Broker Fee Agreement Form PDF Details

When applying for a mortgage, navigating the financial landscape can be daunting, but the Broker Fee Agreement form plays a critical role in defining the terms of engagement between you and your mortgage broker. This document clearly outlines the compensation the broker will receive for their services in arranging your mortgage loan, whether this payment comes directly from you, the borrower, or the lender. It includes essential details such as the applicant name(s), subject property address, loan originator, and the company details, including their Nationwide Multistate Licensing System (NMLS) IDs, ensuring transparency and compliance from the outset. Not only does it specify non-negotiable broker compensation, which is set within a minimum and maximum fee, but it also emphasizes adherence to Federal Fair Lending Laws to prevent discrimination based on race, color, religion, sex, marital status, age, public assistance income, or the exercising of rights under consumer protection laws. By signing this agreement, both the applicant and the loan originator affirm their understanding, voluntary agreement to the terms, and commitment to upholding fairness and equity in credit transactions, underscored by the inclusivity of federal regulations. This form not only facilitates clarity and fairness in the loan process but also serves as a binding commitment to ethical practice, backed up by federal oversight bodies to which instances of discrimination can be reported. The presentation of this information prior to the commencement of service ensures all parties are informed, agreed upon the compensation structure, and are aware of their rights and the legal standards governing the transaction.

QuestionAnswer
Form NameBroker Fee Agreement Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesstandard broker fee agreement form, mortgage broker fee agreement and disclosure, commercial broker fee agreement california, brokers fee agreement

Form Preview Example

 

MORTGAGE BROKER FEE AGREEMENT

 

 

 

Applicant Name(s):

 

Subject Property Address:

 

 

 

Loan Originator Name:

 

Loan Originator NMLS ID:

 

 

 

Loan Origination Company:

 

Loan Origination Company NMLS ID:

 

 

 

We are acting as your mortgage broker. By signing below, you request us to arrange a mortgage loan from a mortgage lender, and you agree to the broker compensation listed below for our services. Our broker compensation may be paid by you directly or the mortgage lender, but not both.

We do Business in Accordance with Federal Fair Lending Laws

UNDER THE EQUAL CREDIT OPPORTUNITY ACT, IT IS ILLEGAL

TO DISCRIMINATE IN ANY CREDIT TRANSACTION:

On the basis of race, color, national origin, religion,

sex, marital status, or age;

Because income is from public assistance; or

Because a right has been exercised under the Federal

Consumer Credit Protection Laws.

IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST,

YOU SHOULD SEND A COMPLAINT TO ONE OF THE FOLLOWING:

U.S. Department of Justice

Consumer Financial Protection Bureau

Federal Trade Commission

Civil Rights Division

P.O. Box 4503

Washington, DC 20580

Housing and Civil Enforcement Section

Iowa City, Iowa 52244

(202) 326-2222

Washington, DC 20530

(855)

411-CFPB (2372)

https://www.ftccomplaintassistant.gov/

1-800-896-7743

(855)

729 CFPB (2372) (TTY/TDD)

 

http://www.usdoj.gov/crt/housing

www.consumerfinance.gov

 

YOUR MORTGAGE LOAN

You are currently applying for a mortgage loan in the amount of $_______________________. Broker compensation is non-

negotiable. If the actual loan amount changes from this amount and broker compensation is specified as a percentage of the loan amount, then the dollar amount of the broker compensation will also change accordingly.

Broker Compensation

We will be compensated as your mortgage broker in the amount of _________% of your loan amount, but not less than

$1,500 and not more than $15,000.

Amount of Broker Compensation Based on Loan Amount: $

 

Paid by:

Borrower

Lender

LOAN ORIGINATOR ACKNOWLEDGEMENT

By signing below, I affirm that we have not discriminated on the basis of race, color, religion, national origin, sex, marital status, handicap, familial status, or any other legally prohibited basis in setting the amount of broker compensation.

APPLICANT ACKNOWLEDGEMENT

By signing below, I acknowledge that I have received a fully executed copy of this Agreement at the time of my mortgage application. It has been explained to me and I understand it. I voluntarily enter into this Agreement and agree to the broker compensation above.

Loan Originator Signature

 

Date

 

 

 

 

 

 

 

 

 

 

 

Applicant Signature

 

Date

 

Applicant Signature

 

Date

 

 

 

 

 

 

 

Applicant Signature

 

Date

 

Applicant Signature

 

Date

MBFA_20151003

How to Edit Broker Fee Agreement Form Online for Free

Our PDF editor was made with the objective of making it as simple and intuitive as possible. The following actions can certainly make filling out the broker agreement quick and simple.

Step 1: To begin the process, choose the orange button "Get Form Now".

Step 2: When you have accessed the editing page broker agreement, you will be able to see each of the functions intended for the file inside the upper menu.

The following sections are included in the PDF form you will be creating.

entering details in commercial broker fee agreement california part 1

Provide the necessary details in YOUR MORTGAGE LOAN You are, Broker Compensation We will be, Amount of Broker Compensation, Paid by, Borrower, Lender, LOAN ORIGINATOR ACKNOWLEDGEMENT By, APPLICANT ACKNOWLEDGEMENT By, Loan Originator Signature, and Date part.

commercial broker fee agreement california YOUR MORTGAGE LOAN You are, Broker Compensation We will be, Amount of Broker Compensation, Paid by, Borrower, Lender, LOAN ORIGINATOR ACKNOWLEDGEMENT By, APPLICANT ACKNOWLEDGEMENT By, Loan Originator Signature, and Date fields to insert

Step 3: As soon as you've selected the Done button, your document should be ready for transfer to each device or email address you identify.

Step 4: Ensure that you stay away from forthcoming difficulties by getting at least two duplicates of the form.

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