CONTRACT PROCESSING AGREEMENT



EXPEDITED PROCESSING

CONTRACT PROCESSING AGREEMENT

Please fill in your information, sign and FAX to 877-698-2940

 

To protect our valued customers and maintain our No Cancellation Fee Policy we are forced to add the following disclosure to this agreement.

All loans submitted after 09/01/2009 will be tracked for the purpose of cancelled files. Any Branch, Office or individual LO whose monthly volume results in a cancellation percentage above 15% will be charged for work completed on that file.

 

THIS LOAN PROCESSING AGREEMENT is made and entered into this ______day in the month ________for the year 200__, by and between ____________________________(company name), a U.S. company hereinafter referred to as "the Company", and Expedited Processing and its designated affiliates, hereinafter referred to as " Expedited Processing. ".

WITNESSETH:

WHEREAS, the Company is in the business of brokering mortgage loan applications and;

WHEREAS Expedited Processing and designated affiliates have substantial experience of processing mortgage loan applications and is interested in processing mortgage loan applications originated by the Company in accordance with the terms set forth below.

NOW, THEREFORE, the parties hereto agree as follows:

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

Loan Processing Fees. The Company understands, and agrees to, the fact that the most mutually desirable method of payment of all fees due Expedited Processing and designated affiliates, accrued pursuant to the term of this agreement is by direct payment by the designated closing agent involved in each transaction. By signing this agreement, the Company pledges its complete support to the effort for this stated method of payment of fees due Expedited Processing and designated affiliates, and further pledges to include Expedited Processing and designated affiliates fee on the "Broker Fee Sheet", in all cases possible. The Company further pledges that in cases payment of third party processing fees are restricted it will instruct the closing agent to deduct from the funds due the Company, the fees due Expedited Processing and designated affiliates, and forward them directly to Expedited Processing and designated affiliates, upon all invoices submitted to closing agent.

Disclosures. Expedited Processing and designated affiliates assumes no liability for errors or omissions of third parties on loan applications or closing documentation. The Company 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. Additionally, the Company is responsible for the following: a) Choosing the lender to submit the loan application to, b) Locking the chosen interest rate with the lender, c) Helping gather the missing items from the borrower as outlined on the "missing items list" as provided by Expedited Processing and designated affiliates, d) Forwarding all original documentation to Expedited Processing and designated affiliates as requested.

Confidentiality. Expedited Processing and designated affiliates agrees to treat as confidential the identities of, and all financial information submitted by, all borrowers whose loan application are being processed, or have been processed by Expedited Processing and designated affiliates.

Termination of Agreement. Either party may terminate this agreement at will. If either party terminates this Agreement, Expedited Processing and designated affiliates agrees to promptly deliver to the Company 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 Expedited Processing and designated affiliates as referenced to in paragraph #2 about (Loan Processing Fee).

Non-solicitation. Expedited Processing and designated affiliates agrees that it will not solicit any of the borrowers whose loan applications are submitted to Expedited Processingand designated affiliates for the purpose of obtaining loans for such persons. Expedited Processing and designated affiliates shall not convey or transfer any loan application information to any other company without specific written permission form the Company.

Independent Contractor. The Company acknowledges and agrees that Expedited Processing and designated affiliates is not an employee of the Company and is an independent contractor. Expedited Processing and designated affiliates may, from time to time fill out order forms on behalf of the Company in order to secure appraisals, credit reports, title, surveys, HOA Certificates and other documents necessary to perform it's processing obligations. It is understood that Expedited Processing and designated affiliates orders these documents as courtesy to the broker, and the Company agrees to accept financial responsibility for any or all documents ordered in connection with the processing of their loan applications.

Fees and Charges. Are on the attached Loan Processing Fee Addendum

 

IN WITNESS WHEREOF, the Company has entered into this agreement as of the date written herein below.

Company Name: ______________________________Telephone #________________

 

Address_____________________________________Fax#______________________

____________________________________________E-Mail_____________________

Signature_____________________________Title______________________________

Print Name____________________________Date_____________________________

Pricing

CONFORMING $400.00

FHA $400.00

USDA $400.00

NOTE: Above pricing includes ONE overnight courier packages per file

NO CANCELLATION CHARGES,

Expedited Processing and its designated affiliates are only paid on closed and funded files.

Upon request, Expedited Processing and designated affiliates will open Escrow, Title, and Order Appraisals on the originator's behalf.

ADDITIONAL FEES may include any of the following:

$25.00 for each overnight package if more than two per file

$10.00 for each additional lender package if more than two per file

Any charges to Expedited Processing and designated affiliates for borrower verifications

including 1-900 charges and service fees $150.00 for Document Preparation (an optional service)

Other extraordinary fees as documented and billed

Fees are subject to change without advance notice

Expedited Processing and designated affiliates does not assess charges for canceled files, except as stated above.

Expedited Processing and designated affiliates does reserve the right to require a prepaid "non-refundable deposit" to be applied to the processing

fee at closing, on files that are determined by Expedited Processing and designated affiliates to have sufficient "closing risk" to warrant such deposit.

The borrower may pay this fee at the option of the originator.

The Customer retains the right to decline payment of this "non-refundable deposit" and pay only for the return of such files.

 

 

SIGNATURE________________________________________

COMPANY NAME____________________________________

DATE______________________________________________

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