Sec. 36a-760h. Additional duties of mortgage brokers.
Sec. 36a-760h. Additional duties of mortgage brokers. A mortgage broker, in
addition to duties imposed by federal statutes, other provisions of the general statutes
or at common law, shall: (1) Use reasonable care, skill and diligence in performing the
mortgage broker's duties and shall act in good faith and fair dealing in all transactions
with the borrower; (2) make reasonable good faith efforts to secure a mortgage that is
in the reasonable interests of the borrower considering all the circumstances reasonably
available to the mortgage broker, including, but not limited to, the rates, points, fees,
charges, costs and product type; (3) ensure that the cost of credit is reasonably appropriate considering the borrower's level of creditworthiness and other bona fide underwriting concerns; and (4) notify, before the closing, each lender of the payment obligations associated with each of the other lender's loans if the mortgage broker knows that
more than one mortgage will be made by different lenders contemporaneously to a
borrower secured by the same real property. The duties under this section may not be
waived.
(P.A. 08-176, S. 29.)
History: P.A. 08-176 effective July 1, 2008.