Which of the following is true regarding mortgage brokers in Minnesota?

Mortgage brokers in Minnesota are required to act as agents for borrowers when charging fees. This means they must prioritize the interests of the borrower in their dealings and ensure transparency regarding any fees or services provided. Acting as an agent involves a fiduciary duty, which includes responsibility for disclosing relevant information, maintaining ethical standards, and providing informed consent in transactions.

The importance of this responsibility lies in protecting the consumer. By acting as agents, mortgage brokers help ensure that borrowers have a clear understanding of the costs involved and can make informed decisions regarding their financial commitments. This principle is fundamental to maintaining trust and integrity in the lending process.

While other options refer to aspects of practice that are important, they do not adhere to the regulatory requirements placed upon mortgage brokers in Minnesota, which include strict guidance on fee transparency and consumer protection.