How to Write Your Own Broker Loan Fee Agreement
Creating your own broker loan fee agreement may be necessary even if you are not affiliated with a mortgage company. Mortgage companies usually have specific forms that document the amount of broker fee. If you are an independent broker you should have your own fee agreement form. Fee agreement forms are written similar to promissory notes. The difference lies in the fact that the broker fee is due now rather than at a future date. The agreement can be created in almost any wordprocessing or writing program on your computer.
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Instructions
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Set the margins for the left side of the page and type: Date, Case Number or ID Number, with a short underlined space for each response.
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Reset the margins for the center of the page. This will insure that all margins are even.
Type the page title, which will be "Broker Fee Agreement." Put in your company information in letterhead style if you wish.
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Create paragraph one, which should include who the parties to the agreement are. Make blank spaces so the names can be filled in. Example: The parties to this agreement are (blank space), borrower; and (blank space), broker.
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Explain what services you are providing for the broker fee. Indicate that the signatures on the bottom of the form indicate the client's commitment to pay the Broker fee. Show any other amounts that may be due and payable or that you can provide.
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Insert lines on which to insert the amount of the fee, the date it will be paid, by whom it will be paid and the total amount.
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Write the signature section so that it shows that the client has received a copy of the agreement, that it has been explained to them, and that their signatures indicate that they are in agreement with the document.
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Create blank signature lines for the Borrower and any Co-borrowers. Include a Date line. Below that create a line for the broker's signature, the date and another line for the broker's printed name. Each line on the entire form should be titled to indicate what is required on that line.
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Comments
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this will come in handy.
