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THIS LOAN PROCESSING AGREEMENT is made and entered into this ______ day of __________, 199__, by and between ___________________(your company name), a USA Company herein after referred to as THE COMPANY, and Loren Parker/LoanAssist.com, LLC LLC, herein after referred to as LoanAssist.com, LLC.
WHEREAS, THE COMPANY is in the business of brokering mortgage loans and uses the services of independent contractors to process such loans; and
WHEREAS LoanAssist.com, LLC has substantial experience processing mortgage loans and is interested in processing mortgage loans originated by THE COMPANY in accordance with the terms set forth below.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which and hereby acknowledged, the parties hereto agree as follows:
- Loan Processing. THE COMPANY may, from time to time, submit loans it has originated to LoanAssist.com, LLC for loan processing. For all such loans which LoanAssist.com, LLC accepts for loan processing, LoanAssist.com, LLC agrees to promptly and diligently process such loans in compliance with all applicable laws and regulations.
- Loan Processing Fee. THE COMPANY and LoanAssist.com, LLC hereby agree that all fees paid to LoanAssist.com, LLC for loan processing shall be payable to LoanAssist.com, LLC by THE COMPANY. A processed loan is defined as a loan that LoanAssist.com, LLC accepts, and performs work upon to the point that that file has been FULLY PROCESSED*
* A FULLY PROCESSED loan is defined as a loan that all applicable verifications, title work, "comps", and necessary income information have been collected, organized, and submitted to investors or banks by LoanAssist.com, LLC resulting in a written pre-approval letter from an Investor, OR LoanAssist.com, LLC has shown due diligence by ordering, all applicable verifications, title work, and necessary income information, and has submitted the loan to an investor, or bank, in an attempt to secure a salable loan for THE COMPANY.
All fees for loans that close will be paid directly out of closing proceeds with a separate check to LoanAssist.com, LLC, and it is understood that LoanAssist.com, LLC will make every effort to assure that all loans are closed and funded. THE COMPANY agrees to pay to LoanAssist.com, LLC a loan processing fee of $200 for all loans that are FULLY PROCESSED* as referred to in the above italicized paragraph, plus a bonus of $200 when said loans close, and are funded. If a loan has been FULLY PROCESSED and is canceled, or does not close for a reason other than stated in the next paragraph, THE COMPANY will be billed $200 on a net 30 basis for processing services rendered.
- LoanAssist.com, LLC assumes that THE COMPANY will have a representative of their company at all closings to handle any last minute questions for the borrower. If a loan has been FULLY PROCESSED, and THE COMPANY does not provide a representative of their company at the closing to assure that the loan closes, LoanAssist.com, LLC will charge a full processing fee of $400 if the loan does not close. LoanAssist.com, LLC assumes no liability for errors or omissions on loan documentation. THE COMPANY is entirely responsible for verifying closing figures, and all documents prior to closing, as well as, assuring that all loan documents meet state and federal guidelines.
- THE COMPANY will be provided with a status sheet labeled "missing items list". THE COMPANY is responsible for the following: Choosing an appropriate lender for LoanAssist.com, LLC to submit the loan to. - Locking interest rates with the lender. - Gathering missing items from the borrower that are needed in connection with getting the loan qualified and closed as outlined on the "missing items list" sheet. - Verifying all documents prior to closing for accuracy, and legal conformance. - And forwarding all original documentation to LoanAssist.com, LLC so that the loan can be processed in a timely fashion.
- Confidentiality. LoanAssist.com, LLC agrees to treat as confidential the identities of, and all financial information submitted by all borrowers whose loans are being processed, and have been processed, by LoanAssist.com, LLC.
- Termination of Agreement. Either party may terminate this agreement at will. If either party terminates this Agreement, LoanAssist.com, LLC agrees to promptly deliver to THE COMPANY all loan files currently being processed, and all files for loans that have closed, in exchange for a check for all work performed by LoanAssist.com, LLC as referenced in section 2. (Loan Processing Fee) of this agreement. LoanAssist.com, LLC agrees to show good faith for all loans accepted under the terms of this agreement.
- Nonsolicitation. LoanAssist.com, LLC agrees that it will not solicit any of the borrowers whose loans are submitted to LoanAssist.com, LLC by THE COMPANY for the purpose of obtaining loans for such persons. Nor shall LoanAssist.com, LLC convey or transfer this information to any other broker company without specific written permission from THE COMPANY for loans that it has originated.
- Independent Contractor. THE COMPANY acknowledges and agrees that LoanAssist.com, LLC is not an employee of THE COMPANY and is an independent contractor who shall be responsible for all tax withholding. It is also understood that the terms "LoanAssist.com, LLC", and "Independent Contractor" are to be construed as subcontractor. And as a subcontractor LoanAssist.com, LLC operates a business from a separate office, and is not an employee of THE COMPANY . Within this context, LoanAssist.com, LLC may make regular visitations to THE COMPANY , at LoanAssist.com, LLC discretion, to deliver and receive needed paperwork to perform the duties of a mortgage processing company. LoanAssist.com, LLC may from time to time fill out order forms on behalf of THE COMPANY in order to secure appraisals, surveys, Home Owners Certificates and other documents. It is understood that LoanAssist.com, LLC fills these documents out as a courtesy to the broker, and is in no way responsible for any charges incurred from the performance of these services. THE COMPANY agrees to accept 100% financial responsibility for any and all documents ordered in connection with the processing of their loans by LoanAssist.com, LLC.
- Additional Expenses Incurred. LoanAssist.com, LLC agrees to pay for normal operating expenses involved with processing loans for THE COMPANY. If excessive expenses are incurred such as long distance bills in excess of $17 per loan, copying expenses over 2 copies per loan, courier fees, verification of employment fees (including 1-900 # charges), and other unforeseen expenses in connection with processing loans for THE COMPANY, LoanAssist.com, LLC may at its discretion submit a detailed bill to THE COMPANY for reimbursement within 15 days of receipt for expenses incurred while processing loans for THE COMPANY. LoanAssist.com, LLC will charge a $30 copy/transfer fee for each additional lender that a file must be submitted to past the first submission.
IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date written hereinabove.
THE COMPANY, a USA Company (please print)
|Company Name_______________||LoanAssist.com, LLC LLC.|
|Loren A. Parker
D.B.A. LoanAssist.com, LLC , a division of LoanAssist.com, LLC.
5035 South Youngfield Court
Morrison, CO 80465
Fax (303) 904-3246