Connecticut § 36a-760h Additional duties of mortgage brokers.

Connecticut Statutes

§ 36a-760h — Additional duties of mortgage brokers.

Connecticut·Title 36a The Banking Law of Connecticut·Ch. 669 Regulated Activities

A mortgage broker, in addition to duties imposed by federal statutes, other provisions of the general statutes or at common law, shall:

(1)Use reasonable care, skill and diligence in performing the mortgage broker's duties and shall act in good faith and fair dealing in all transactions with the borrower;

(2)make reasonable good faith efforts to secure a mortgage that is in the reasonable interests of the borrower considering all the circumstances reasonably available to the mortgage broker, including, but not limited to, the rates, points, fees, charges, costs and product type;

(3)ensure that the cost of credit is reasonably appropriate considering the borrower's level of creditworthiness and other bona fide underwriting concerns; and (4) notify, before the closing, each lender of the

Free access — add to your briefcase to read the full text and ask questions with AI

A mortgage broker, in addition to duties imposed by federal statutes, other provisions of the general statutes or at common law, shall: (1) Use reasonable care, skill and diligence in performing the mortgage broker's duties and shall act in good faith and fair dealing in all transactions with the borrower; (2) make reasonable good faith efforts to secure a mortgage that is in the reasonable interests of the borrower considering all the circumstances reasonably available to the mortgage broker, including, but not limited to, the rates, points, fees, charges, costs and product type; (3) ensure that the cost of credit is reasonably appropriate considering the borrower's level of creditworthiness and other bona fide underwriting concerns; and (4) notify, before the closing, each lender of the payment obligations associated with each of the other lender's loans if the mortgage broker knows that more than one mortgage will be made by different lenders contemporaneously to a borrower secured by the same real property. The duties under this section may not be waived.

Connecticut § 36a-760h (Additional duties of mortgage brokers.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.