Broker Compensation from Borrower Sample Clauses

Broker Compensation from Borrower. Broker shall be entitled to negotiate with and receive from the Borrower(s), payable at the time of closing of a Loan, a reasonable broker’s fee for its services, that is typical in Broker's market area for the type and amount of the mortgage loan applied for, and up to a maximum of two percentage points, as approved by Lender in its sole and absolute discretion, of the loan amount funded by Lender. Broker shall disclose the fee, if any, which it charges to any Borrower(s) in writing, and in accordance with all other applicable disclosure and other legal requirements. Lender will cause such Broker fee to be disclosed on the final settlement statement, and to be collected at closing and remitted to Broker. BROKER ACKNOWLEDGES AND AGREES THAT LENDER AND THE OTHER LENDER PARTIES ARE NOT LIABLE OR RESPONSIBLE TO BROKER FOR THE PAYMENT OF ANY CONSIDERATION FOR ANY OF THE SERVICES PROVIDED BY BROKER PURSUANT TO THIS ADDENDUM. BROKER’S SOLE CONSIDERATION SHALL BE THE BROKER’S FEE AGREED TO IN WRITING BETWEEN BROKER AND APPLICANT/BORROWER AND APPROVED BY LENDER. THE PARTIES AGREE THAT ANY FEE OTHER THAN THE COMPENSATION DESCRIBED IN THIS SECTION IS SUBJECT SOLELY TO THE WRITTEN CONTRACTUAL TERMS AND CONDITIONS AGREED TO BETWEEN APPLICANT/BORROWER AND BROKER, AND SUCH BROKER'S FEE IS NOT A CONDITION OR A REQUIREMENT BY LENDER IN ORDER TO ACCEPT OR TO UNDERWRITE A LOAN APPLICATION PACKAGE.
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Related to Broker Compensation from Borrower

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