Mortgage Broker Agreement
___________________, referred to as BROKER, and the estate of ___________________, referred to as CLIENT, agree:
Client is desirous of obtaining a mortgage loan on the following terms:
Loan to be secured by the following described real property:
Minimum amount of loan: $____________(___________&___/100 dollars)
Maximum amount of loan: $____________(___________&___/100 dollars)
Maximum interest rate as an APR under regulation Z: _____%
Repayment terms: ___________________________________________
Personal guarantees: _______________________________________
Other terms: _______________________________________________
BROKER shall act as the exclusive broker for CLIENT in obtaining the mortgage described above for ___ months from the date of execution of this agreement.
Upon obtaining a loan conforming to the specifications set forth, BROKER shall be entitled to a commission of _______% of the principal amount of the loan of the loan.
During the term of this agreement, CLIENT agrees that it will:
keep the property insured for a minimum amount of $____ (_______________&___/100 dollars); to keep the premises in good repair; to inform the BROKER immediately of any change in rent rolls (if the premises are rented); to provide all reasonable cooperation requested by BROKER.
CLIENT agrees to provide upon BROKER’s request:
financial statements or information regarding CLIENT and any co-signors proposed; bona fide loan processing fees requested by entities seeking to provide loans to CLIENT, not exceeding $_____(_______________&___/100 dollars) without the prior permission of the CLIENT.
BROKER shall give reasonable and regular status reports to CLIENT regarding all relevant developments during the period of this agreement to CLIENT.
BROKER and CLIENT shall mutually non-disclose any information provided by one another and shall take all reasonable steps to non-disclose the information provided to one another.