- 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.
- Our responsibilities to you
- In facilitating your application, the Brokerage and Mortgage Professional agree to represent your best interests, recommend a mortgage solution, advocate on your behalf, provide confidential advice, exercise reasonable care and skill, gather your information to determine available lending options, complete and submit documentation to the lender, and keep you informed of the progress of your application. The Brokerage is not a lender and does not warrant the amount of available financing or its terms.
- Your responsibilities
- You agree to be honest, provide us with personal and financial information and keep us updated on any changes, and pay all applicable expenses related to your mortgage transaction (including credit reports, appraisals, personal information vetting and registry reports) whether or not you receive approval or funding. All expenses will be discussed and approved by you in advance.
- Personal and confidential information
- Your information is stored in a secure, encrypted service and kept confidential. If illegal or fraudulent activity is discovered during a transaction, we may be required to report it to the appropriate authorities. You consent to us collecting, maintaining, using and disclosing your personal information for the purpose of this Agreement and for arranging and/or renewing loans, mortgages or other financing.
- Credit bureau consent
- By signing this agreement 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; any such fee will be disclosed and approved by you before you enter into financing.
- 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 it is terminated by either party in writing.