Alabama Mortgage Loan Origination Agreement Template printable pdf download

ALABAMA MORTGAGE LOAN ORIGINATION AGREEMENT

Applicant Name(s):

Broker:

Date:

You, the applicant(s), agree to enter into this Mortgage Loan Origination Agreement with

______________________________________________________ as an independent contractor to

apply for a residential mortgage loan from 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. You inquired

into mortgage financing with _____________________________________________

on _____________________________. We are licensed as a “Mortgage Broker” under

__________________________________________________________________________________

_________________________________________________________________________-

SECTION 1. NATURE OF RELATIONSHIP. In connection with this mortgage loan we are acting

as an independent contractor and not as your agent. We will enter into separate independent contractor

agreements with various lenders. While we seek to assist you in meeting your financial needs, we do

not distribute the products of all lenders or investors in the market and cannot guarantee the lowest

price or best terms available in the market.

SECTION 2. OUR COMPENSATION. The lenders whose loan products we distribute generally

provide their loan products to us at a wholesale rate. The retail price we offer you – your interest rate,

total points and fees – will include our compensation. In some cases, we may be paid all of our

compensation by either you or the lender. 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 be able to pay some or all of our compensation indirectly through a higher

interest rate in which case we will be paid directly by the lender. We may also be paid by the lender

based on (i) the value of the Mortgage Loan or related servicing rights in the market place or (ii) other

services, goods or facilities performed or provided by us to the lender.

By signing below, applicant(s) acknowledge receipt of a copy of this signed Agreement.

MORTGAGE LOAN ORIGINATOR APPLICANT(S)

_____________________________________

_______________________________

Applicant

Date

Applicant

Date

_____________________________________

_______________________________

Applicant

Date

Applicant

Date

_____________________________________

Broker Representative

Date

Alabama Mortgage Loan Origination Agreement Template