Il Loan Brokerage Agreement And Loan Brokerage Disclosure Statement Form printable pdf download

IL LOAN BROKERAGE AGREEMENT AND LOAN BROKERAGE DISCLOSURE STATEMENT

Borrower Name(s):

Broker:

License Number:

Property Address:

Date:

Loan Terms:

Loan Amount:

$__________________

Term (in Months):

___________________

Interest Rate:

__________________%

Term of Agreement:

___________________

Sales Price:

$__________________

Appraised Value:

$__________________

Loan Type:

____Fixed ____ARM (type: _________) ____GPM ____Other

Lien Type:

____1

____ 2

____3

____Other

____ There is a prepayment penalty

____ There will be a Balloon Payment

Loan Fee:

___________________ (___________________%) of the principal balance of the loan obtained.

LOAN BROKERAGE AGREEMENT

(38 IL Adm. Code 1050.1010)

UPON REQUEST A COPY OF THE FOLLOWING AGREEMENT SHALL BE MADE AVAILABLE TO THE

BORROWER OR THE BORROWER’S ATTORNEY FOR REVIEW PRIOR TO SIGNING.

1. The Borrower grants to the Broker exclusive right to negotiate a mortgage loan on behalf of the Borrower with the

Lenders which have correspondent agreements with Broker for the Term of Agreement.

2. The Borrower agrees to complete all information and to provide all information requested by the Broker or

Lender in order to complete the Borrower’s application for a mortgage loan.

3. The Broker agrees to exert their best efforts to obtain a mortgage loan commitment for the Borrower.

4. The Borrower agrees to pay the Broker, at the time of application, certain costs of the application which may

include reimbursement to third parties for costs such as credit reports and appraisals as set forth in a separate

Good Faith Estimate provided to the Borrower. The estimate of costs and the actual costs could be affected by

conditions which may include, but are not limited to, an appraised value different from that estimated by the

Borrower or credit obligations which the Borrower fails to report. Borrower agrees to pay other reasonable costs

of the Broker in connection with the mortgage application.

5. At the time the Broker obtains a mortgage loan commitment, the Borrower agrees to pay the Loan Fee to the

Broker for obtaining the mortgage loan commitment. THE LOAN FEE IS AN OB LIGATION OF BORROWER

UPON COMMITMENT, AND SHALL BE PAID AT THE TIME OF LOAN CLOSING OR OUT OF LOAN

PROCEEDS.

6. If the Broker makes a false or misleading statement in this Loan Brokerage Agreement, the Borrower may, upon

written notice to the Broker, void the Agreement, recover any fees paid to the Broker for which no services have

been performed, and recover actual costs, including reasonable attorneys’ fees, for enforcing the Borrower’s

rights under this Loan Brokerage Agreement.

7. Once a mortgage loan commitment has been obtained, if the Borrower withdraws the application or has made

material misrepresentations on the loan application or failed to provide necessary documentation for loan

processing or closing, the Broker may keep all costs that have been paid by the Borrower, may collect any loan

fees due and recover any additional actual costs that it has incurred, including but not limited to reasonable

attorneys’ fees for enforcing its rights under this Agreement.

8. This Agreement incorporates the “Loan Brokerage Disclosure Statement” below and the “Borrower

Information Document” given separately.

9. The Borrower authorizes the release of any and all credit information to the Broker, its agents or lenders with

which the Broker has correspondent agreements. The Broker will verify the credit, employment and deposit

accounts listed on the original loan application. If that information varies significantly, it may materially affect

the amount of the loan (due to details which could not be known by the Broker at the time of execution of this

Agreement) including but not limited to: appraised value of the Property, undisclosed credit obligation, a change

in financial circumstances, or a change in available loan programs which may result in the voiding of this

Agreement. Upon completion of all verifications and the Property appraisal, the Broker will submit the

application information to one or more lenders for their consideration to grant a loan commitment.

10. This Loan Brokerage Agreement is the only agreement between the Borrower and the Broker, except for a Rate-

Lock Fee Agreement allowed by 38 IL Adm. Code 1050.1335, if applicable.

Il Loan Brokerage Agreement And Loan Brokerage Disclosure Statement Form

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