BROKER
AGREEMENT
THIS AGREEMENT,
made this _____ day of _____, 2008, between (hereinafter
called "Broker") and Normandy Corporation (hereinafter called
"Lender").
1. Procedures
Broker may
obtain information with respect to the types of mortgage loans Lender will
commit to make and may register a loan for delivery to Lender by calling
2. General
a) All loan
applications submitted to Lender will be prepared in accordance with the
procedures and guidelines established from time-to-time by Lender.
b) Broker shall
obtain all data necessary to insure the proper and accurate completion of the
loan application including signed authorizations for written verification of
employment, income, assets and other material information requiring
verification. All verifications, credit reports and appraisals (by Lender
approved appraisers) shall be ordered in the name of Broker.
c) If Lender
approves a loan application prepared by Broker, Lender will arrange for
processing, closing and funding the loan in as timely a manner as applications
originated directly by Lender.
d) Lender shall
control closing and funding of an approved loan. At the closing, Lender will, with Borrower’s
consent, fund the Broker fee from Borrower’s loan proceeds and forward said fee
to the Broker upon recording of the required loan documents. An agreement between the Borrower and the
Broker establishing said fee must be provided to Lender prior to closing, and
must be in compliance with the applicable state laws. No fee or charge of the
Broker’s other than the Broker fee, being a percentage of the loan amount, will
be collected at closing.
3. Representations
and Indemnities
a) Broker,
Lender and their officers, agents, employees and representatives will comply
with all federal, state and local laws with regard to this agreement and the
duties and obligations imposed and the conduct and activities permitted,
authorized or contemplated hereby.
b) Each party
hereto will indemnify and hold the other party, its officers, agents, employees
and representatives harmless from any and all cost and claims arising out of
any fault of such indemnifying party with respect to any loan transaction
governed by this agreement.
c) Broker warrants
that all mortgage loan files contain no material fraud or misrepresentation
with respect to the information submitted.
4. Transfer
and Termination
a) No sale,
transfer or assignment of this Agreement or of any interest herein shall be
valid without the prior written consent of Lender.
b) This
Agreement will terminate automatically upon termination or expiration of any
approval or license of Broker or Lender required by law to perform the services
required of Broker or Lender by this agreement.
c) This
Agreement may be terminated by either party upon 48 hours written notice to the
other party. Any such termination shall
not affect applications, if any, which have been registered with Lender prior
to termination.
5. Governing
Law
This Agreement shall be governed by and constructed in
accordance with the laws of the Sate of New York.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.
BROKER LENDER
NORMANDY CORPORATION
By:_____________________________ By:________________________________
Title:____________________________ Title:_______________________________
2001lending/forms and form letters:Broker Agreement
Rev 7/06
Broker Information Sheet
FAX # 585-256-2836 & include Broker Agreement,
Broker Info Sheet & BROKER LICENSE
Legal Name of Company D.B.A. IF ANY
Principals of Company (attach sheet if necessary)
Name of contact person Secondary
Contact
Street Address City State Zip Code
Telephone Fax
Internet Address Email
Address
States in which you originate loans
States in which you are licensed
Date
Company Founded? Number of Employees?
Number of Offices?
Does your company have the ability to service
loans? Yes No
Are you an approved PMI Lender? Yes No
If yes, with whom?
Do you carry an Errors and Omissions Policy? Yes No
Seller References:
Bank Contact
name Telephone
