Metropolitan HOME MORTGAGE, INC.
4 Park Plaza • Suite 800 • Irvine, CA 92614 • Tel 800.319.6001 • Fax 866.428.9953
REAL ESTATE AGENT FEE DISCLOSURE AGREEMENT
("Agreement") In this Agreement: l or me = Applicant(s); You = Real Estate Agent (“Agent”) Real Estate Agent Name: ________________________________________________________________________________________________ License Number: ____________________ License Expiration Date: ____________________________
Federal Tax ID or SSN (Required):________________________
Applicant Name(s): ________________________________________________________________________________ Applicant Address: _________________________________________________________________________________ Loan Amount: $____________________ Address of Property Being Financed (if different than above): ________________________________________________________________________________________________ Real Estate Agent Assistance. I engage you to assist me in arranging mortgage financing for my new or existing home, and you agree to provide such assistance. Services, goods, and facilities that you will provide to assist me in arranging mortgage financing for my home may include, but are not limited to: Taking information from me and filling out my mortgage loan application; Analyzing my income and debt to determine the maximum mortgage for which I may qualify and can afford; Educating me in the home buying and financing process, advising me about the different types of loan products available, and showing me how my closing costs and monthly payments could vary under each product; Collecting financial information (tax returns, bank statements) and other related documents that are part of the application process; Providing disclosures (e.g., good faith estimate and any required state disclosures;) to me; Proving me with Lender's rate lock policy agreement, explaining my rate lock choices, and assisting me in completing the form; Assisting me in understanding and clearing credit problems; Ordering verifications of employment and verifications of deposit and other related documents; Assembling and submitting a complete loan package on my behalf to the Lender; Maintaining contact with me, the Lender and other participants in my closing process to apprise them of the status of my application and gather any additional information as needed; Attending the closing. Amount of Agent Compensation and Related Fee Information. For your assistance, I agree to pay you the following fee(s) ("Fee" or "Fees"). However, you and I agree that the Fee or Fees will never, in the aggregate, exceed an amount equal to 1.5% of the loan amount. Real Estate Agent Fee: _________% of the loan amount or $_________________
I understand that the Fee(s) listed above is/are independent of fees that may be charged by the Lender. I further understand that the Fee(s) may be based on a percentage of the loan amount and may change if the final loan amount changes. You will provide me with a Good Faith Estimate of the fee or fees estimated to be charged by you and the Lender and certain other loan related fees. As reflected on the Good Faith Estimate, the Lender's fee structure, based on information and estimates available, will be correct as of the date of the Good Faith Estimate and subject to change. Method of Agent Compensation Payment. I agree and understand that (i) I am directly responsible for paying to you the Fee(s) listed above at or prior to the close of escrow, (ii) although I may elect to have the Fee(s) financed (i.e. included in my loan amount) the Lender does not participate in the computation of the Fee(s), or receive or pay any part of the Fee(s) that you charge me, and (iii) the Lender neither authorizes nor is responsible for collecting the Fee(s) I agree to pay to you. You are responsible for submitting to escrow this original Real Estate Agent Fee Disclosure Agreement, signed by you and me.
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Metropolitan HOME MORTGAGE, INC.
4 Park Plaza • Suite 800 • Irvine, CA 92614 • Tel 800.319.6001 • Fax 866.428.9953
Nature of Relationship. I acknowledge that you are my agent and not the agent of the Lender to whom you submit my loan application. Termination. This Agreement will continue until one of the following occurs: • My loan closes; • You and I mutually agree to terminate this Agreement; • You and I enter into a new Real Estate Agent Fee Agreement; or • _______ days expire from the date of this Agreement without any of the foregoing occurring. Real Estate Agent Fee Acknowledgment By signing below, I understand and agree to the terms of this Agreement. I understand that you, by signing below, warrant that you have made, or will make, all disclosures to me about this transaction, including the amount of the Fee(s), as required by applicable State and Federal law. You further warrant that your License, as indicated above, is current and in good standing. This Agreement does not supersede any Agreement between you and the Lender. I understand that the contractual obligation to comply with this Agreement rests solely with you, the Real Estate Agent, and no other entity (including the Lender) will be liable for any misrepresentation or non-performance of your obligations under this Agreement, or your collection of amounts in excess of the Fee(s) stated above. I understand that signing this Agreement does not obligate me to obtain a mortgage loan through you and does not prevent me from shopping for a mortgage loan with any other mortgage broker or lender. I understand that, by engaging you to provide loan brokerage services to me, the total cost of my loan may be higher than if I chose to obtain a loan directly from a lender. I also understand that this Agreement does not constitute a loan commitment or otherwise indicate mortgage loan approval. I acknowledge that you and any lender that makes a loan to me is relying upon this Agreement and upon my statement that I actually understand your role in the transaction and how you will be paid. All Applicants must sign below: ______________________________________ Applicant Date _________________________________ Co-Applicant Date
Authorized By: ___________________________________________________________________ Agent Signature Date Agent Certification to Lender By submitting this Agreement to Lender, Agent represents and warrants to Lender that Agent shall adhere to the terms of this Agreement and the requirements of all applicable laws and regulations. Such laws and regulations include, but are not limited to, any applicable licensing and disclosure laws as well as the federal Real Estate Settlement Procedures Act and HUD's Regulation X (RESPA). This includes, but is not limited to, RESPA's requirements to provide disclosures to the Borrowers and to perform other actual services in exchange for the Fee(s) set forth above. Agent represents and warrants to Lender that such disclosures and services have been or will be provided to the Borrowers. Agent further represents and warrants to Lender that all documentation submitted to Lender in connection with the mortgage loan application related hereto is, to the best of Agent's knowledge, true and correct.
_________________________________________________________________________________ Agent Signature Date
Copy of this form must be submitted to the Lender at the time of loan application, signed by the Agent and all Borrowers.
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