5 DESIGNATED LENDERS: I understand that you place credits primarily with three or fewer lenders, as shown below: PRIVATE LENDERS: This loan is placed with a private lender that is not a tax-exempt organization and is not authorized under Section 12-D of the Banking Act. As a result, certain consumer and lender claims required by New York laws and regulations do not apply to the loan. A balloon mortgage placed with a private lender must not last at least three (3) years. FEES DIVISION: The fees you collect will be shared between you and you. You will receive a tax of an amount – or an estimated good faith value of – and they will receive a tax of an amount – or a good faith estimate of an amount of . [INSTRUCTION – The following declaration must be provided and the pre-notification and royalty agreement must be signed and dated by the applicant.] By signing below, I confirm receipt of a copy of this advance notification of the application and royalties agreement. Candidate Date – Date Interviewer Date Interviewer Name – Title – Don`t sign this form if the spaces remain empty. mbmdlbr.doc 5 SUITE 12 TEL: (732) 548-8899 406 MAIN STREET FAX: (732) 548-8887 METUCHEN, NEW JERSEY 08840 E-MAIL: firstname.lastname@example.org Dear Mr/ Madam, Date: Mortgage application forms are attached. 2 PRE-APPLICATION DISCLOSURE AND FEE AGREEMENT FOR USE BY NEW YORK REGISTERED MORTGAGE BROKERS COMPANY NAME Company Address Telephone Fax Registered Mortgage Broker NYS Banking Department Loans Arranged with 3rd Party Lenders In the following disclosure, I-applicant; she`s a mortgage broker.
You have told me that you are authorized and willing to help me with the funding. I understand that your services may include, but not just the following advice on available mortgage products; Advice on general qualification procedures and mortgage credit requirements Advice on my financial abilities Help obtain the information needed to conclude the mortgage application and assistance in processing the loan application and complying with the terms of the loan commitment, such as.B. I agree to hire you to advise me on funding and to provide the services described above. This contract will continue until the previous end of the my or the loan applications, the conclusion of my loan or the termination of your services. I recognize that before I paid fees or filled out applications, I was informed that your services are advisory and administrative in nature; You are not allowed to make mortgages or bonds; and you can`t guarantee acceptance into a particular credit program or certain credit conditions. [INSTRUCTION – If you receive a bonus from the lender, you must give the borrower a description of that bonus as soon as you know what it will be. Mbmdlbr.doc 2 3 Don`t confuse this bonus with premium prices.] You may have the right to get a bonus (cash or not) paid by the lender if my loan is placed with a particular lender, and you will notify me if this is the case. BROKER FEE: I understand that you are being paid as compensation for your services as verified below: The lender will give you a tax equal to % of the loan amount or $ Compensation you receive from the lender for your services is included in the rates, points, fees and terms of the loan, as indicated by the lender in its commitment. Maximum points paid, including the prices of premiums that the lender pays you, must not exceed the fees that the lender pays you, are not known at that time, but are communicated to me at the time of the freeze or when setting the rate.