According to the law governing mortgage loan brokers, what is the maximum commission Broker Dan can charge for securing a $15,000 second mortgage for a period of 4 years?

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05-07-2022
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According to the law governing mortgage loan brokers, what is the maximum commission Broker Dan can charge for securing a $15,000 second mortgage for a period of 4 years?

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ogorwyne ogorwyne · Answer 1 · 2022-07-08T17:07:08+02:00

From the law on the mortgage brokers, the maximum commission that is charged would be 10 percent of the principal loan because the loan ahs a period of more than 3 years.

Who is a mortgage broker?

This is the term that is used to refer to the intermediary or the middle man that brings mortgage borrowers and lenders together.

The fee or the commission that they have to earn based on the fact that is for 4 years would be 10 percent.