Vt. Stat. Ann. tit. 8, § 2219 requires mortgage brokers to enter into a written agreement with each of their prospective borrowers at the time of application. The form of the agreement must be approved by the Commissioner of Financial Regulation, whose department (the Department of Financial Regulation) has promulgated regulations setting forth the items which must be included in the agreement (see Vt. Admin. Code 4-2-3:4), as well as a model form which has been pre-approved (see Ibid. 4-2-3:Appendix). Our Cx3594 is a duplicate of the model form (with some slight variations).
The Department has amended its regulations and the model form (see Adopted Rule # 14-029), with an effective date of October 1, 2014. Due to these changes, we will be updating Cx3594 to match the latest revisions to the model form.
The entire body of the agreement has been changed with new language and sections. Notably, this form cross-references the Loan Estimate and Closing Disclosure – thus becoming the first state-specific model form to mention the new Integrated Disclosures.
These changes will take effect on October 11, 2014. If you have questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
October 10, 2014
Our edits to Cx3594 inadvertently included text from Vt. Admin. Code 4-2-3:8 before the actual Mortgage Broker Agreement. This text has been removed and we apologize for this error.
October 27, 2014