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PRE-APPLICATION DISCLOSURE AND FEE AGREEMENT FOR USE BY NEW YORK REGISTERED MORTGAGE BROKER TIER ONE MORTGAGE, LLC Registered Mortgage Broker 15 ORCHARD STREET NYS Banking Department WEBSTER, NEW YORK 14580 Loans Arranged with 3rd Party Lenders ______________________________________________________________________________ In the following disclosure, I=applicant, you=mortgage broker You have advised me that you are authorized and prepared to assist me in securing financing. I understand that your services may include, but are not limited to the following: * Counseling on available mortgage products; * Counseling on general mortgage qualification procedures and requirements; * Counseling on my financial capabilities; * Assistance in obtaining information required to complete the mortgage application; * Assistance in processing the loan application and in meeting conditions of the loan commitment, such as proper completion of all documentation. I hereby agree to engage you for the purpose of advising me about financing and to provide the services described above. This agreement will continue until the earlier of the declination of my loan request(s), the closing of my loan or my termination of your services. I acknowledge that prior to paying any fees or completing any application(s), I was advised of the following: * Your services are advisory and administrative in nature; * You are not authorized to make mortgage loans or commitments; * You cannot guarantee acceptance into any particular loan program or specific loan terms or conditions. BROKER FEE: TIER ONE MORTGAGE, LLC is a third party provider and is paid by the Lender, Borrower or a combination of both. The total compensation is not known at this time but will be disclosed to me at the time of lock-in or when the rate is set. The maximum points paid, including premium pricing payable by the lender to you shall not exceed 3.50% (3.50 points). I further understand that I will be responsible for the payment of any reasonable attorney’s fees if I fail to make the payment as required above. MORTGAGE BROKER FEE ACKNOWLEDGMENT: I acknowledge that this mortgage broker fee will be paid to you. I further acknowledge that there is no other mortgage broker fee agreement between us. For Conventional Mortgages: I understand that I am required to pay the following fees at application: Application fee $_265.00_______ Property appraisal fee* $_275.00-650.00_ Credit report fee* $___0.00_______ For Government (FHA/VA) Mortgages: I understand that I am required to pay the following fees at application: Application fee $___0.00_________ Property appraisal fee* $_300.00-500.00___ Credit report fee* $__55.00_________ * The property appraisal fee and the credit report fee are estimates of the actual cost of the services. Should the actual costs exceed the estimate, I understand that I will be billed and will pay the shortfall at or prior to closing. * The application fee is non-refundable. * The credit report and appraisal fees are non-refundable except that amounts collected in excess of the actual cost will be refunded. If the credit report and appraisal have not been done, the fees will be refunded in full. PROCESSING FEE (Conventional Mortgages Only): Processing Fee: $325.00 PREPAYMENT PENALTIES: I understand that certain mortgage products impose a prepayment penalty on the borrower. You will disclose the amount of, or the formula for calculating, the prepayment penalty, and the terms of the prepayment penalty, if any, as soon as you know them. APPLICATION QUESTIONS: I understand that I may address questions or comments about my application to Michael Catalino at (585) 872-1486. If I live more than 50 miles from the office at which my file is being processed, I may call you at (877) 815-8676 or if unavailable, I may call you collect.
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Registered Mortgage Broker New York State Banking Department/Loans arranged with Third-Party Lenders
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