Customer Agency & Fee Agreement
(Note: In the following disclosure, I or me=applicant; you=mortgage broker)
New York loans are arranged with 3rd party lenders
have advised me that you are authorized to provide me assistance in
securing financing. I understand that your services may include, but
are not limited to:
- Counseling on available loan financing products.
- Counseling on general loan qualification procedures and requirements;
- Counseling on our debt service and finance capabilities;
- Assistance in completing loan applications
assistance in processing the loan application and meeting any
conditions of the loan commitment, such as title , insurance,
appraisal, income verification, mortgage verification and deposit
hereby agree to engage you as my agent for the purpose of advising me
about financing and to provide the services described above. This
agency will continue until the earlier of the education of my loan
request, the closing of my loan or my termination of your services. I
acknowledge that prior to paying any fees or completing any
application, I was advised of the following:
You are not authorized to make mortgage loans or commitments.
You cannot guarantee acceptance into any particular loan program, not can you promise any specific loan terms or conditions.
Your services are advisory and administrative in nature.
I understand that the rate, points
and other terms as quoted in the commitment by or on behalf of the
lender, encompass the consideration to be received by the mortgage
broker (Mortgage Town USA, Inc.) from a lender for your services. I
understand the maximum points, including premium pricing; payable by
the lender to you (Mortgage Town USA, Inc.) is not known at this time
but will be disclosed to me at the of lock in or when the rate is set.
The maximum points paid, including premium pricing payable by the
lender to you, shall not exceed 0-4%. I also understand that any points
to be paid by me to you will be 0-4% of the loan amount and 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. Mortgage Town USA, Inc. mortgage loan products may impose a
prepayment penalty on the borrower. Mortgage Town USA, Inc. will notify
me of any such prepayment conditions when the lender issues the
approval. This will be furnished to me at or before the commitment and
therefore with my full acceptance of this penalty.
understand that in addition to the above fees, Mortgage Town USA, Inc.
for the services stated below will charge the following fees:
� Appraisal Fee: N/A
� Processing Fee: $346.00
� Credit Report Fee: $19.00
understand that the name of a person that I may call if I have any
questions regarding my loan application is Elaine M. Duphiney at
800-633-2274 Mortgage Town
I have read the Fee Agreement.
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Mortgage Town USA, 2080 Mineral Spring Ave. North Providence, Rhode Island 02911, Phone: 401-232-0700, Fax: 401-232-0397