Per Minn. Stat. Ann. § 58.16, Subd. 2(a):
“A residential mortgage originator . . . shall enter into a written contract with each borrower and shall provide a copy of the written contract to each borrower at or before the time of receipt of any fee or valuable consideration paid for mortgage origination services.”
Because the definition of “Residential Mortgage Originator” in Minn. Stat. Ann. § 58.02, Subd. 19 includes both lenders and brokers, we have changed the original configuration for Minnesota Residential Mortgage Originator Contract (Cx1907) from:
MN Initials when “Lender is a Broker” is Yes
to the new configuration of:
MN Initials when “Lender is a Broker” is Yes
-OR-
MN Initials when “Advance Fee Has Been Collected” is Yes.
These changes will be in effect on February 10, 2017. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 209301