| Mortgage
Broker Compensation Disclosure
You have applied to Best Quotes
Corporation for a residential mortgage loan. We will submit your
application for a residential mortgage loan to a participating lender
with which we from time to time contract upon such terms and conditions
as you may request or a lender may require. The lenders have asked
that we furnish this for to you to clarify the role of mortgage
brokers. This form supplements other disclosures or agreements
required by law that you should receive from us concerning you loan
application.
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SECTION 1.
NATURE OF RELATIONSHIP: In connection with this mortgage loan:
- We are acting as an independent
contractor and not as your agent. If you are unsure of the
nature of your relationship with us, please ask us for
clarification.
- As a mortgage broker, we have
entered into separate independent contractor agreements through our
affiliates with various lenders.
- While we as a mortgage broker, seek
to assist you in meeting your financial needs, we do not distribute
products of all lenders or investors in the market and cannot
guarantee the lowest price or best terms available in the market.
- In addition, we offer you our
"best efforts" services as a mortgage broker to conclude a
satisfactory loan for you with a lender/investor; however we cannot
guarantee that your loan will be funded or that it will be funded
within your lock period.
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SECTION 2.
THE MORTGAGE BROKERS COMPENSATION: The lenders whose loan products
we distribute generally provide their loan product to us at a wholesale
rate:
- The price we offer you - your
interest rate, local points and fees - will include our compensation
as mortgage broker.
- In some cases, we may be paid all of
our compensation be either you or the lender, or some combination
thereof.
- Alternatively, we may be paid a
portion of our compensation by both you and the lender. For
example, in some cases, if you would rather pay a lower interest
rate, you may pay higher up-front points and fees.
- Also, in some cases, if you would
rather pay less up-front, you may wish to have some or all of our
compensation paid directly by the lender, which will result in a
higher interest rate and higher monthly payments than you would
otherwise be required to pay.
- As a mortgage broker we may also be
paid by the lender based on (i) the value of the mortgage loan or
the related servicing rights in the market place or (ii) other
services, goods or facilities performed or provided by us to the
lender.
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| You may work
with us, as your mortgage broker, to select the method in which we
receive our compensation depending on your financial needs, subject to
the lender's program requirements and credit underwriting guidelines. |
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The amount of fees and charges that you
pay in connection with your loan will be estimated on your Good Faith
Estimate. The final amounts will be disclosed on your HUD-1 or
HUD1-1A Settlement Statement.
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| By signing
below, I/We acknowledge that we have read and understand this document.
We also acknowledge that we have received a copy of this document.
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Borrower Signature |
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Co-Borrower Signature |
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____________________________________
Date |
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MORTGAGE BROKER:
Authorized
Representative: |
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____________________________________
Best Quotes
Corporation |
____________________________________
Date |
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