Under what circumstances is a mortgage agent permitted to accept a fee directly from a client?

Question: Under what circumstances is a mortgage agent permitted to accept a fee directly from a client?

Answer options:

• Always, as long as it's disclosed.
• Never, as all fees must come from the brokerage. ✅ Only if the services provided are not covered by lender compensation and the fee is disclosed and agreed upon in writing.
• Only for commercial mortgage transactions.

Correct answer: Only if the services provided are not covered by lender compensation and the fee is disclosed and agreed upon in writing.

Explanation: Mortgage agents typically receive compensation from lenders. However, it is permissible to charge a client a fee if the services fall outside standard lender compensation, and importantly, the fee must be fully disclosed, justified, and agreed to in writing by the client.