Processing Agreement
LOAN PROCESSING AGREEMENT
~ FAX BACK TO 909-568-2489 ~
This Loan Processing Agreement is made and entered into this ______day in the month ________for the year 2006, by and between ______________________________________(company name), a U.S. company hereinafter referred to as “the Company”, and Jennifer Schlichter, located at 2465 Clovercrest Dr Cincinnati, Oh 45239, hereinafter referred to as “Processor”.
WITNESSETH: WHEREAS, the Company is in the business of brokering/originating mortgage loan applications and;
WHEREAS PROCESSOR has experience in processing mortgage loans and is interested in processing mortgage loans originated by the Company in accordance with the terms set forth below.
NOW, THEREFORE, the parties hereto agree as follows:
Loan Processing. The Company may, from time to time, submit loan applications it has originated to PROCESSOR for loan processing. PROCESSOR agrees to promptly and diligently process loan applications in compliance with all applicable laws and regulations. PROCESSOR will make every reasonable effort to ensure that all loan applications are fully processed to the extent that the Company’s chosen lender requirements are satisfied.
Duties of The Company. The Company shall: (i) take and complete the application for the Loans (the “Application”); (ii) collect the Application fee; (iii) pre-qualify the applicants for the Loans (the “Applicant”); (iv) pull borrower credit report; (v) collect W-2’s, pay stubs, bank statements, tax returns; (vi) designate which appraiser PROCESSOR shall use; (vii) complete and timely forward of the initial good faith estimate; (viii) deliver to PROCESSOR the Application together with all other documents and information referenced in this paragraph (collectively, the “Loan File”), to be processed by PROCESSOR.
The Company is also responsible for the following: (i) choosing an appropriate investor for PROCESSOR to submit the loan to; (ii) locking in interest rate with the investor; (iii) gathering additional items from the borrower as outlined on the “Needs List” as provided by PROCESSOR; (iv) verifying accuracy of closing fee sheet; (v) forwarding all original documentation to PROCESSOR or investor as requested.
Loan Processing Fees. The Company understands, and agrees to the fact that the most mutually desirable method of payment of all fees due to PROCESSOR, accrued pursuant to the term of this agreement is by direct payment by the designated closing agent involved in each transaction. By signing this agreement, including separate attachment A, the Company pledges its complete support to the effort for this stated method of payment of fees due to PROCESSOR, and further pledges to include the PROCESSOR fee on the “Broker Fee Sheet”, in all cases possible. The Company further pledges that in cases where payment of third party processing fees are restricted it will instruct the closing agent to deduct from the funds due to the Company, the fees due to PROCESSOR, and forward them directly to PROCESSOR, upon all invoices submitted to closing agent.
Non-Employee Acquisition. Company shall not, on the Company’s behalf or on behalf of any other party, solicit, seek or acquire any processor employed by PROCESSOR, at any time during or after the term of this agreement.
Disclosures. PROCESSOR assumes no liability for errors or omissions of third parties on loan applications or closing documentation. The Company is entirely responsible for verifying closing figures, and all documents prior to signing, as well as ensuring that all loan documents meet state and federal guidelines. Additionally, the Company is responsible for the following: i) Preparing the “Good Faith Estimate”/Broker Demand/Fee Sheet ii) Choosing the lender to submit the loan application to, iii) Locking the chosen interest rate with the lender, iv) Helping gather the missing items from the borrower as outlined on the “missing items list” as provided by PROCESSOR, v) Discussing the interest rates and loan terms with the borrower, and vi) Forwarding all original documentation to PROCESSOR as requested.
Indemnification. The Company shall indemnify, defend and hold PROCESSOR harmless from any and all claims, liability and costs arising out of, or in any way connected with the Company’s performance under this Agreement. PROCESSOR is also not responsible for any files that do not close.
Attorney’s Fees & Venue. If suit or action is instituted in connection with any controversy arising out of this Agreement or in the enforcement of any rights hereunder, the prevailing party shall be entitled to recover, in addition to costs, such sums as the court may adjudge reasonable as attorney’s fees, including fees on any appeal. In the event suit is maintained for the enforcement of any term of this agreement, or in the event any of the parties seek damages because of this Agreement, such suit shall be maintained in the state of Ohio.
Applicable Law. This agreement will be governed by, and construed in accordance with, the laws of the state of Ohio.
Confidentiality. PROCESSOR agrees to treat as confidential the identities of, and all financial information submitted by, all borrowers whose loan application are being processed, or have been processed by PROCESSOR.
Termination of Agreement. Either party may terminate this agreement at will.
No Partnership. This Agreement does not create a partnership relationship. The Company agrees PROCESSOR is not an employee of the Company, and PROCESSOR and the Company act as independent agents. The Company agrees that it will not at any time use the name or logo of PROCESSOR in any business transactions whether verbally or in print without express written authorization from PROCESSOR. PROCESSOR shall not be responsible for i) the actions or failures of the Company, its agents, or representatives and ii) the performance any third party companies such as appraisal, title or escrow.
Independent Contractor. The Company acknowledges and agrees that PROCESSOR is not an employee of the Company and is an independent contractor. PROCESSOR may, from time to time fill out order forms on behalf of the Company in order to secure appraisals, title, surveys and other documents necessary to perform it’s processing obligations. It is understood that PROCESSOR orders these documents as courtesy to the Company, and the Company agrees to accept 100% financial responsibility for any or all documents ordered in connection with the processing of their loan applications. The Company agrees to accept 100% financial responsibility for any audits conducted by state and federal agencies or claims made by borrower in connection with the Processed Loan File.
Fees and Charges. See below.
Conventional Loans $450.00
FHA & VA Loans $495.00
Streamline FHA/VA Refinance $425.00
Sub-Prime Loans $495.00
HELOC / 2nd Mortgage / Piggy Back 2nd (additional) $100.00
Stand-Alone HELOC / 2nd Mortgage / Piggy Back 2nd $475.00
Loan submitted but fails to fund NO CHARGE
Construction Loans $595.00
Loan submitted to 2nd lender (w/ revisions) $100.00
Loan submitted to 2nd lender (w/ NO revisions) NO CHARGE
Caylx Point Information input (1003 input into Point software) $50
NOTE: Above pricing includes two overnight courier packages per file
ADDITIONAL FEES may include any of the following:
$15.00 for each overnight package if more than two per file
$10.00 for each additional lender package if more than two per file
Any charges to Mortgage Processing Centers and desiginated affiliates for borrower verifications
including 1-900 charges and service fees $100.00 for Document Preparation (an optional service)
Other extraordinary fees as documented and billed, ie CC & R's.
Fees are subject to change without advance notice
• PROCESSOR is ONLY paid on closed and funded files – there are no cancellation fees.
• Payment Policy: PROCESSOR will receive payment for conventional loans by invoicing the title company -- the processing fee is added to the settlement statement as an additional line item charge, similar to any other 3rd party fee. Fees for FHA/VA loans are received from the broker’s proceeds as the title company is instructed to issue a separate check to PROCESSOR (as outlined in Attachment “A”).
IN WITNESS WHEREOF, the Company has entered into this agreement as of the date written herein below. By signing below, you certify that you are authorized to sign for the Company and agree to the aforementioned terms, as governed by the laws of the state of Ohio.
Signed this _____ day of _________________ 20____. Agreed, as governed by the laws of the state of Ohio:
PROCESSOR:
[Signature] __________________________________ [Printed Name/Title] ____________________________________
Company Representative:
[Signature] __________________________________ [Printed Name/Title] __________________________
Company-Wide Authorization. (INITIAL ONE)
X______ I am an independent broker/loan officer for the Company, and would like this agreement to ONLY cover me.
X______ I am the owner/co-owner/branch manager of the Company, and authorize this agreement to cover all my brokers/loan officers.
NOTE: If Agreement Is Faxed: PROCESSOR and the Company agree that this Agreement will be considered signed when the signature of a party is delivered by facsimile transmission. Signature transmitted by facsimile shall have the same effect as original signatures.
AUTHORIZATION FORM
ATTACHMENT "A"
In the event a processing fee is not permitted to be listed on a settlement statement (such as FHA or VA loans, etc.) I ________________________________ (Your Name) authorized agent for ___________________________________ (Your Company Name) authorize and instruct, any designated closing agent, that is authorized to disburse funds on any loan applications originated by myself, partners, employees, loan officers, or representatives of my company, to withhold such charges from the brokerage fees due to my company and pay JENNIFER SCHLICHTER directly for any submitted invoices for third party loan processing services.
I have dated this agreement and signed below to provide this authorization. This document will be accompanied by an invoice from JENNIFER SCHLICHTER with instructions designating the dollar amount and address where to send the check.
This authorization and instruction is only limited to those loan applications “closed” or “funded” as those terms are generally known in the mortgage industry.
Signed this _____ day of _________________ 20____. Agreed, as governed by the laws of the state of Ohio:
JENNIFER SCHLICHTER:
[Signature] __________________________________ [Printed Name/Title]
_____________________________________
Company Representative:
[Signature] __________________________________ [Printed Name/Title]
_____________________________________
NEW CLIENT PROFILE
BROKER / LOAN OFFICER PROFILE
Date: _________________
Your Name: ____________________________________ Title: ____________________________
Your Broker’s License #: ___________________________
**PLEASE ALSO FAX A COPY OF YOUR BROKER’S LICENSE OR PRIMARY BROKER’S LICENSE AS WELL AS A COPY OF YOUR BUSINESS CARD ON YOUR LETTERHEAD**
Mortgage Firm Name: ___________________________________________
Mortgage Firm Address: ___________________________________________
___________________________________________
Main Bus. Phone: ____________________________ Direct Bus. Phone: ____________________________
Mobile Phone: ____________________________ Fax: ____________________________
Email Address: __________________________________ Website Address: __________________________________
*Which of the following describes your company: Brokerage Firm -or- Correspondent Lender? (Circle One)
*What is your Overnight Courier Account # to be used when submitting loans to the lender? ____________________________?
(Circle One): FedEx, DHL, UPS, AirBorne Express
PLEASE ANSWER THE FOLLOWING QUESTIONS:
- How long with your company: _______ years
- How long have you been originating loans: _______ years
- How long have you been in the mortgage industry: _______ years
- Are you a full time mortgage professional? ____ YES ____ NO
- What kinds of loans: __ FHA __ VA __ CONV __ SUB-PRIME
- Do you have a license for the states you originate in? ____ YES ____ NO
- Do you originate outside your home state? ____ YES ____ NO
- Do you sit with borrower, face to face? ____ YES ____ NO
- What is your current processing situation? In-house Processing / Contract Processing / Self-Processing (Circle One)
- What kind of software do you use? Calyx Point / Genesis / EnCompass / Other __________________________. (Circle One)
On _________________, 2005 I Certify The Above Answers To My Profile Are Correct. Your Initials: x
~ FAX BACK TO 909-568-2489 ~
This Loan Processing Agreement is made and entered into this ______day in the month ________for the year 2006, by and between ______________________________________(company name), a U.S. company hereinafter referred to as “the Company”, and Jennifer Schlichter, located at 2465 Clovercrest Dr Cincinnati, Oh 45239, hereinafter referred to as “Processor”.
WITNESSETH: WHEREAS, the Company is in the business of brokering/originating mortgage loan applications and;
WHEREAS PROCESSOR has experience in processing mortgage loans and is interested in processing mortgage loans originated by the Company in accordance with the terms set forth below.
NOW, THEREFORE, the parties hereto agree as follows:
Loan Processing. The Company may, from time to time, submit loan applications it has originated to PROCESSOR for loan processing. PROCESSOR agrees to promptly and diligently process loan applications in compliance with all applicable laws and regulations. PROCESSOR will make every reasonable effort to ensure that all loan applications are fully processed to the extent that the Company’s chosen lender requirements are satisfied.
Duties of The Company. The Company shall: (i) take and complete the application for the Loans (the “Application”); (ii) collect the Application fee; (iii) pre-qualify the applicants for the Loans (the “Applicant”); (iv) pull borrower credit report; (v) collect W-2’s, pay stubs, bank statements, tax returns; (vi) designate which appraiser PROCESSOR shall use; (vii) complete and timely forward of the initial good faith estimate; (viii) deliver to PROCESSOR the Application together with all other documents and information referenced in this paragraph (collectively, the “Loan File”), to be processed by PROCESSOR.
The Company is also responsible for the following: (i) choosing an appropriate investor for PROCESSOR to submit the loan to; (ii) locking in interest rate with the investor; (iii) gathering additional items from the borrower as outlined on the “Needs List” as provided by PROCESSOR; (iv) verifying accuracy of closing fee sheet; (v) forwarding all original documentation to PROCESSOR or investor as requested.
Loan Processing Fees. The Company understands, and agrees to the fact that the most mutually desirable method of payment of all fees due to PROCESSOR, accrued pursuant to the term of this agreement is by direct payment by the designated closing agent involved in each transaction. By signing this agreement, including separate attachment A, the Company pledges its complete support to the effort for this stated method of payment of fees due to PROCESSOR, and further pledges to include the PROCESSOR fee on the “Broker Fee Sheet”, in all cases possible. The Company further pledges that in cases where payment of third party processing fees are restricted it will instruct the closing agent to deduct from the funds due to the Company, the fees due to PROCESSOR, and forward them directly to PROCESSOR, upon all invoices submitted to closing agent.
Non-Employee Acquisition. Company shall not, on the Company’s behalf or on behalf of any other party, solicit, seek or acquire any processor employed by PROCESSOR, at any time during or after the term of this agreement.
Disclosures. PROCESSOR assumes no liability for errors or omissions of third parties on loan applications or closing documentation. The Company is entirely responsible for verifying closing figures, and all documents prior to signing, as well as ensuring that all loan documents meet state and federal guidelines. Additionally, the Company is responsible for the following: i) Preparing the “Good Faith Estimate”/Broker Demand/Fee Sheet ii) Choosing the lender to submit the loan application to, iii) Locking the chosen interest rate with the lender, iv) Helping gather the missing items from the borrower as outlined on the “missing items list” as provided by PROCESSOR, v) Discussing the interest rates and loan terms with the borrower, and vi) Forwarding all original documentation to PROCESSOR as requested.
Indemnification. The Company shall indemnify, defend and hold PROCESSOR harmless from any and all claims, liability and costs arising out of, or in any way connected with the Company’s performance under this Agreement. PROCESSOR is also not responsible for any files that do not close.
Attorney’s Fees & Venue. If suit or action is instituted in connection with any controversy arising out of this Agreement or in the enforcement of any rights hereunder, the prevailing party shall be entitled to recover, in addition to costs, such sums as the court may adjudge reasonable as attorney’s fees, including fees on any appeal. In the event suit is maintained for the enforcement of any term of this agreement, or in the event any of the parties seek damages because of this Agreement, such suit shall be maintained in the state of Ohio.
Applicable Law. This agreement will be governed by, and construed in accordance with, the laws of the state of Ohio.
Confidentiality. PROCESSOR agrees to treat as confidential the identities of, and all financial information submitted by, all borrowers whose loan application are being processed, or have been processed by PROCESSOR.
Termination of Agreement. Either party may terminate this agreement at will.
No Partnership. This Agreement does not create a partnership relationship. The Company agrees PROCESSOR is not an employee of the Company, and PROCESSOR and the Company act as independent agents. The Company agrees that it will not at any time use the name or logo of PROCESSOR in any business transactions whether verbally or in print without express written authorization from PROCESSOR. PROCESSOR shall not be responsible for i) the actions or failures of the Company, its agents, or representatives and ii) the performance any third party companies such as appraisal, title or escrow.
Independent Contractor. The Company acknowledges and agrees that PROCESSOR is not an employee of the Company and is an independent contractor. PROCESSOR may, from time to time fill out order forms on behalf of the Company in order to secure appraisals, title, surveys and other documents necessary to perform it’s processing obligations. It is understood that PROCESSOR orders these documents as courtesy to the Company, and the Company agrees to accept 100% financial responsibility for any or all documents ordered in connection with the processing of their loan applications. The Company agrees to accept 100% financial responsibility for any audits conducted by state and federal agencies or claims made by borrower in connection with the Processed Loan File.
Fees and Charges. See below.
Conventional Loans $450.00
FHA & VA Loans $495.00
Streamline FHA/VA Refinance $425.00
Sub-Prime Loans $495.00
HELOC / 2nd Mortgage / Piggy Back 2nd (additional) $100.00
Stand-Alone HELOC / 2nd Mortgage / Piggy Back 2nd $475.00
Loan submitted but fails to fund NO CHARGE
Construction Loans $595.00
Loan submitted to 2nd lender (w/ revisions) $100.00
Loan submitted to 2nd lender (w/ NO revisions) NO CHARGE
Caylx Point Information input (1003 input into Point software) $50
NOTE: Above pricing includes two overnight courier packages per file
ADDITIONAL FEES may include any of the following:
$15.00 for each overnight package if more than two per file
$10.00 for each additional lender package if more than two per file
Any charges to Mortgage Processing Centers and desiginated affiliates for borrower verifications
including 1-900 charges and service fees $100.00 for Document Preparation (an optional service)
Other extraordinary fees as documented and billed, ie CC & R's.
Fees are subject to change without advance notice
• PROCESSOR is ONLY paid on closed and funded files – there are no cancellation fees.
• Payment Policy: PROCESSOR will receive payment for conventional loans by invoicing the title company -- the processing fee is added to the settlement statement as an additional line item charge, similar to any other 3rd party fee. Fees for FHA/VA loans are received from the broker’s proceeds as the title company is instructed to issue a separate check to PROCESSOR (as outlined in Attachment “A”).
IN WITNESS WHEREOF, the Company has entered into this agreement as of the date written herein below. By signing below, you certify that you are authorized to sign for the Company and agree to the aforementioned terms, as governed by the laws of the state of Ohio.
Signed this _____ day of _________________ 20____. Agreed, as governed by the laws of the state of Ohio:
PROCESSOR:
[Signature] __________________________________ [Printed Name/Title] ____________________________________
Company Representative:
[Signature] __________________________________ [Printed Name/Title] __________________________
Company-Wide Authorization. (INITIAL ONE)
X______ I am an independent broker/loan officer for the Company, and would like this agreement to ONLY cover me.
X______ I am the owner/co-owner/branch manager of the Company, and authorize this agreement to cover all my brokers/loan officers.
NOTE: If Agreement Is Faxed: PROCESSOR and the Company agree that this Agreement will be considered signed when the signature of a party is delivered by facsimile transmission. Signature transmitted by facsimile shall have the same effect as original signatures.
AUTHORIZATION FORM
ATTACHMENT "A"
In the event a processing fee is not permitted to be listed on a settlement statement (such as FHA or VA loans, etc.) I ________________________________ (Your Name) authorized agent for ___________________________________ (Your Company Name) authorize and instruct, any designated closing agent, that is authorized to disburse funds on any loan applications originated by myself, partners, employees, loan officers, or representatives of my company, to withhold such charges from the brokerage fees due to my company and pay JENNIFER SCHLICHTER directly for any submitted invoices for third party loan processing services.
I have dated this agreement and signed below to provide this authorization. This document will be accompanied by an invoice from JENNIFER SCHLICHTER with instructions designating the dollar amount and address where to send the check.
This authorization and instruction is only limited to those loan applications “closed” or “funded” as those terms are generally known in the mortgage industry.
Signed this _____ day of _________________ 20____. Agreed, as governed by the laws of the state of Ohio:
JENNIFER SCHLICHTER:
[Signature] __________________________________ [Printed Name/Title]
_____________________________________
Company Representative:
[Signature] __________________________________ [Printed Name/Title]
_____________________________________
NEW CLIENT PROFILE
BROKER / LOAN OFFICER PROFILE
Date: _________________
Your Name: ____________________________________ Title: ____________________________
Your Broker’s License #: ___________________________
**PLEASE ALSO FAX A COPY OF YOUR BROKER’S LICENSE OR PRIMARY BROKER’S LICENSE AS WELL AS A COPY OF YOUR BUSINESS CARD ON YOUR LETTERHEAD**
Mortgage Firm Name: ___________________________________________
Mortgage Firm Address: ___________________________________________
___________________________________________
Main Bus. Phone: ____________________________ Direct Bus. Phone: ____________________________
Mobile Phone: ____________________________ Fax: ____________________________
Email Address: __________________________________ Website Address: __________________________________
*Which of the following describes your company: Brokerage Firm -or- Correspondent Lender? (Circle One)
*What is your Overnight Courier Account # to be used when submitting loans to the lender? ____________________________?
(Circle One): FedEx, DHL, UPS, AirBorne Express
PLEASE ANSWER THE FOLLOWING QUESTIONS:
- How long with your company: _______ years
- How long have you been originating loans: _______ years
- How long have you been in the mortgage industry: _______ years
- Are you a full time mortgage professional? ____ YES ____ NO
- What kinds of loans: __ FHA __ VA __ CONV __ SUB-PRIME
- Do you have a license for the states you originate in? ____ YES ____ NO
- Do you originate outside your home state? ____ YES ____ NO
- Do you sit with borrower, face to face? ____ YES ____ NO
- What is your current processing situation? In-house Processing / Contract Processing / Self-Processing (Circle One)
- What kind of software do you use? Calyx Point / Genesis / EnCompass / Other __________________________. (Circle One)
On _________________, 2005 I Certify The Above Answers To My Profile Are Correct. Your Initials: x
posted by Jennifer at 10:40 AM
0 comments
