Menu

10. Financial Analysis and Mortgage Brokers

Opinion Letter 92-20 (Albert Pincus) - license not required for financial consultant or analyst, unless activity involves negotiating a loan security to be secured by a mortgage

Declaratory Ruling 91-49 Matter of McComb - license required for running of "financing forum" where petitioner's customers renders or engage in negotiations for loans other than residential mortgage loans as defined in Banking Law §599

Opinion Letter 92-14 (Richard S. Tubiolo) - real estate licensee permitted to charge separate fee for providing information regarding current mortgage rates for a fixed fee, with full disclosure, provided information will facilitate consummation of the transaction; any referral fees must be disclosed

Declaratory Ruling 91-8 Matter of Roemer and Featherstonhaugh - impermissible for real estate broker serving as seller's agent to be buyer's mortgage broker

Opinion Letter 92-1 (Steven Meyer) - lawful for buyer's broker to be mortgage broker in same transaction

38 DOS 91 Coopers Realty Consultants, Inc. - licensee agreeing to assist buyers in obtaining mortgage became buyer's agent (no discussion of possibility of "finder" relationship)

31 DOS 91 Matter of Wizeman - negotiating mortgage on two family house was within Banking Law §590 and does not qualify experience for a real estate broker's license

33 DOS 92 DOS v. Nikolakopoulos - experience as mortgage broker or mortgage loan officer does not qualify for real estate brokerage

12 DOS 92 Matter of Palastro - salesperson acting as chartered financial consultant counseling re: limited partnership under GBL Art. 23A - sale of "securities" does not require real estate license

141 DOS 92 Matter of Bernier - unlicensed mortgage broker activities (Banking Law §590[2]) are not qualifying experience

Opinion Letter 92-49 (Shirani B. Ponnambalam) - broker activity selling materials to facilitate mortgage prepayment must provide full disclosure and obtain informed consent (citing Declaratory Rulings 90-16, 90-22 and 91-8 regarding mortgage brokers)

12/4/91 Exchange of Correspondence between Administrative Regulations Review Commission and Secretary of State recognizes propriety of service as both seller's listing broker and buyer's mortgage broker, with full disclosure and informed consen

Featured Content

First quarter Legal Lines now available

The first quarter 2018 edition of NYSAR’s Legal Lines is now available online at NYSAR.com. This edition covers commission issues, a New York State Supreme Court ruling on unsigned letters not creating a contract, support animals and more. Learn more

legal-NYSAR-180x150-2016
Legal