- Overview
- This agreement sets out the terms and conditions under which you, the undersigned borrower(s), agree to retain Mortgage Architects - Team Carey Benvenuti ("we", "us" or the "Brokerage") to facilitate your application for mortgage financing. During the term of this agreement, the Brokerage will assign a licensed mortgage professional to assist you with your application (the "Mortgage Professional"). You acknowledge that the Mortgage Professional is an employee or independent contractor for the Brokerage and must comply with all policies and procedures of the Brokerage as well as all regulatory requirements.
- Our responsibilities to you
- In facilitating your application for mortgage financing, the Brokerage and Mortgage Professional agree to represent your best interests, recommend a mortgage solution, advocate on your behalf, provide confidential advice, be honest, exercise reasonable care and skill, gather your information to determine available lending options, explain finance options for your consideration, complete and submit documentation to the lender, and keep you informed of the progress of your application. You acknowledge the Brokerage is not a lender and does not make representations or warranties as to the amount of available financing or the terms of such financing — those terms will be set out in Mortgage Commitment letters issued by potential lenders.
- Your responsibilities
- You agree to be honest, provide us with personal and financial information and keep us updated on any changes in your financial picture, and pay all applicable expenses related to your mortgage transaction (including but not limited to credit reports, appraisals, personal information vetting, and registry reports) whether or not you receive approval or funding. All expenses to be paid by you will be discussed and approved by you in advance.
- Personal and confidential information
- Your personal information and its security are important to us. We will only collect the information necessary to achieve your financing goals. We do not sell your information to a third party. Your information and documents are stored in a secure, encrypted service and conversations and notes are kept confidential — however, if illegal or fraudulent activity is discovered during a transaction, we may be required to report these findings to the appropriate authorities. You consent to us collecting, maintaining, using and disclosing your personal information for the purpose of this Agreement and for all uses consistent with arranging and/or renewing loans, mortgages or other financing.
- Credit bureau consent
- By signing this agreement you declare the information provided is a true and complete representation, and you authorize the Brokerage, the Mortgage Professional, potential mortgage lenders and mortgage insurers to obtain credit reports and history throughout the course of an application, and you permit additional credit reports for up to 12 months from the date signed.
- Compensation
- Generally, the lender pays the Brokerage for arranging your mortgage. In certain situations, a fee may be charged to you by the Lender or Brokerage or both for arranging the financing; any such fee will be disclosed to you and approved by you before you enter into any financing agreement. You may have to pay additional expenses in connection with the financing arranged (legal fees and disbursements, title searches and insurance, appraisal fees, mortgage processing fees, property transfer taxes, provincial and federal taxes, and strata document retrieval fees).
- Term and termination
- This agreement begins on the date it is signed and ends on the earlier of the date of funding of the loan or the date on which the agreement is terminated by you or the Brokerage. Either party may terminate this engagement at any time by providing written notice.