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MORTGAGE BROKER/LOAN OFFICER DISCLOSURE
Mortgage Broker or Loan Officer:
Miguel Sanchez and/or Gold Quest Group, LLC.
License Number: 71596 and/or 77375
The information in this disclosure is provided to clarify the
nature of our relationship, my duties to you, and how I am to
be compensated as a Mortgage Broker or Loan Officer. This
disclosure is a requirement of the Texas Mortgage Broker
License Act.
Since I may be working for a company, references to “we” or
“us” refer to me and any company for which I am working.
Check ALL that apply Duties and Nature of
Relationship
You, the applicant(s), have applied with us for a residential
mortgage loan.
 We will submit your loan application to a participating
lender which we may from time to time contract upon such terms
as you may request or a lender may require. In connection with
this mortgage loan, we are acting as an independent contractor
and not as your agent. We will enter into separate independent
contractor agreements with various lenders. While we will seek
to assist you in meeting your financial needs, we do not
distribute the products of all lenders or investors in the
market and cannot guarantee the lowest or best terms available
in the market.
 In connection with this mortgage loan, we are acting as an
independent contractor and not as your agent. We will make
your loan ourselves. We may either sell the loan to an
investor or retain it. (You will receive a separate disclosure
as to how we will handle servicing rights on any such loan.)
We have a number of established independent contractor
relationships with various investors to whom we sell closed
loans. We are not an agent for any such investor in connection
with the sale of a loan. While we will seek to assist you in
meeting your financial needs, we cannot guarantee the lowest
or best terms available in the market.
We will be acting as follows:
How we will be compensated
The retail price we offer you – your interest rate, total
points, and fees – will include our compensation. In some
cases we may be paid all or part of our compensation by you or
by the lender or investor. Alternatively, we may be paid a
portion of our compensation by both you and the lender. For
example, in some cases, if you would rather pay a lower
interest rate, you may pay higher up-front points and fees.
Also, in some cases, if you would rather pay less up-front,
you may be able to pay a higher rate, in which case some or
all of my compensation will be paid by the lender. We also may
be paid by the lender based on other goods, services, or
facilities performed or provided by us to the lender.
Our pricing for your loan is based upon current wholesale
options available to us in the secondary market where closed
loans are sold. Fees charged directly to you by us may vary
depending on the type of loan for which you have applied.
At the time of this disclosure, we are receiving $_____ in
fees. The services which these fees are being charged include
the following:
Application fee $___________
Processing fee $___________
Appraisal fee $___________
Credit report fee $___________
Automated underwriting fee $___________
Other (list):
___________________ $___________
___________________ $___________
Of this amount, $_______ is not refundable unless the amount
is required to be refunded under applicable state or federal
law upon the exercise of a right of rescission (such as the
Truth in Lending Act, 15 U.S.C. §1600, et seq. and Regulation
Z , 12 C.F.R. Part 226 or the provisions of the Home Equity
provisions of the Texas Constitution, Article XVI, Section 50.
The estimated fees which we will charge will be as shown on
the good faith estimate which we are providing to you now or
which we will provide you within three (3) days in accordance
with the requirements of the Real Estate Settlement Procedures
Act and its implementing regulations. |
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MIGUEL R SANCHEZ IS LICENSED UNDER THE LAWS OF THE STATE
OF TEXAS AND BY STATE LAW IS SUBJECT TO REGULATORY OVERSIGHT
BY THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING. ANY
CONSUMER WISHING TO FILE A COMPLAINT AGAINST MIGUEL R
SANCHEZ SHOULD
COMPLETE, SIGN, AND SEND A COMPLAINT FORM TO THE DEPARTMENT OF
SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201,
AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE
DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEB SITE LOCATED
AT
http://www.sml.state.tx.us OR OBTAINED FROM THE DEPARTMENT
UPON REQUEST BY MAIL AT THE ADDRESS ABOVE, BY TELEPHONE AT ITS
TOLL-FREE CONSUMER HOTLINE AT 1-877-276-5550, BY FAX AT (512)
475-1360, OR BY E-MAIL AT
SMLINFO@SML.STATE.TX.US. THE DEPARTMENT MAINTAINS THE
MORTGAGE BROKER RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN
TYPES OF JUDGMENTS AGAINST A MORTGAGE BROKER OR LOAN OFFICER.
NOT ALL CLAIMS ARE COMPENSABLE AND A COURT MUST ORDER THE
PAYMENT OF A CLAIM FROM THE RECOVERY FUND BEFORE THE
DEPARTMENT MAY PAY A CLAIM. FOR MORE INFORMATION ABOUT THE
RECOVERY FUND, PLEASE CONSULT SUBCHAPTER F OF THE MORTGAGE
BROKER LICENSE ACT ON THE DEPARTMENT’S WEB SITE REFERENCED
ABOVE.
Applicant(s) Mortgage Broker/Loan Officer
Signed:_____________________ Signed:_______________________
Name:______________________ Name:________________________
Date:_______________________ Date:_________________________
Signed:_____________________
Name:______________________ |
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Equal
Housing Lender