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Terms & Conditions Effective 10/17/05
Brokers submitting applications must agree with the following terms & conditions, these are the identical terms & conditions found in the Broker Agreement. The Broker Agreement must be signed by an authorized agent of said such firm and be in the possession of MH Loans prior to the disbursement of commissions.
1.WARRANTIES AND COVENANTS
All applications submitted by Broker will be considered clients of Broker, unless said such client is a current MH Loans applicant. Applications canceled by the Broker by deed or action, revert the client to consumer direct status, making Broker ineligible for compensation. Broker warrants that all file documentation submitted to MH Loans has not been altered or modified in any way, including but not limited to, credit information. Neither MH Loans nor Broker will represent themselves as an Agent or Employee of the other.
2. COMPENSATION
Broker shall be paid $750.00.
3. NON-CIRCUMVENTION
It is mutually agreed that MH Loans and Broker will not circumvent, avoid or bypass each other in the attempt to avoid payment of fees or commissions by means of a third party. Both MH Loans and Broker will not market or solicit clients of the other, with the exception of cancellation by deed or action.
4. TERM OF AGREEMENT
This agreement shall remain in effect until either party terminates. Termination will be effective upon written receipt by either party. Termination of this agreement by Broker does not relieve Broker of its obligation set forth herein relating to funded loans.
5. REPURCHASE AND REPAYMENT
Repurchase will be required if MH Loans determines, at any time, that any representation made by Broker with respect to any MH Loans mortgage loan application submitted by Broker was untrue when made or would be construed as fraud on the part of the Broker. All repayments must be received by MH Loans within 10 days from formal demand.
6. CANCELLATION BY DEED OR ACTION
It is mutually agreed that "Cancellation by Deed or Action" shall include the following circumstances; 1) No written contact from Broker 21 days from issuance of client approval. 2) Expiration of Approval. 3) Broker cancels loan either verbally or in writing.
7. JURISDICTION AND ARBITRATION
This Agreement shall be governed in accordance of the laws of State of Washington. If any part of this Agreement is found to be unenforceable, all other terms of this Agreement will remain in effect until the Agreement is terminated. Any controversy or claim arising from a breach of this Agreement shall be submitted for Arbitration under the laws of the State of Washinton.
8. INDEMNIFICATION
Broker agrees to indemnify and forever save MH Loans harmless from any and all loses, harms, expenses, costs (including reasonable attorney’s fees), liability, and damage resulting directly or indirectly from Broker’s breach of any of the foregoing warranties or covenants contained within this Agreement.
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