broker, fee structures, and applicant acknowledgments. It details the advisory nature of the broker's services, potential fees associated with the mortgage application process, and conditions regarding prepayment penalties. The agreement emphasizes transparency in fees and lender relationships while ensuring compliance with New York regulations.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is a fee agreement?

How big a fee should a mortgage broker charge? A mortgage brokers fee can vary from around 0.35% of the loan size to up to 1%.

What is a pre-application and fee agreement?

This form serves to disclose critical information regarding mortgage funding for applicants. It establishes an agreement between the mortgage broker and the client to clarify services and fees.

Is it normal for mortgage brokers to charge a fee?

Under certain circumstances, a principal will agree to pay a broker for services related to the sale of a property before it is sold. These arrangements are known as advanced fee agreements.

What does pre-application disclosure mean?

Initial disclosures are the preliminary disclosures that must be acknowledged and signed in order to move forward with your loan application. These disclosures outline the initial terms of the mortgage application and also include federal and state required mortgage disclosures.

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