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NOTE:  This is only a COPY of the Broker Fee Agreement  for viewing purposes only.  This form will be completed and signed prior to closing.  If you are broker and would like to become part of the MFC Team, Click the Link Below

BROKERS: SIGN UP HERE

BROKER FEE AGREEMENT

This form is to be completed and signed to by both parties for each loan originated, so we have no misunderstandings at closing. This form will be passed along to the closing attorney or title company if broker is to be paid from that side.

This agreement entered into this ______day of ______________20____ by and between____________________________________ as the lead broker and Magnolia Financial Consultants (MFC).

Whereas; lead broker has obtained certain information pertaining to the origination of a mortgage which lead broker has released to (MFC) in the form of and Executive Summary or other documents up to this point. Based on supplied information as of today, an offer has been made and accepted subject to further investigation and due diligence by lender supplied through MFC.

Whereas; lead broker is responsible for paying commissions due to any other broker or third party that my have referred this mortgage proposal to him-her. Lead broker will hold harmless MFC for any commission due to any other parties that MFC has not been made aware of.

Now therefore, for and in consideration of this agreement by MFC to pay lead broker an amount of __________________________________________percent of the final loan amount at the time of closing. Said fee shall be deemed earned, due, and payable at closing and in no other event.

This agreement only applies to the pending loan for _______________________ borrower on the project known as or located at ____________________________.

MFC will not be responsible for withholding any federal-state, income tax from lead brokers commission. Lead broker will receive this under a 1099 contract labor basis with a year-end statement mailed to all applicable taxing authorities.

MFC agrees to in no way attempt to circumvent lead broker to avoid paying any or all of the above described broker fees due him-her.

This agreement shall be governed by the laws of the state of Mississippi. Any controversy or claim arising out of or related to this agreement or the breach thereof, and which is not settled between the signatures themselves, shall be settled first by arbitration in accordance with the rules of the American Arbitration Association, with hearings to take place in Alabama at a mutually agreed time and place. Any judgment rendered by the Arbitrators may be entered in any court having jurisdiction thereof including the award to the aggrieved signatories, and/or their designees, such award being related to the remuneration received as a result of business conducted with the parties covered by this agreement, plus all court costs, attorney fees, and other charges and damages deemed fair by the Arbitrator(s).

When fully executed by all parties, a facsimile thereof shall serve in every respect as an original.

Magnolia Financial Consultants  


______________________________ 
Michael Raybourn, President  

______________________________
Date:
______________________
Company Name

_________________________
Print Name and title after signing above
________________________________
Date:

 


  

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