LOAN PROCESSING AGREEMENT

THIS LOAN PROCESSING AGREEMENT is made and entered into this _____day of _________, 200___by and between ____________________Hereinafter referred to as “The Broker” and OUTSOURCE MORTGAGE PROCESSING (Hereinafter referred to as OMP).

WITNESSETH:

WHEREAS, The Broker is in the business of originating and brokering mortgage loans; and

WHEREAS OMP is in the business of processing mortgage loans, and is interested in processing mortgage loans originated by The Broker under the terms and conditions set out herein.

NOW THEREFORE, the parties hereto agree as follows:

Loan Processing. The Broker may, from time to time, submit loan applications it has originated to OMP for loan processing. OMP agrees to promptly and diligently process such loan applications in compliance with all applicable laws and regulations. OMP will make every reasonable effort to ensure that all loan applications are fully processed to the extent that The Broker’s chosen lenders’ requirements are satisfied.

If agreed by The Broker, OMP will order title, surveys, payoffs, hazard insurance, appraisals, escrow, and verification requirements which may be required, from companies of The Broker’s choice.

Processing Fees. The Broker understands, and agrees to, the fact that the most desirable method of payment of all fees due to OMP is by direct payment through the designated closing agent. By signing this agreement, and authorization attached titled “Exhibit A”, The Broker pledges complete support for this method of payment of fees due to OMP, in all cases possible.

The Broker further pledges that in cases where third party processing fees are restricted The Broker will instruct the closing agent to deduct from funds due to The Broker, any fee due to OMP, and forward that fund to OMP.

Our fees are subject to change. In this event OMP will give The Broker a minimum of thirty (30) days notice. For current Fees see Loan processing Fee “Exhibit B”.

Disclosures. OMP assumes no liability for errors of omissions of third parties on loan applications or closing documentation. The Broker is entirely responsible for verifying closing figures, and all documents prior to signing, as well as assuring that all loan documents meet State and Federal guidelines.

In addition, The Broker is responsible for: 1) choosing the lender; 2) locking the interest rate with the lender; 3) helping to gather the items form the borrower as outlined by underwriting conditions.,4) keep OMP updated of any changes in the policies and practices of their chosen lender.

Confidentiality. OMP agrees to treat as confidential the identities of, and all financial information submitted by, all borrowers whose loan applications are being processed, or have been processed by OMP. OMP further agrees not to solicit, transfer, or convey any loan application information or Broker’s business practice information to any other companies, individuals or third parties.

Termination Of Agreement. Either party may terminate this agreement at will. If either party terminates this Agreement, OMP agrees to promptly deliver to The Broker all loan application files currently being processed, and all files for loans that have closed, in exchange for a check for all work performed by OMP.

Non -solicitation. OMP agrees that it will not solicit any borrowers whose loan applications are submitted to OMP for the purpose of obtaining loans for such persons.

Independent Contractor: The Broker acknowledges and agrees that OMP is not an employee of The Broker, and further acknowledges OMP is an independent contractor. OMP may, form time to time, fill our order forms on behalf of The Broker in order to secure appraisals, credit reports, title insurance, surveys or other documents necessary to perform its processing obligations. It is understood and agreed that OMP orders these documents as a courtesy to The Broker, and The Broker agrees to accept financial responsibility for any and all documents ordered in connection with the processing of their loan applications.

Any Changes Made to this agreement by operation of law will not void the entire agreement, and it is agreed to abide by any parts of this agreement not affected until canceled by either party as described herein.

IN WITNESS WHEREOF, The Broker has entered into this Agreement as of the date written herein below.

Fax this completed Agreement including Exhibit A and B to 909-273-0166

CLICK HERE to download and print Exhibit A -
PAYMENT FOR PROCESSING AUTHORIZATION

CLICK HERE to download and print Exhibit B -
LOAN PROCESSING FEES