In the following disclosure, I = applicant; you = mortgage broker.
You have advised me that you are authorized and prepared to assist me in securing financing. I understand that your services may include, but are not limited to the following:
- Counseling on available mortgage products;
- Counseling on general mortgage qualification procedures and requirements;
- Counseling on my financial capabilities;
- Assistance in obtaining information required to complete the mortgage application; and
Assistance in processing the loan application, and in meeting conditions of the loan commitment, such as ordering credit reports, appraisals, title, inspections, assistance in clearing credit and title issues, etc.
I hereby agree to engage you for the purpose of advising me about financing and to provide the services described above. This agreement will continue until the earlier of the declination of my loan request(s), the closing of my loan or my termination of your services.
- I acknowledge that prior to paying any fees or completing any application(s), I was advised of the following:
- Your services are advisory and administrative in nature;
- You are not authorized to make mortgage loans or commitments; and
- You cannot guarantee acceptance into any particular loan program or specific loan terms or conditions.
- You may be eligible to receive a lender-paid bonus (cash or non-cash) if my loan is placed with a particular lender, and you will notify me if this occurs.
BROKER FEE:
I understand that, as compensation for your services, you will be paid as checked below:
__X__ The fee the lender will pay you is not known at this time but will be disclosed to me at the time of lock-in or when the rate is set. The maximum points paid, by me and including premium pricing payable by the lender to you, shall not exceed 4 points.
___ I will pay you, from the loan proceeds, a fee of ___% of the loan amount. I authorize the lender's attorney to collect this fee from me at closing.
MORTGAGE BROKER FEE ACKNOWLEDGEMENT:
I acknowledge that this mortgage broker fee will be paid to you. I further acknowledge that there is no other mortgage broker fee agreement between us.
I understand that I am required to pay the following fees at application:
- Application fee: $___250
- Property appraisal fee*: $___300
- Credit report fee*: $___0_____
* The property appraisal fee and the credit report fee are estimates of the actual cost of the services. Should the actual costs exceed the estimate, I understand that I will be billed and will pay the shortfall at or prior to closing.
The application fee is non-refundable
The credit report and appraisal fees are non-refundable except that amounts collected in excess of the actual cost will be refunded. If the credit report and appraisal have not been done, the fees will be refunded in full.
PROCESSING FEE:
Processing Fee: $150
PREPAYMENT PENALTIES:
I understand that certain mortgage products impose a prepayment penalty on the borrower. You will disclose the amount of, or the formula for calculating, the prepayment penalty, if any, and the terms of the prepayment penalty, if any, as soon as you know them.
APPLICATION QUESTIONS:
I understand that I may address questions or comments about my application to Jonathan P. Appleby, Vice President at 888-997-6227 or Steven White, Vice President at 877-762-2712.
DIVISION OF FEES:
The fees received by you are being divided between you and _______n/a___________. You shall receive a fee of $___n/a_______ or a good faith estimate of $__________ and ___________________________ shall receive a fee of $__________ or a good faith estimate of $__________.
By signing below, I acknowledge receipt of a copy of this pre-application disclosure and fee agreement.
** Applicant_________________________ Date ___________
Signature
** Applicant_________________________ Date ___________
Signature
Interviewer_________________________ Date___________
Signature
Interviewer Name & Title______________________________
** Do not sign this form if spaces are left blank.