Phone: 971-222-3734 Fax: 503 296 5663 info@bestshortsales.com.
NW Loan Modification Network & NW Loan Mitigation Network Affiliate Agreement
Parties:
Oscar A Morante Advanced Real Estate Concepts, LLC (AREC, LLC) Oscar Morante 9220 SW Barbur Blvd. Suite 119 – Box 159 Portland, Or 97219 And Affiliate Name: Address: Phone __________________________________________________________________________________________ __________________________________________________________________________________________ _____________ Cell Phone _______________ Fax:_____________ Email: ___________________________
Date: _____________
Background:
Advanced Real Estate Concepts, LLC, from now on, referred to as AREC, is a real estate investment, services and training limited liability company based in Portland, Oregon. The company’s organizer and main decision maker is Oscar A Morante. Oscar Morante is also a real estate agent based in Portland, Oregon and licensed in Oregon and Washington. From now on Oscar Morante will be referred to as Oscar. Loss mitigation and loan modification services are related to real estate but not real estate services. NW Loan Modification Network, NW Loan Modification and NW Loss Mitigation Network are sub-brands of AREC. This agreement, between AREC and the above mentioned affiliate, is for marketing and co-operation of loss mitigation and loan modification services.
Nature of Agreement:
Affiliate will be the link between the property owner and AREC. To accomplish this, the affiliate is responsible for the functions below. Facilitation & Marketing Service – Affiliate will market and provide loss mitigation facilitation services to property owners. This includes, among other things, assisting the homeowner in collecting all loan modification documents required. See Exhibit 1 Prepare Loan Modification Package – See Exhibit 1. Communications – Affiliate to be the communication link between AREC and the property owner. AREC will provide the tools and communication systems to minimize affiliate work as much as possible. Update Documents – If needed, provide any updated versions of documents already delivered. See Exhibit 1. Complete all required application forms. See Exhibit 1. Take Payments From Client – Take payment as per instructed by AREC. See Exhibit 1. Training – Affiliate to attend mandatory web based, webinar or in person training announced by AREC, LLC Non-Disclosure - See Exhibit 1 Client Relationship – Upon acceptance of loan modification case, client belongs to AREC.
Commission Payment:
Loss mitigation commissions are on the schedule below. Commissions are payable either the 8th or 18th or the next business day if it is a weekend or banking holiday. Client must have paid, payment cleared, and case passed quality assurance. 1 – Lead Referral Only: $ 300 This means just sending us a lead. No commitment obtained by affiliate. 2 – Completed Service Sale: See Exhibit 2 - Commissions This means affiliate obtained complete commitment and payment from clients and all was accepted by AREC, LLC or its successors. Page 1 of 2 – Affiliate Agreement Affiliate Initials: ___________ Date: _______
9220 SW Barbur Blvd. · Suite 119 - #159 · Portland, OR 97219
Phone: 971-222-3734 Fax: 503 296 5663 info@bestshortsales.com.
Affiliate Licensure:
Affiliate must hold at least one of the following licensure credentials in current status. Some exceptions apply. Please initial applicable license(s). Real Estate in Oregon or Washington Affiliate Initials: ___________ Date: _______ Mortgage in Oregon or Washington Affiliate Initials: ___________ Date: _______ Real Estate Appraiser in Oregon or Washington Affiliate Initials: ___________ Date: _______ Licensed in Other States (type and state) ________________________________________________ Other:_____________________________ Affiliate Initials: ___________ Date: _______ Alternate Qualifications If Not Licensed _________________________________________________________________
Acceptance of Loan Modification Clients:
AREC and/or its partners will refuse any client, at any point, if not perceived as viable loss mitigation candidate. Reason need not be stated. Anything indicating possible fraud, untruthfulness or bad attitude of client will result in cancellation of contract with no client fee refund or payment to affiliate. Affiliate is responsible of carefully screening loan modification clients.
Termination:
This is an open ended contract. Any party can terminate this contract at any time. Affiliate will not be paid for any incomplete work.
Legal Disputes:
Please address any issue directly with AREC, LLC. first. Any legal dispute that may arise shall be resolved under the state of Oregon law in Multnomah County. Any dispute shall be arbitrated. Losing party shall pay for all legal expenses.
Amendments & Addendums:
This contract may be subject to changes. Changes will be presented to affiliate in writing in the form of amendments or addendums. Affiliate shall return to AREC signed document copy within 48 hours via fax or email. Refusal to return signed addendum may cause affiliate agreement cancelation.
Commencement:
This affiliate agreement becomes valid, current and enforceable the same date as the signatures below.
_______________________________ Oscar Morante Advanced Real Estate Concepts LLC
________________________________________ Affiliate Signature & Date ________________________________________ Affiliate Name
Page 2 of 2 – Affiliate Agreement
9220 SW Barbur Blvd. · Suite 119 - #159 · Portland, OR 97219
Phone: 971-222-3734 Fax: 503 296 5663 info@bestshortsales.com.
Exhibit 1 Contracted Affiliate Services Agreement
From now on in this contract, a property owner receiving loss mitigation services is referred to a “client”. Each completed Client loan modification package shall be completed as per below. A – Complete Loss Mitigation Package 1. Only complete loss mitigation packages are accepted. 2. Download latest version of loss mitigation package from NWLoanModNet.com 3. Complete loss mitigation package includes full payment B - Loss Mitigation Documentation Client Hardship Documentation: 1. Client Hardship Letter 2. Applicable hardship documentation such as Medical Bills, Divorce Decree, Death Certificate, Unemployment documentation with date of termination, etc. 3. Change of employment or decrease of income information (if applicable) 4. Other hardship information as may be applicable Client Financial Documentation: 1. Completed financial statements – Use provided – See A-1 2. Client monthly budget worksheets – Use provided – See A-1 3. Copies of two months payroll receipts or stubs (if applicable) 4. Copies of two months of the most recent bank statements for all accounts 5. Self-employed to include a profit and loss statement and bank statements for business accounts for the last three months 6. Verification of any other sources of income (rental agreements, room rental agreements, support orders, award letters, etc (if applicable) 7. Documentation or statement of client not qualifying for refinance as alternative to loan modification (may be brief letter) 8. For rental (N/O/O) properties, include rental profit and loss statement (net operating income calculation) 9. Modification and alternative scenarios including short sale and foreclosure (example to be provided) 10. Last two years tax returns, federal only, signed and dated. May be waived. 11. Last two (2) years W-2 (should be within or accompany tax returns) May be waived. Mortgage Loan Related Documentation: 1. Documentation of loan adjustment, recast, or resetting notification, etc. 2. All legal notices received from current lenders (if any) 3. All lender correspondence including but not limited to copies of correspondence received, address, phone numbers and 4. Name(s) of any individual with whom Client has had discussions concerning loans, with brief descriptions 5. Copy of most recent set of loan documentation C - Document Updates Every effort will be made to not have to request any updated documents from property owner and affiliate. However, given the nature of loan modifications, updated document may be required. When needed, it is critical to obtain this material ASAP. Failure to do so may jeopardize the loan modification effort. Affiliate shall obtain from property owner updated versions of any of the documents above, such as latest pay stubs, within 72 hours. Affiliate shall provide such documents as per specifications above.
Page 1 of 2 – Exhibit 1
Affiliate Initials: ___________ Date: _______ 9220 SW Barbur Blvd. · Suite 119 - #159 · Portland, OR 97219
Phone: 971-222-3734 Fax: 503 296 5663 info@bestshortsales.com.
D - Graphical Quality of Loss Mitigation Package Documents need to be submitted in clearly legible, usable and “authenticatable” format. Distorted and low quality documents are not acceptable. The graphical quality of the documents is critical for effective negotiation. Present documents as per the specifications below. 1. 2. 3. 4. Submitted together in one single pdf file Scanned documents to be at 300 dpi resolution in black and white unless color is necessary. Provide image of both sides of each document unless one side is blank unless totally irrelevant. All hand written text to be perfectly legible. Use dark ink.
F – Documents to be Used - Affiliate to present to client supplied loss mitigation proposal, price schedule and all documentation. Download latest version from NWLoanModNet.com G - Legal Advice - Affiliate shall not provide any legal advice. H – Confidentiality All client (property owner) documents and information shall be kept confidential, and only be used for loss mitigation. Only affiliate, and AREC shall have access to it. I – Trade Secrets and Intellectual Property During the course of this contract, affiliate may have access intellectual property such as, but not limited to documents, software, trade secrets created by AREC and the law firm. This intellectual property shall not be copied or shared with anyone un-related to AREC. This clause is to survive end of this contract. J – Authorizations Only AREC, its associates and successors to contact creditors in behave of client. Affiliate shall not contact creditor in behave of client.
Page 2 of 2 – Exhibit 1
Affiliate Initials: ___________ Date: _______
9220 SW Barbur Blvd. · Suite 119 - #159 · Portland, OR 97219
Exhibit 2 Schedule of Commissions
Commissions are payments are as follows Type of Service Loan Mod Plus Deb Settlement - Available for any state - Same commission with or without debt settlement $3,495 Value of Service Provided st nd 1 Mortgage 2 Mortgage $995 Commission $1,200 for 1 Mort. $ 600 per additional mortgage th th - Payable the 8 or 18 - Earned at client passing passing Q.A. -$1,100 for 1 Mort. -$ 300 per additional mortgage -$200 earned at client passing Q.A. and payable th th the 8 or 18 of the month. -Remainder earned at at loan mod successful completion and payable th th the 8 or 18 of the month. - No additional commission earning on payment plan charges. -$1,100 for 1 Mort. -$ 300 per additional mortgage -Entirely earned at successful completion th th and payable the 8 or 18 of the month. - No additional commission earning on payment plan charges.
st st st
Oregon Only Contract 1 - $500 non-refundable - Optional payment plan
$2,495
$495
Oregon Only Contract 2 - 100% refundable - Optional payment plan
$2,995
$495
Page 1 of 2
Advanced Real Estate Concepts, LLC 9220 SW Barbur Blvd Suite 119; Box 159 Portland, OR 97219
Affiliate Initials ___________
Ph: 971-222-3734 Fax: 503-296-5663 info@NWLossMitNet.com NWLossMitNet.com
Acceptance of Conditions:
_________________________________________ Oscar Morante Advanced Real Estate Concepts LLC
____________________________________ Affiliate Signature & Date ____________________________________ Affiliate Name
Page 2 of 2 – Exhibit 2
Advanced Real Estate Concepts, LLC 9220 SW Barbur Blvd Suite 119; Box 159 Portland, OR 97219
Ph: 971-222-3734 Fax: 503-296-5663 info@NWLossMitNet.com NWLossMitNet.com
Addendum 1 List of Required Documents and Staking Order
When presenting a loss mitigation transaction, please present all the documents below and in the same order as listed. 1. Completed, Signed and Initialed agreement for all individuals on mortgage and initial each page a. Note: Financial statement must be completed 2. Copy of recent mortgage statement for all lenders 3. Copy of any delinquency notices, notice of trustee’s sale, notice of default or any other 4. Documents that have been received 5. Past two years tax returns 6. Past two paystubs 7. Past two months bank statements 8. Last six months Profit and Loss (if self-employed) 9. Copy of driver’s license(s) a. Make sure it is clearly legible 10. Hardship letter a. (Hand write with dark ink or please type) 11. Completed payment form
_________________________________________ Oscar Morante Advanced Real Estate Concepts LLC
____________________________________ Affiliate Signature & Date ____________________________________ Affiliate Name
Page 1 of 1 – Addendum 1
Advanced Real Estate Concepts, LLC 9220 SW Barbur Blvd Suite 119; Box 159 Portland, OR 97219
Ph: 971-222-3734 Fax: 503-296-5663 info@NWLossMitNet.com NWLossMitNet.com