General
How are you compensated?
Context
Borrowers reasonably want to know how a broker gets paid before working with one.
The short answer
A mortgage broker is paid either by the lender or by the borrower on a given loan, never both. On lender-paid files our compensation is paid by the wholesale lender, is not charged to you, is set in advance by our agreement with that lender, and is independent of your interest rate or loan terms.
Things to keep in mind
Which arrangement applies to your file is set before you receive your Loan Estimate. Borrower-paid compensation appears as an origination charge on your Loan Estimate and Closing Disclosure.
Next step
Ask us for your compensation disclosure details when you apply.
Have a question about your own situation?
Davis Monroe Financial LLC serves Minnesota homebuyers and homeowners. You complete one application. We compare the wholesale lenders on our panel and submit your file to the one that fits it best, and each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.