Mortgage Loan Origination Agreement Template - Alabama

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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
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

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