I. TERMS AND CONDITIONS
This Agreement provides that UMB of Wisconsin, for a period of _____ days, will exercise its best efforts to negotiate and obtain a bona fide mortgage loan commitment on behalf of the borrower, based on the following terms (or better terms) and conditions:
Loan Type (check one) ____ VA ____ FHA ____ Conventional ___ Other
This loan will be a ____ First Mortgage ____ Second Mortgage ____ Other
This mortgage _____ Does ____ Does Not have a prepayment penalty
This mortgage _____ Does ____ Does Not have a balloon payment
This mortgage _____ Is ____ Is Not an “Interest Only” mortgage
This mortgage ____ May ____ May Not be subject to negative amortization
The mortgage ____ Is locked in for _____ days. ____ Is Not locked in
Principal Amount $________________ Interest Rate _________%
Fixed rate or variable rate ___________ Term _______________
Years of amortization ______________
II. SERVICES TO BE PROVIDED BY MORTGAGE BROKERAGE BUSINESS
In consideration for UMB of Wisconsin earning its fee, the services to be provided by UMB of Wisconsin are as follows (check all that apply):
____ Arranging for a conditional mortgage loan commitment between Borrower and Lender.
____ Taking the mortgage loan application.
____ Assembling information.
____ Processing the mortgage loan file including verifying of information.
____ Preparing all paperwork and documentation necessary for a conditional mortgage loan approval.
____ Reviewing, analyzing and evaluating Borrower’s financial statements, income and credit history.
____ Other: ____________________________________________________________
__________________________________________________________________
III. MORTGAGE BROKER FEE
I understand that, as compensation for its services, UMB of Wisconsin will be paid as checked below (check all that apply):
____ The lender will pay UMB of Wisconsin a fee of no greater than _____% of the loan amount or $_______. The compensation UMB of Wisconsin will receive from the lender for its services is included in the rate, points, fees and terms of the loan as quoted by the lender in its commitment. The maximum points paid, including premium pricing, rebates or bonuses by the lender to UMB of Wisconsin shall not exceed ______ ( ) points.
____ The fee the lender will pay UMB of Wisconsin is not known at this time but will be disclosed to me at the time of lock-in or when the rate is set. The maximum points paid, including premium pricing, rebates or bonuses by the lender to UMB of Wisconsin], shall not exceed _______ ( ) points.
____ I will pay UMB of Wisconsin], from the loan proceeds, a fee of no greater than _____% of the loan amount or $________. I authorize the lender’s attorney or title company to collect this fee from me at closing.
____ I will pay UMB of Wisconsin directly, _____ upon my signed acceptance of a commitment _____ or at closing, a fee of no greater than _____% of the loan amount or $________.
IV. LOAN APPLICATION/FEE DISCLOSURE
I understand that I am required to pay the following fees at application:
____ Application Fee $ ____________
____ Appraisal Fee* $ ____________
____ Credit Report Fee* $ ____________
The loan application fee is ____ not applicable ____ is applicable to your closing costs at the time of settlement and is ____ not refundable ____ refundable under the following conditions:
____________________________________________________________________________________________________________________________________________________________
* If the appraisal and credit report have not been done, for any reason, the fees for these items will be refunded in full.
Fees, terms, conditions and interest rate ____ are ____ are not subject to change prior to or at closing.
This agreement does not contain an automatic renewal provision. Any extension or modification of this agreement shall be approved in writing by UMB of Wisconsin and the Borrower.
By signing below, I acknowledge receipt of a copy of this agreement and acknowledge I have read and understand the agreement.
Applicant: Do not sign this form if spaces are left blank.
Applicant _______________________________________ Date _______________
(signature)
Applicant _______________________________________ Date _______________
(signature)
Interviewer ______________________________________ Date _______________
(signature)
Interviewer Name and title ___________________________________________________
[INSTRUCTION – Before the acceptance of a loan application fee or application, disclose the amount of any such fee, labeled to indicate the general purpose of the fee; whether all or any part of the application fee or related charges are refundable; the terms and conditions for a refund if all or any part of the fee or related charges are refundable; and whether the fee, terms and conditions (provided in section I) of the application, including the interest rate, will remain constant or are subject to change prior to or at closing]
