1350 West Colonial Dr Orlando, FL 32804 Phone 407 843 8997 MBC LENDING, LLC Fax. 407 843 8991 www.mbclending.com MBC LENDING LLC, Independent Contractor Agreement This agreement, made this day of by an d between MBC LEN DING, LLC referred to as "Company"; an d referred to as " Loan Officer WITNESSETH: WHEREAS, Com pany is a licensed Correspon dent Lender firm , enjoying a good reputation for honest and effective business operations; and WHEREAS, C om pany desires to employ the agent as an Independent Contractor WHEREAS, the agent is not a licensed mortgage broker by this state to interview, take application and WHEREAS, the agent enjoys a good reputation for fair and honest dealing; and WHEREAS, it is deemed to be to the mutual advantage of Com pany an d the agent to form the association agreed to un der the terms and con ditions: Loan Officer is referred as agent. PART I: Loan Officer Agrees to: A. Abi de by the Mortgage Broker laws of this state in dealings with the public; B. Abi de by the Code of Ethics of the Mortgage Broker Association of ; C Abide by the rules and regulations of any Mortgage Brokerage Laws that the Company is now or may become affiliated with; D. Abide by the Constitution and Bylaws of the National and State Associations of Mortgage Brokerage Business , and those of the local Mortgage Brokerage Laws ®; E. Abide by the rules set forth in Company's Policies and Procedures. F. Deal honestly and fairly with all clients and customers of Com pany, as well as with the staff and management of Com pany; G. Observe the fiduciary duties that Company owes to our principals; H. Take all applications in the name of Company, and have clients sign the 1003 within 72 hours from the time the credit report was pulle d.; I. Refrain from making any representations in the name of the company to condition of property or of title that may, if relied upon, cause loss to a buyer. This includes statements about structure, electrical service, sewers, appliances, etc.; J. Refrain from billing any cost or expense to Company's account, unless so authorized by the Company; K. Pay for all professional licenses and dues; L. Work diligently to obtain Loans and take application on a timely manner and to promote the business of Company in every way possible; M . Upon termination for any reason the Mortgage Broker/Loan Officer may not use for personal advantage, or to the advantage of any other party, information gained for or from this association and the files or business of Company; N . To maintain the confidentiality of all information, forms, manuals, etc. gained for or from the files or business of the Company while with Company, or upon termination of this contract. PART II: Company agrees to: A. Abi de by the Mortgage Broker license laws of this state in all dealings with the public; B. Abide by the Code of Ethics of the National Association of Mortgage Brokerage ; C. Abide by the rules and regulations of office policies; D. Abide by the Constitution and Bylaws of the National and State Associations of a Mortgage Broker those of the local Board of Mortgage Brokerage ®; E. Pay commissions to Mortgage Broker/Loan Officer according to P ART IV: F. The Company will not: 1. Withhold from Mortgage Broker. However all Loan Officers will get pay on w-2s. that means taxes will be deducte d from your commissions. 2. Make any premium payments or contributions for any worker's compensation or unemployment compensation for Mortgage Broker. 3. Pay for any automobile or transportation expense. 4. Require the Mortgage Broker to follow any set schedule; the Mortgage Broker may work or not work by choice. 5. Pay any salary or any sick pay. PART III: Company and M ortgage Broker: A. Agent shall have no authority to bind or commit Principal Broker by any promise or representation. Independent Contractor is to transact all his or her Mortgage business as an "associate / Mortgage Broker" or as a "Loan Officer" as defined by the Official Code of Florida. B. Broker may terminate or void this contract if Mortgage Broker doesn't update their address and phone number when any change occurs. In the event Mortgage Broker can't be contacted, Principal Broker shall have the right to cancel the contract. C. Broker will choose to join different organi zations that mandate membership by all Mortgage Broker. These organizations include, but are not limited to MLS, Board of Realtors, insurance companies, etc. Mortgage Broker may have to pay their share of expense and will abi de by the rules and regulations of all organizations Broker participates in. Also in the event that Federal, State or local laws or ordinances are passed leading to increased costs to the Broker, then Broker will collect from Mortgage Broker full amount of said costs. Failure to pay the se costs 10 days from the billing date will make this contract null and void. D. Mortgage Broker and Company agree that from time to time, Company may determine that it should pay some e xpenses or reduce the commission charged to a client and/or customer, or Company may incur expense in the collection of a commission. In the event this happens, the expenses or commission reduction will be paid by Mortgage Broker and Com pany in the same proportions as provided for in the commission schedule. However, in the event said expenses or commission reduction are due to negligence of either Mortgage Broker or Company, the negligent party will be responsible for and pa y all expense, or commissions due; i.e. E. If two or more Mortgage Broker participate in work resulting in a commission, or claim to have done so, the amount of the Mortgage Broker commission, as provided in the current commission schedule, will be divided between the participating Mortgage Broker according to agreement between them. F. Mortgage Broker is obligated to maintain a complete file on all Mortgage Brokerage transactions for a minimum of 3 years. These files should be made available at Broker's request even if this contract has expired or has been void or terminated. In the case of Mortgage Broke r is moving away from Flori da all said files should be turned over to Principal Broker. G. Broker to pay Mortgage Broker for work begun but not com pleted prior to termination as follows: 1. Payment to be as originally agreed if Mortgage Broker is in compliance with Florida Code and if Broker does not have to take any action to close the transaction. Mortgage Broker must submit agreement of transfer prepared by new Broker prior to receiving payment. 2. If Broker has to take any action to help close the tran saction, the company will receive 90% on a 100% program and 100% if Com pany provided lead. 3. Until both Brokers have approved a direct payment and participation agreement, Florida Code prohibits Mortgage Broker from any contract with customer/client. H. Mortgage Broker upon termination agrees and warrants not to copy, give information, or show office forms, listing presentations, etc. to others without written agreement from Company. Company an d Mortgage Broker understand that all pa pers, information, instructional material, forms, presentations, etc. are the property of the Company an d upon termination, Mortgage Broker agrees to return all these and any other printed materials to Com pany. I. Mortgage Broker to indemnify and hold harmless Broker/ company from and against and in respect of any and all liabilities, obligations, assessments, suits, actions, proceedings, claims or demands asserted against Mortgage Broker or Com pany and/or Broker as a result of said Independent Contractor's actions to include E&O Insurance deductible. Mortgage Broker shall pay any an d all judgments, demands, losses, including any loss of business or credit, costs, expenses, and fees to include reasonable attorney fees actually incurred for a dvise, information, and/or defense, incurred by Broker as a result of Mortgager Broker’ s conduct an d/or negligence or breech of or default in any of this agreement. J. M ortgage Broker or agent is not to ask for vacation periods, but he/she has to insure that customer's/client's needs are serviced while absent. 15. Mortgage Broker is authorize d to perform transaction only with clients located in Florida. 16. Mortgage Broker will comply with all Federal Laws. K. In the event Mortgage Broker's license lapses, this contract is voided. L. Mortgage Broker has the right to transfer his/her clients to any new Broker with the proper transfer forms. M . Salesperson's account should be brought current and all broker's property returned to Broker prior to te rmination of this agreement. N. Mortgage Broker will not have to attend meetings. O. This agreement and the association created hereby, may be terminated by either party hereto anytime upon notice given to the other. "OFFICE POLICY AN D PROCEDURES" is made a part of this agreement. Said policy to be amended at the discretion of Broker and become effective upon n otice to Mortgage Broker. SEVERABILITY: The invalidity or enforce ability of any provision of this contract shall not affect the invalidity or enforce ability of any other provision hereof. W AIVERS: No waiver of any breach of any agreement or provision of this contract shall be deemed a waiver of any preceding or succeeding breech thereof any other agreement or provision herein contained. P. SUPPORT PERSONNEL: Mortgage Broker is not to utilize any persons to support his or her Mortgage Business Activities, paid or un paid, unless and until the Support Personnel execute “MBC LEN DING, LLC training and is licensed Mortgage Broker in the State of Florida. The Company Broker's approval for "1099" type com pensation will be forthcoming with sufficient documentation that Support Personnel satisfies IRS requirements as a 1099 Em ployee. PART IV: Commission and other Compensation Broker may change agent split if agent required: 1) a lot training 2) day to day supervision 3) agent keeps on making a lot of mistakes. 4) agent not reliable or responsible. In the event that, agent quits during that process. The office broker will select a different agent to close the transaction or transactions and that the departi ng agent will get pay per principal broker discretion. ** commission option to 60% to Com pany, 40% to Loan Officers. Mortgage Broker 60% 40% to C om pany Experienced Mortgage Broker may get up 90% commission. All Agents are aware that processing fee is $695.00. ASSIGNM ENT: Independent Contractor may not assign this agreement, however Broker may assign his rights over if qualifying Broker changes. IN W ITNESS THEREOF, the parties here to have signed and sealed this document on this date Month an d year . Mortgage Broker __________________________________________ Date_______________________ Broker__________________________________________________ Date______________________ BROKER OR BROKER REP RES ENTATIVE License Number________________________ Expiration SSN _______________________________ D.O.B____________________________ Mortgage Broker License #________________ Phone _____________E- mail__________________ Cell_____________________ Address__________________________________________________________ ____________________ ______________________________________________________________________________________ PS. Agent is referred to as Mortgage Brokers or Loan Officers
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