Network Broker Application Short Form
PLEASE TYPE OR PRINT ALL REQUESTED INFORMATION ALL INFORMATION IS REQUIRED Fax Completed applications to: (206) 202-6463
In addition to the application, and Service Agreement with all exhibits properly executed, we also require:
□ Resumé for all principals □ List of all employee’s names, telephone extensions, and email addresses □ List of branch offices with addresses and copy of branch licenses □ Copy of current license(s) □ Current broker status form from broker’s state of domicile □ Broker fee agreement on a per transaction basis □ W9 (requires FEDERAL TAX ID number) http://www.irs.gov
Your application WILL NOT BE PROCESSED if any of the above items are missing. Type or print neatly all requested information. All information is required. Do not leave items blank. Do not staple any part of the application package. While your application is in process, you are NOT authorized to submit loans on our behalf. DO NOT PROCEED until your application has been reviewed and approved. You will receive notification of your application status via email. Upon completion of all forms and required documents, please forward package to:
EZQualify 1925 Concourse Dr San Jose, CA 95131 Attention: Broker Approval Dept
You may fax the application. Do allow minimum of 10 working days for your application to be reviewed. You will be contacted via email regarding your approval status. Please provide a current and active email address for all correspondence.
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Network Broker Application
PLEASE TYPE OR PRINT ALL REQUESTED INFORMATION ALL INFORMATION IS REQUIRED BUSINESS NAME: PRIMARY BROKER CONTACT: EMAIL ADDRESS: ADDRESS: CITY/STATE/ZIP: PHONE: FAX:
COMPANY PRINCIPALS AND OFFICERS
NAME TITLE SOCIAL SECURITY NUMBER
COMPANY TYPE
Sole proprietorship: □ Date business started: County/State: Fed Tax ID #: Partnership: □ Corporation: □ LLC: □
If corporation, date of filing:
LICENSING
Please list all states in which your company is licensed to conduct business and provide copies of all licenses
STATE
LICENSE NO & TYPE
EXPIRATION DATE
CURRENT PRODUCTION:
Total number of branch offices: Your company’s Loan volume, previous 12 months:
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Network Broker Application
PLEASE TYPE OR PRINT ALL REQUESTED INFORMATION ALL INFORMATION IS REQUIRED
REFERENCES Please list lenders to whom you have brokered loans in the last 12 months
LENDER
CITY/STATE
TELEPHONE
CONTACT
It is understood and agreed that all information provided by the applicant(s) to EZQualify and contained in this application may be used to review and approve the ASSOCIATE Application. The applicant hereby authorizes such use of this information provided, and I/we acknowledge that all information herewith is true, correct and complete. Signed: Print Name: Title: Date:
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Network Broker Application
PLEASE TYPE OR PRINT ALL REQUESTED INFORMATION ALL INFORMATION IS REQUIRED
AUTHORIZATION
THIS FORM IS REQUIRED AND MUST BE SIGNED BY ALL COMPANY PRINCIPALS I/We hereby authorize you to release to Alpha Casero, Inc. dba EZQualify any and all information that they may require for the purpose of this transaction, including verification of employment, credit worthiness, licensing, etc. Social Security numbers are not required if a current credit report (within 6 months) on the principal is included with this application. NAME (Please print or type) Home Address Signature Date Soc Sec #
NAME (Please print or type) Home Address Signature Date
Soc Sec #
NAME (Please print or type) Home Address Signature Date
Soc Sec #
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Network Broker Application
PLEASE TYPE OR PRINT ALL REQUESTED INFORMATION ALL INFORMATION IS REQUIRED
KEY STAFF LIST
Include CLEAR copy of driver’s license or state-issued ID for all key staff
BROKER OF RECORD: NAME PHONE/EXT EMAIL ADDRESS
COMPLIANCE OFFICER: NAME PHONE/EXT EMAIL ADDRESS
PROCESSOR: NAME PHONE/EXT EMAIL ADDRESS
The following staff are authorized to receive information directly:
NAME
PHONE/EXT
ADDRESS
CONTACT
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Network Broker Application
PLEASE TYPE OR PRINT ALL REQUESTED INFORMATION ALL INFORMATION IS REQUIRED
BRANCH OFFICE(S)
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Network Broker Application
PLEASE TYPE OR PRINT ALL REQUESTED INFORMATION ALL INFORMATION IS REQUIRED
EMPLOYEE LIST (INCLUDE INDEPENDENT CONTRACTORS)
EMPLOYEE NAME TITLE PHONE/EXT EMAIL BRANCH/LOCATION
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NETWORK BROKER AGREEMENT
This Associate Service Agreement is made this day, ____________________, 200__, by and between Alpha Casero, Inc. dba EZQualify (hereafter referred to as EZQualify), a California corporation ("COMPANY"), and , Associate Company. ("ASSOCIATE") RECITALS (a) COMPANY is a California Department of Real Estate broker and H.U.D. approved FHA lender which operates the business of originating, processing, brokering and funding mortgage loans. COMPANY manages mortgage origination business, and is a broker licensed by the California Department of Corporations. (b) ASSOCIATE has certain expertise, experience, equipment, and personnel necessary to qualify loan originations, has ability to process mortgage loan packages, and market loan programs under the supervision of COMPANY. NOW THEREFORE, the parties hereto, in consideration of the mutual promises, contained herein, agree as follows: 1) ASSOCIATE: ASSOCIATE shall operate in conjunction with (and pursuant to the guidelines and quality control policy of) COMPANY, offering to potential borrowers various mortgage products, including but not limited to, first mortgage loans, refinance loans, home equity loans, lines of credit, or other secured loans, which may be offered from time to time by lenders with which COMPANY collaborates. Such loans shall be loans originated for COMPANY in states where COMPANY is licensed or exempt from licensing. ASSOCIATE may hold a license, or qualify to broker loans, in states other than where COMPANY is exempt. All loans are subject to the quality control policy established by COMPANY, and applicable State and Federal laws. 2) Quality Control Policy: COMPANY maintains a quality control policy, including the maintaining, at a central location, of a Loan Quality "Library" of funded loans. By entering into this Agreement, ASSOCIATE agrees to be subject to the quality control policy attached hereto, and made a part hereof, and such amendments thereto that are made from time to time. 3) Compensation: All compensation, fees, and rebates, shall be in accordance with the terms and conditions of the “Compensation Schedule” attached hereto.
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4) Due Diligence: In the performance of its obligations hereunder, ASSOCIATE agrees to timely take actions, fill out documentation, and provide accurate information to processors, underwriters, funders, and other personnel of COMPANY in order to ensure that the loans originated by ASSOCIATE are correctly submitted and can become successfully funded, purchased and shipped. While carrying out its obligations under this Agreement, ASSOCIATE agrees to use reasonable due diligence and best efforts to ensure that all information and documents presented to or through COMPANY will be complete, accurate and true. ASSOCIATE will take reasonable actions, including requesting from potential borrowers underlying documentation, in order to verify all information submitted by potential borrowers that appears to be incomplete, suspicious, or incorrect. 5) Use of Name: ASSOCIATE agrees that any Real Estate and/or Mortgage transactions conducted pursuant to this Agreement under COMPANY'S name and endorsement shall remain the property of COMPANY. All signs and advertising used by ASSOCIATE, including print, radio, and television must be submitted to COMPANY for approval prior to use. 6) Compliance with Law: ASSOCIATE agrees not to engage in any acts for which the state's regulating agencies are authorized to revoke or suspend a licensee. ASSOCIATE has full knowledge and will strictly abide by the current policies, rules and regulations of H.U.D., FHA, V.A., Fannie Mae, Freddie Mac, Ginnie Mae, and other local, State, or Federal Regulatory agencies which may have jurisdiction over COMPANY, or the duties performed by ASSOCIATE. ASSOCIATE agrees to maintain the necessary license, if any, required by the state in which ASSOCIATE resides. 7) ASSOCIATE is responsible for the supervision and control of employees, and will report to COMPANY any illegal acts and/or unethical conduct by that employee. ASSOCIATE will follow the requirements of all Agencies that supervise the Real Estate Mortgage Loan Industry. ASSOCIATE shall review, and supervise all transactions submitted on COMPANY’s behalf. All of ASSOCIATE'S employees must be aware of the rules and regulations of all governing agencies, and the requirements of COMPANY’s lenders. 8) Complaints: Any and all complaints, whether written or verbal, made to ASSOCIATE or ASSOCIATE'S employees by any borrower or applicant, shall be immediately reported by ASSOCIATE in writing to COMPANY regardless if such complaint or cancellation appears groundless or unfounded to ASSOCIATE. 9) Contracting: ASSOCIATE does not have the authority to enter into any contract or agreement on behalf of COMPANY, or to bind COMPANY in any matter, unless first authorized in writing by COMPANY. ASSOCIATE may not, in the name of COMPANY, contract with any other person, broker, originator, or the like, or allow the extension or the use of the COMPANY’s name by anyone other than ASSOCIATE and ASSOCIATE’S direct employees. Failure to comply may result in immediate termination and notice of termination to all lenders, licensing agencies, and service providers, including, but not limited to credit, escrow, and software vendors.
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10) Bank Accounts: At no time shall ASSOCIATE or any loan officer, independent contractor, or employee of ASSOCIATE, open any checking, savings, trust or other business account in the name of COMPANY, without prior written consent of COMPANY. All compensation, fees, discounts or funds paid by any lender, shall be paid into a COMPANY account as directed by COMPANY. 11) THIS AGREEMENT TAKES PLACE IN THE STATE OF CALIFORNIA. 12) ASSOCIATE’S OBLIGATIONS: (a) Generate accurate, real-time rate information, as well as specific information about all costs (e.g., closing costs, processing fees) that Borrower may be asked to pay in connection with a particular loan product. (b) Download loan data, product, and Borrower information from COMPANY’S systems to sites in the format(s) specified by COMPANY from time to time. (c) Cooperate with COMPANY in establishing procedures to allow effective communication between the Borrower, the sites and ASSOCIATE. (d) Use commercially reasonable efforts to timely track and report to COMPANY on the status of all pre-qualifications, inquiries, and other borrower responses regarding products which originate from a qualification form on sites, but which are communicated to ASSOCIATE directly by the borrower either through e-mail, tollfree numbers or other means. ASSOCIATE agrees to report such information as required in the Service Standards incorporated herein, and by reference made a part of this agreement, and other information that may be requested by COMPANY from time to time, at such time and in such manner as required by COMPANY. (e) Promptly review for accuracy and completeness, all information, site screens, processing and analytical mechanisms submitted to it for review by COMPANY, as they relate to loan products and services and report any necessary modifications to COMPANY. (f) Deploy an automated interface to its underwriting systems, acceptable in all respects to the parties. (g) Comply with all legal and regulatory requirements applicable to ASSOCIATE’S activities in offering of the loan products on the sites and dealing with Borrowers, including, without limitation, federal laws and regulations, such asTruth-in-Lending Act, the Fair Credit Reporting Act, the privacy provisions of the Gramm-LeachBliley Act and all applicable state laws and regulations.
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(h) Maintain copies of documents required by state and federal regulations and provide COMPANY with copies of such documents upon request of COMPANY and/or any government authority with regulatory jurisdiction over COMPANY. (i) Comply with the COMPANY’S Service Standards, and as the same may be amended and communicated to ASSOCIATE by COMPANY from time to time. COMPANY shall notify ASSOCIATE of any material changes to Service Standards prior to the effective date of such change(s). In the event ASSOCIATE objects to any proposed change of a material Service Standard, ASSOCIATE may terminate this Agreement, prior to the effective date of the new service standards, by giving thirty (30) days advance written notice to COMPANY. (j) Unless otherwise mutually agreed to by the parties, offer all eligible product types in all jurisdictions where COMPANY is authorized to conduct business. (k) Upon execution of this Agreement, elect to use COMPANY’S web functionality to process all loans, record status updates, and otherwise utilize COMPANY’S designated website for all related loans. 13) Trade Secrets: ASSOCIATE agrees that all loans in process, canceled and closed loans, computer printouts, reports, manuals, forms, keys, cards, flyers, supplies, and any marketing materials or contracts supplied or developed by COMPANY for itself, in the course of performance under this Agreement, are the sole property of COMPANY, and ASSOCIATE has no right, title or interest therein. Upon termination of this Agreement, ASSOCIATE shall immediately deliver possession of all such property to COMPANY. ASSOCIATE shall not, either directly or indirectly, use to ASSOCIATE'S own advantage, or the advantage of any other person or entity, any information gained on behalf of or from COMPANY. ASSOCIATE shall not make known to any person, firm or corporation the name or address of any of COMPANY'S clients, customers, borrowers, lenders, employees, independent contractors, ASSOCIATES or any information pertaining to them. ASSOCIATE shall not solicit, take or hire away, the customers, employees, independent contractors, other ASSOCIATES or salespersons of COMPANY. ASSOCIATE acknowledges that service marks, trademarks, trade names, designs, slogans, logos, advertising copy used or to be used and Internet programs, and all inclusive materials, are the exclusive property of COMPANY and shall not be communicated to anyone or be used in violation of this Agreement, unless the aforementioned were made known to COMPANY by ASSOCIATE. 14) Expenses: Any expenses incurred by ASSOCIATE, including but not limited to such as cancellation fees, unpaid credit report and appraisal fees, car phone charges and the like, as well as expenses of ASSOCIATE'S employees, are the sole responsibility of ASSOCIATE, and, if unpaid, may be deducted from ASSOCIATE'S future compensation. 15) Taxes: ASSOCIATE shall be responsible for all withholding payments for federal and state taxes including, but not limited to, self-employment taxes, social security, state and federal income taxes or state disability insurance that may become due. As it relates to ASSOCIATE'S employees, ASSOCIATE shall be solely responsible for the payment of employee and employer payroll taxes as required by law. ASSOCIATE shall procure Worker's Compensation Insurance
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for ASSOCIATE'S employees. In the event that COMPANY is charged back taxes and penalties on ASSOCIATE and/or ASSOCIATE'S employees, for whatever reason, be they state or federal, ASSOCIATE agrees to be liable for payment of all taxes and penalties, including the employer's portion of the state and federal tax liabilities and penalties. 16) Termination: COMPANY may immediately terminate this Agreement without notice and COMPANY will have no further obligations hereunder upon: (1) failure of ASSOCIATE to perform under any term, condition, covenant, or obligation in this Agreement; (2) the finding by COMPANY that any representation or warranty made by ASSOCIATE is false or incorrect in any material way; (3) commencement by or against ASSOCIATE of any bankruptcy, insolvency, or similar proceeding; or (4) COMPANY’s determination that ASSOCIATE’s actions contravene the terms and conditions of this Agreement or could adversely impact COMPANY’s activities or reputation. Other than for the reasons set out in the previous paragraph, either party can terminate this Agreement upon 10(ten) days notice to the other. In event of termination, whatever the cause or manner, ASSOCIATE shall cooperate with and assist COMPANY in obtaining and providing to COMPANY the documentation necessary to complete the processing, closing, funding, and purchase of loan applications. 17) Arbitration: Any controversy or claim arising out of or relating to this agreement, or the breach thereof, shall be settled by arbitration pursuant to the Rules of the American Arbitration Association, and judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. 18) (a) Indemnity: ASSOCIATE will hold COMPANY free and harmless from any and all conflicts that may arise as a result of ASSOCIATE'S business practices. ASSOCIATE agrees to defend COMPANY from any claims, complaints or lawsuits that may arise from ASSOCIATE'S actions, and will reimburse COMPANY for any and all expenses incurred by COMPANY, to defend itself from any third party's wrongful allegations as to the manner in which ASSOCIATE or its employees conduct business; including, but not limited to, acts of fraud or misrepresentation. In particular, ASSOCIATE agrees to indemnify COMPANY and hold them free and harmless from any loss, cost, expense or liability arising out of any requirement imposed on COMPANY by a secondary market lender to reacquire any loan submitted by ASSOCIATE and funded through COMPANY, or sold to such lender by COMPANY, if the basis for such repurchase by subject lender is that: (a) the concerned loan is defective, and (b) such defect constitutes or results from a violation of any representation of warranty made by ASSOCIATE under this Agreement. ASSOCIATE agrees COMPANY may retain any funds held by COMPANY and due ASSOCIATE, and apply the same to any reimbursement due COMPANY. (b) Recapture: In the event COMPANY receives notification from one of its Lenders, utilized by an ASSOCIATE, that requires recapture of previously paid “services release premium”, and/or “yield spread premium fee” (as those terms are defined for federal disclosure purposes) and which equivalent amounts were paid as a part of the ASSOCIATE’S gross compensation,
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the ASSOCIATE will be required to refund that amount upon notification to the ASSOCIATE by COMPANY. 19) Insurance: ASSOCIATE agrees to provide COMPANY with evidence of liability insurance coverage and Errors and Omissions insurance in an amount, and in term(s) acceptable to COMPANY. 20) Notice: All notices hereunder shall be in writing. Notices may be delivered personally, by UPS or other private courier, by electronic mail, or by certified mail, postage prepaid, return receipt requested, to the respective PARTIES as follows:
(“ASSOCIATE") Name Address City State, Zip
("COMPANY") Alpha Casero, Inc. dba EZQualify 1925 Concourse Dr. San Jose, CA 95131
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21) Choice of Law: This Agreement shall be governed by and construed pursuant to the laws of the State of California. 22) Severability: Any provision(s) of this Agreement held invalid, void or illegal in no way affects, impairs, or invalidates any other provision thereof, and such other provision(s) shall remain in full force and effect. 23) Assignment: This Agreement shall not be assigned by either Party without the prior written consent of the other Party. Such consent shall not be unreasonably withheld. 24) Successors: The provisions of this Agreement shall obligate, extend to and inure to the benefit of the respective heirs, personal representatives, successors and assigns of the Parties. 25) Waiver: No waiver of any of the provisions of this Agreement shall be deemed a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the PARTIES making the waiver. 26) Authority to Enter Agreement: Each of the signatories hereto represents and warrants that it has the right, power, legal capacity and authority to enter into and perform its obligations under this Agreement, and that no further approvals or consents of any persons, Board of Directors or entities are necessary for it to enter into and perform such obligations. 27) Captions: The various headings and numbers in this Agreement are for the purpose of convenience only, and shall not be considered a part of this Agreement. 28) Non-Modifiability: This Agreement and the attached Commission Schedule constitute the entire Agreement between the PARTIES and supersedes any and all prior negotiations and representations. It is expressly agreed and understood that there are no representations, promises or inducements of any kind, oral or written, by either of the PARTIES, or representatives of either of the PARTIES, except as set forth herein. This Agreement may not be amended, modified, waived or changed in any respect except in writing, and duly executed by both PARTIES. 29) Mutual Agreement: The PARTIES have reviewed this Agreement with their respective attorneys.
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WITNESS the signatures of the PARTIES hereto the day and year as set forth.
EZQualify By: Name: Date: Title:
(“ASSOCIATE”) ASSOCIATE’s Signature: Print ASSOCIATE’s Name: Date: Title:
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EXHIBIT A COMPENSATION SCHEDULE
COMPENSATION Upon the closing of any loan sourced by ASSOCIATE, and on confirmation of receipt of funds by COMPANY at their bank in San Jose, California, after receipt and quality review of said loan package, COMPANY shall issue a check to ASSOCIATE for all amounts, payable on said loan, funded to COMPANY by lender, except as follows: COMPANY has agreed to compensate ASSOCIATE an amount (calculated on a percentage basis) in the Transaction Broker Fee Agreement. The total funded check (total compensation) will usually be more than this amount. COMPANY shall pay the agreed compensation to ASSOCIATE and shall keep the rest of the total funded check (total compensation). This is inclusive of the Lender / Wholesale Lender Yield Spread Premium and $695 processing for fees for all 1st loans and combo loans. EXAMPLE by way of illustration only and not limitation: If the loan yields a total of 3 points (3%), and the ASSOCIATE has agreed in the Transaction Broker Fee Agreement to accept 1 point (1%) in compensation, COMPANY shall retain the difference of 2 points (3% minus 1%), plus the processing fee. COMPANY’s duty is to secure the loan at the borrower’s promised rate. Stand-alone 2nd’s shall also be subject to the same except $200 for processing. It is understood that this compensation is to benefit the borrower by yielding a lower pricing with COMPANY’S banks versus ASSOCIATE’s banks. REFERRAL FEES Any referral fees received by COMPANY on behalf of ASSOCIATE will be considered as part of ASSOCIATE’S compensation on that loan and paid accordingly.
ASSOCIATE hereby acknowledges that by signing below, has read and fully understands this EXHIBIT.
Signature of ASSOCIATE
Date
Signature of Principal Officer
Date
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EXHIBIT B SERVICE STANDARDS QUALITY CONTROL
In order to provide consistent, timely and high quality services to our customers, ASSOCIATE shall comply with the following service and quality control standards: LOAN APPROVAL ASSOCIATE shall enter a complete and thorough response for each approval or counter offer by entering in the loan amount, interest rate, points, annual percentage rate (APR), monthly principal and interest payment, loan term and required down payment, if applicable. COMPLAINTS ASSOCIATE shall follow up on all Borrower complaints or requests and assist COMPANY in responding to complaints directed to COMPANY concerning ASSOCIATES. CONTACT INFORMATION ASSOCIATE shall promptly report any changes in address or contact information to COMPANY within 10 days of change. PROFESSIONAL CONDUCT ASSOCIATE shall provide excellent customer service to any and all parties to loan transactions, including potential customers, borrowers, clients, COMPANY personnel, vendors, and lender representatives. ASSOCIATE shall communicate in a professional manner at all times. ASSOCIATE CODE ASSOCIATE is assigned an ASSOCIATE code upon approval. This code shall be provided for identification and verification purposes to approved lenders, vendors, COMPANY personnel, and customers, as required. APPROVED LENDERS ASSOCIATE will submit loans only to approved lenders, through approved lender account executives. EZQualify “Scenario Pricer” will allow ASSOCIATE to input scenarios and receive information back regarding pricing and if the deal can be done with COMPANY’s approved Lenders. “Scenario Pricer” is available on COMPANY’S website.
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APPROVED STATES LIST ASSOCIATE will originate loans only in approved states. ASSOCIATE will consult the APPROVED STATES LIST prior to submission of any EZQualify loan. The Approved States List is updated occasionally, and is available by request. ADDRESS REQUIREMENTS: ASSOCIATE shall utilize EZQualify Company name & address only, on all documents, which is: Alpha Casero, Inc. dba EZQualify 1925 Concourse Dr. San Jose, CA 95131 PRIVATE WEBSITE ASSOCIATE shall register with and consult COMPANY’S website on a regular basis to obtain periodic procedural updates and information pertaining to COMPANY’S policies. LENDER CONTACTS ASSOCIATE shall communicate in a professional manner at all times. ASSOCIATE shall identify as an EZQualify Loan ASSOCIATE, Processor, or Loan Manager only. ASSOCIATE shall use only COMPANY approved email addresses, fax cover sheets, supplemental documentation forms, and telephone numbers. VENDORS ASSOCIATE shall use COMPANY-approved vendors. ASSOCIATE does not have authority to enter into any contract or agreement on behalf of COMPANY, or to bind COMPANY in any manner, unless first authorized in writing by COMPANY. APPRAISALS Appraisal services shall be ordered COD only and shall be paid outside of closing. ADVERTISING & MARKETING ASSOCIATE shall have all marketing & advertising material reviewed and approved by COMPANY prior to use. LICENSING, EXEMPTION, REGULATION & COMPLIANCE DOCUMENTATION ASSOCIATE shall direct all regulation and compliance issues or questions to the Office of Regulation and Compliance. Licensing and Exemption requests shall be directed to the COMPANY’S designated representative only. Licensing and exemption information is the sole responsibility of COMPANY. ASSOCIATE shall not represent COMPANY in any management capacity to potential or approved lender representatives.
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TITLE and ESCROW ASSOCIATE shall open title services in the name of and using the designated address of COMPANY. ASSOCIATE shall use designated forms provided for all title openings. All broker fees shall be payable to EZQualify. Wiring of broker commission funds shall not be authorized under any circumstances. QUALITY CONTROL All loans shall be subject to Quality Control review at any time during the loan process. ASSOCIATE’s shall make available to COMPANY all documentation necessary to determine the quality and integrity of all submissions. COMPLIANCE COPY PACKAGES ASSOCIATE shall promptly provide a complete and accurate compliance package for postclosing quality review. ASSOCIATE shall provide the package in the electronic format set forth on the Electronic Stacking Order Form. ASSOCIATE compensation shall be released when all required items have been received and the file has passed compliance and quality review.
I hereby read the foregoing and understand EZQualify’s Service Standards and Quality Control Policy:
Signature of ASSOCIATE
Date
Signature of Principal Officer
Date
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EXHIBIT C LOAN FRAUD ZERO TOLERANCE POLICY
All ASSOCIATE’s must be aware that the Broker responsibility is passed on to the ASSOCIATE and his or her employees. The ASSOCIATE is responsible for the content and quality of each application taken and each loan submitted on behalf of EZQualify. THE SUBMISSION OF A LOAN APPLICATION CONTAINING FALSE INFORMATION IS A CRIME!! Types of Loan Fraud 1) Submission of inaccurate information, including false statements on loan application(s) and falsification of documents, purporting to substantiate credit, employment, deposit and asset information, personal information including identity, ownership/non-ownership of real property. 2) Forgery of partially or predominantly accurate information. 3) Incorrect statements regarding current occupancy or intent to maintain continuing occupancy as states in the security instrument. 4) Lack of due diligence by ASSOCIATE/loan officer/processor, including failure to obtain all Information required by the application and failure to request further information as dictated by Borrower’s response to questions. 5) Unquestioned acceptance of information or documentation which is known, should be known, or should be suspected to be inaccurate. 6) Simultaneous or consecutive processing of multiple owner-occupied loans from one applicant supplying different information on each application. 7) Allowing an applicant or interested third-party to “assist with the processing of the loan”. 8) Non-disclosure of relevant information. Consequences The effects of “Loan Fraud” are costly to all involved. EZQualify stands behind the quality of its loan production. Fraudulent loans damage our reputation with our lenders and mortgage insurance providers. The price paid by those who participate in “Loan Fraud” is even more costly. The Following is a list of a few of the potential consequences that may be incurred: 1) Acceleration of debt (FNMA/FIILMC Deed of Trust, revised 9/90). Item #6 states: “Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to lender or failed to provide lender with any material information in connection with the loan evidenced by the property as principal residence.” Note: Foreclosure under the Borrowers will not have the benefit of reinstatement in order to cure the default; the Borrower must pay-off the loan in full prior to the sale date of the property.
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2) 3) 4) 5) 6) 7)
Criminal prosecution. Civil action by EZQualify and ASSOCIATE. Civil action by other parties to transaction, such as seller or estate agent/broker. Employment termination. Loss of professional license, if any. Adverse effect on credit history.
I hereby read the foregoing and understand EZQualify position on “Loan Fraud”.
Signature of ASSOCIATE
Date
Signature of Principal Officer
Date
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EZQualify
1925 Concourse Drive San Jose, CA 95131
Transaction Broker Fee Agreement
Borrower(s) ________________________________________________________
Property Address _____________________________________________________ Alpha Casero, Inc dba EZQualify (hereafter referred to as EZQualify) acting in a brokerage capacity, will provide the following services in assisting borrowers to secure financing for the above referenced property; mortgage programs explanations; application completion assistance, loan commitment acceptance coordination. The transaction will have partial work done by ___________ _____________________ company (hereafter referred to as Associate) acting as main originator in this transaction.
The foregoing services are consultative only. Borrowers will rely on their own judgment in deciding which loan product, if available to the borrowers’ best suits their needs and financial means. Borrowers are not relying on EZQualify to select a product for them. All fees charged by ASSOCIATE is due and payable to ASSOCIATE, these fees include: Loan Origination Fee: _____________ Credit Report Fee: ________________ Mortgage Broker Fee: _____________ Processing Fee: __________________ Underwriting Fee: ________________ Rebate: _________________________ Less Credit for Closing Costs: _________________________
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EZQualify shall deduct the remainder of the difference of compensation in accordance with Exhibit A of the network Broker agreement. It is understood that on deals where EZQualify relies on another wholesale channel to secure the financing (in the best interest of the borrower), that channel fee shall be deducted prior to the Gross Commission. This fee is required by THE BROKER. It is not imposed by the lender; however, it will be disclosed by the lender in connection with all finance charge disclosures. The lender will fund the loan.
I/We agree to the above terms and conditions, and authorize the release of all Monies in accordance with the above compensation plan.
Date: ___________ Associate Broker: _______________________________________
Date: ___________ Associate LO: __________________________________________
Date: ___________ EZQ Representative: _____________________________________
EZQ Trans # _______
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