PRE-APPLICATION DISCLOSURE AND FEE AGREEMENT
FOR USE BY NEW YORK REGISTERED MORTGAGE BROKERSADS Funding Corporation
40 Rocky Hill Rd
New Paltz NY 12561
(P) 845-255-7111
(F) 845-255-9994 Registered Mortgage Broker
NYS Banking Department
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; and Assistance in processing the loan application, and in meeting conditions of the loan commitment, such as obtaining appraisal, working with the investor to resolve open conditions, and coordinating the closing process with all vendors.
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; and You cannot guarantee acceptance into any particular loan program or specific loan terms or conditions. You may be eligible to receive a lender-paid bonus (cash or non-cash) if my loan is placed with a particular lender, and you will notify me if this occurs.
BROKER FEE:I understand that, as compensation for your services, you will be paid as checked below: ____ The lender will pay you a fee of ___% of the loan amount or $______. The compensation you will receive from the lender for your services is included in the rate, points, fees and terms of the loan as quoted by the lender in its commitment. The maximum points paid, including premium pricing payable by the lender to you, shall not exceed ______ ( ) points __X_ The fee the lender will pay you 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 ______ ( 2 ) points. ____ I will pay you, from the loan proceeds, a fee of ___% of the loan amount or $______. I authorize the lender's attorney to collect this fee from me at closing. ____ I will pay you, directly, upon my signed acceptance of a commitment ___ or at closing___, a fee of ___% of the loan amount or $______.
MORTGAGE BROKER FEE ACKNOWLEDGEMENT: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. I understand that I am required to pay the following fees at application: Application fee $125.00___ Property appraisal fee * $300.00___ Credit report fee * $0 _______
* 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:Processing Fee $_100.00___________ 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, if any, 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 ADS Funding Corporation at 40 Rocky Hill Rd, New Paltz, NY 12561. If I live more than 50 miles from the office at which my file is being processed, I may call you collect at 845-255-7111. DESIGNATED LENDERS:I understand that you place loans with more than three lenders. A list is maintained at your office which I can obtain a copy upon request. By clicking "Accept" below, I acknowledge receipt of a copy of this pre-application disclosure and fee agreement.  
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