Broker / lender fees?

By law all mortgage brokers must state in their advertising that fees may be payable to the lender and/or the broker.

The majority of mortgage clients do not pay a fee to deal through MPMC Mortgage Corp.

The lending institutions normally pay us referral fees. They do this because we offer them a high volume of quality business at a lower cost than by expanding their branch networks.

In situations where the mortgage falls outside of normal guidelines such as poor credit, commercial properties or 2nd/3rd mortgages a fee is often required. If a fee is required it will always be disclosed up front, and a written agreement presented to the borrower for signing before the borrower commits to accept the mortgage financing.