Specializing in Teaneck Mortgages, New Jersey Home Loans, Teaneck Second Mortgages, Teaneck New Jersey Debt Consolidation

MORTGAGE BROKERAGE AGREEMENT AND DISCLOSURE

Registered Mortgage Broker
NYS Banking Department
Loans Arranged with 3rd Party Lenders
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.

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 termination of your services.

I acknowledge that prior to paying any fees or completing any application(s), I was advised the following:

  • Your services are advisory and administrative in nature;
  • You are not authorized to make mortgage loans or commitments; and
  • You can not 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:

The lender will pay you a fee of 3% of the loan amount or $ XXXX. The compensation you will receive from the lender for
your services is included in the rate, points, fees and terms of the loan as quoted by the lender in its commitment. The
maximum points paid, including premium pricing payable by the lender to you, shall not exceed 3 points.

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 isset. The maximum points paid, including premium pricing payable by the lender to you, shall not exceed XXXX points.

I will pay you, from the loan proceeds, a fee of 3% of the loan amount or $XXXX. I authorize the lender’s attorney to collectthis fee from me at closing.

I will pay you, directly, upon my signed acceptance of a commitment XXXX or at closing XXXX, a fee of XXXX% of the loan amount or $XXXX.

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 (not collected at time of application – paid at closing)
 $ 450.00
  • Property appraisal fee (not collected at time of application – paid at door or closing)*
 $ 500.00
  • Credit report fee (not collected at time of application – paid at closing)*
 $ 13.95

* The property appraisal fee and the credit report fee are estimates of the actual cost of the services. Should the actual costs exceedthe estimate, I understand that I will be billed and will pay the shortfall at or prior to closing.

  • The application fee is not 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: $ 595.00

PREPAYMENT PENALTIES:

I understand that certain mortgage products impose a prepayment penalty on the borrower. You will disclose the amount of, or theformula for calculating, the prepayment penalty, 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 Joseph Gross at Qualified Mortgage Inc.. If I livemore than 50 miles from the office at which my file is being processed, I may call you toll free at 1-800-662-0125, or if unavailable, Imay call you collect.

DESIGNATED LENDERS:

I understand that you place loans primarily with three or fewer lenders designated below.

  1. N/A
  2. N/A
  3. N/A

**This only applies to you if box is checked

PRIVATE LENDERS: **

This loan will be placed with a private lender that is neither an exempt organization nor licensed pursuant to Article 12-D of theBanking Law. Therefore, certain consumer protections and lender disclosures required by New York Law and Regulations do notapply to the loan. A balloon mortgage placed with a private lender need not have a term of at least three (3) years.

DIVISION OF FEES:

The fees received by you are being divided between you and XXXX. You shall receive a fee of $0.00 or a good faith estimate of$0.00 and XXXX shall receive a fee of $0.00 or a good faith estimate of $0.00.

ACKNOWLEDGMENT

By signing below, I hereby acknowledge reading and understanding all of the information disclosed above, and receiving acopy of this Pre-Application Disclosure and Fee Agreement.

I agree to retain 'Qualified Mortgage Inc.' as my Mortgage Broker under the above terms and conditions