Loan Brokerage Agreement and Loan Brokerage Disclosure Statement Template - Illinois

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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
st
nd
rd
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
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
st
nd
rd
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.
The undersigned Borrower has read and acknowledged receipt of the Loan Brokerage Agreement. This Agreement has
been executed on the same date written below by the Borrower and the Broker.
Loan Brokerage Disclosure Statement
(38 IL Adm. Code 1050.1020)
The Borrower acknowledges by signing below that they understand the following:
1. The Broker does not make loans.
2. Actual funds are provided by another entity, which may affect availability of funds.
3. The Broker is currently licensed as: _________________________________ under the Act. During the preceding
ten (10) years, Broker has operated under the following names:
___________________________________________________________________________________________
___________________________________________________________________________________________
4. Name(s) of any parent or affiliated companies:
___________________________________________________________________________________________
___________________________________________________________________________________________
5. The Broker conducts business as: ________________________________________________________________
6. The Broker:
____ brokers loans to only one entity.
____ brokers loans to more than one entity.
THE UNDERSIGNED APPLICANT HAS READ AND UNDERSTAND THE ABOVE LOAN BROKERAGE
DISCLOSURE STATEMENT OR HAS HAD THE CONTENTS EXPLAINED BY SOMEONE NOT
CONNECTED WITH THE BROKER.
The undersigned Borrower has read and acknowledged receipt of the Loan Brokerage Agreement and the Loan
Brokerage Disclosure Statement.
____________________________________________
_____________________________________________
Borrower
Date
Borrower
Date
____________________________________________
_____________________________________________
Borrower
Date
Borrower
Date
____________________________________________
_____________________________________________
Broker Representative
Date
Broker Representative Registration Number

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