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Office: (800) 776-5626 | | Residential t Commercial t Construction | | Fax: (760) 314-7025 Broker - Borrower Fee Agreement 1. Scope of Representation The undersigned, ______________________________________________, herein after referred to as "Borrower" hereby retains Mortgage Resources, herein after referred to as "Broker", as his mortgage broker for the limited purpose of procuring a loan approval from a bona fide lender on the terms described below. 2. Loan Requested (herein "the Loan") Property Address: _____________________________________ _____________________________________ Loan Amount: __________________________ Amortization: ______________ Loan Duration: ______________ Initial Interest Rate: ______________ Loan Fee: __________________________ Other Terms: _________________________________________________________ 3. Duties of Broker and Borrower (A) Duties of Broker: The Broker promises to use diligence in its efforts to procure the loan. Broker will act as agent for the Borrower and owes them such loyalty including full disclosure, confidentiality and honesty. However, the Broker will represent the Borrower on a best efforts basis only, and does not guarantee nor promise the successful placement of any loan. (B) Duties of Borrower: The Borrower agrees to comply with any legitimate request for information, documentation or report fees (appraisal, credit environmental, etc.) within a reasonable time, not to exceed five working days. The Borrower also agrees that he will not apply to the sources to whom Broker has submitted his loan application, except through Broker. Otherwise the Borrower shall be liable to Broker for the loan brokerage commission described below on any loan amount funded. 4. Compensation Upon delivery of a Lender, ready, willing and able to fund the Loan on the above terms, or on any other terms acceptable to the Borrower, the Borrower agrees and promises to pay to Broker a loan brokerage commission equal to 1.0% (one percent) of the gross loan amount, plus a processing fee of $795. Borrower and Broker agree that the above set compensation is to be taken from the loan proceeds and authorize escrow/attorney/closing agent to act accordingly. Upon acceptance of Lender’s loan approval by Borrower, the brokerage commission shall be considered earned by the Broker. If Borrower, for any reason, does not complete the Loan transaction, after Borrower’s acceptance of the loan approval, Borrower agrees to pay Broker a Cancellation Fee of 1% of the approved loan amount. 5. Arbitration of Disputes The parties hereby agree to submit any dispute or controversy to arbitration under the Rules of the American Arbitration Association, to be heard in the County of Santa Clara in the State of California. 6. General Provisions (A) This Agreement reflects the sole and entire agreement of Borrower and Broker relating to the subject matter of this Agreement. This Agreement may be changed only by a writing signed by Borrower and Broker. (B) In the event that any of the provisions of this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable, the remainder of this agreement shall not be affected thereby. (C) Signed facsimile transmissions of this Agreement shall be considered an original of the document, and shall have the same effect and force as signed originals of the document. It shall be binding and legally enforceable as any full recourse commercial contract. This agreement will be governed and construed in accordance with the laws of the State of California. Executed on this ________________ day of ______________________, 2008 Accepted by Borrower(s): Accepted by Mortgage Resources: ______________________________ ________________________________ ______________________________ Rick Keltner 26530 Anchorage Lane, P.O. Box 239, Helendale, CA. 92342-0239 |
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Copyright 1996 - 2008 Mortgage Resources. All rights reserved.
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