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PRE-APPLICATION DISCLOSURE
CUSTOMER AGENCY AND FEE AGREEMENT
(Note: In the following disclosure, I or me=applicant; you=mortgage broker)
You have advised me that you are authorized to provide me assistance in securing financing. I understand that your services may include, but are not limited to:
- counseling on available loan financing products;
- counseling on general loan qualification procedures and requirements;
- counseling on our debt service and finance capabilities;
- assistance in completing loan applications;
- additional assistance in processing the loan application, and in meeting any conditions of the loan commitment, such as title, insurance, appraisal, income verification, mortgage verification and deposit verification.
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I hereby agree to engage you as my agent for the purpose of advising me about financing and to provide the services described above. This agency will continue until the earlier of the declination of my loan request, the closing of my loan or my termination of your services. I acknowledge that prior to paying any fees or completing any application, I was advised of the following:
- You are not authorized to make mortgage loans or commitments.
- You cannot guarantee acceptance into any particular loan program, nor can you promise any specific loan terms or conditions.
- Your services are advisory and administrative in nature.
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I understand that the rate, points, fees and other terms as quoted in the commitment by or on behalf of the lender, encompass the consideration to be received by the mortgage broker (Colonial Credit, LLC) from a lender for your services. I understand the maximum amount of such consideration to be received by you shall be no more than 5%. I understand the maximum points, including premium pricing; payable by the lender to you (Colonial Credit, LLC) will be 5%. I also understand that any points to be paid by me to you will be 3% and acknowledge that this mortgage broker fee will be paid to you. I further acknowledge that there is no other mortgage broker fee agreement between us. Certain mortgage loan products may impose a prepayment penalty on the borrower. Colonial Credit, LLC will notify me of any such prepayment conditions when the lender issues the approval. This will be furnished to me at or before the commitment and therefore with my full acceptance of this penalty.
I understand that you do not receive any premiums or bonuses other than the above listed fees. I also understand that in addition to the above listed fees, Colonial Credit, LLC will be paid for the services stated above and will charge the following fees:
- Admin Fee:
- Appraisal Fee:
- Processing Fee:
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- $745.00
- $300.00 to $500.00 (to be paid to appraiser at time of inspection)
- $895
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The property appraisal fee is an estimate of the actual cost of the service. Should the actual cost exceed the estimate, I understand that I will be billed and will pay the shortfall at or prior to closing.
I understand that the name of a person that I may call if I have any questions regarding my loan application is Stephen Johnson at 800-738-1912, from Colonial Credit, LLC
I have read the Fee Agreement
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