Common use of Loan Processing Clause in Contracts

Loan Processing. All loans are to be processed by a company approved contract processor. Originator is strictly prohibited from ordering/requesting/receiving loan verifications. Processors shall directly send, receive, and validate any and all loan verifications. Failure to follow these policies may result in forfeiture of compensation on funded transactions. Expenses: Expenses include but are not limited to the company transaction fee, correspondent admin. fee, processing fees, credit report fees, courier and delivery fees, automated underwriting fees, software and website expenses, and any other expenses not paid from the proceeds of a funded loan transaction. Loan expenses also include those paid by Innovative Mortgage Services, Inc. on behalf of the independent contract loan originator. All business related expenses shall be the responsibility of the loan originator. The loan originator is responsible for supplying their work space, hardware, software, professional tools, equipment, materials and supplies, and all other business related expenses as necessary. The loan originator may originate loans ‘virtually’ utilizing technology including email, internet, telephone/VOIP, courier and fax as necessary. Due to state and federal compliance regulations, the originator must subscribe to a compliant origination software and may elect to use the company’s origination platform at a group discount. Originator is also responsible for business related expenses such as credit reports, automated underwriting, and verifications. State regulations prohibit originators from meeting prospective clients and borrowers at any location other than a company licensed location or public location (i.e. public library, restaurant or coffee shop). Innovative does not require independent contract originators to travel, set a work schedule, or to set or achieve any production and or sales goals. Originator is free to determine the means and manner necessary to accomplish their desired levels of productivity. Company does not insure the originator to travel. Company does not provide professional liability insurance. The independent contractor is responsible for maintaining all necessary and proper insurance coverages for their desired modus operandi. From time to time the company may provide the originator with services in exchange for payment such as, but not limited to, origination software, marketing tools, and expedited compensation. Payment is due immediately at such time that services are rendered. Payments rendered for such services, including monthly dues and origination software, are non-refundable. Furthermore, pro-rata payments rendered for such services are also non-refundable. The loan originator will not receive any pro-rata refund of any dues or fees paid to the company for services. YOU ACKNOWLEDGE THAT YOUR RELATIONSHIP WITH THE COMPANY IS AS AN INDEPENDENT CONTRACTOR, TO ORIGINATE LOANS TO A MULTITUDE OF WHOLESALE LENDERS AND/OR CORRESPONDENT INVESTORS OF YOUR CHOOSING, AND IS SUBJECT TO THE COMPANY’S COMPLIANCE, QUALITY CONTROL AND PROCESSES GUIDE, WHICH YOU ACKNOWLEDGE YOU HAVE RECEIVED, READ AND UNDERSTAND. IT IS EXPRESSLY ACKNOWLEDGED BY BOTH PARTIES THAT THE SOLE PURPOSE OF THIS DOCUMENT IS TO SET FORTH THE COMPENSATION TERMS OF YOUR INDEPENDENT CONTRACTOR AFFILIATION WITH COMPANY. PER FEDERAL AND STATE REQUIREMENTS, YOU MUST NOTIFY THE COMPANY IN WRITING PRIOR TO TERMINATING YOUR AFFILIATION WITH INNOVATIVE AND MOVING YOUR LICENSE TO ANOTHER LENDER. LOAN ORIGINATOR MAY ALSO TRANSFER ANY EXISTING LOANS TO A NEW LENDER/BROKER WITH ADVANCE WRITTEN APPROVAL OF THE BORROWER(S). AT SUCH TIME, LOAN ORIGINATOR WILL BE COMPENSATED FOR ANY LOANS THAT SUBSEQUENTLY CLOSE WITH THE COMPANY SO LONG AS THEY MEET THE TERMS STIPULATED HEREIN. ORIGINATOR IS RESPONSIBLE FOR COMPREHENDING, KNOWING, AND OPERATING IN COMPLIANCE WITH ALL STATE AND FEDERAL MORTGAGE FINANCE LAWS. ORIGINATOR AFFILIATION IS ON A PER TRANSACTION BASIS AND COMPANY MAY REVOKE THE AFFILIATION IN THE EVENT ORIGINATOR VIOLATES ANY FEDERAL OR STATE RESIDENTIAL LOAN ORIGINATION LAWS AND REGULATIONS OR FAILS TO MAINTAIN COMMON INDUSTRY STANDARDS OF PROFESSIONALISM AS OUTLINED BY THE NATIONAL ASSOCIATION OF MORTGAGE BROKERS AND RESPECTIVE STATE MORTGAGE PROFESSIONAL ASSOCIATIONS. Entire Agreement: This Agreement and any other agreement, document or instrument attached hereto or referred to herein, contain the entire Agreement between the parties and supersede all prior agreements and understandings with respect to the subject matter hereof. In the event of any conflict between the terms, conditions and provisions of this and any such agreement, document or instrument, the terms conditions and provisions of this Agreement shall prevail.

Loan Processing. All loans are to be processed by a company approved contract processor. Originator is strictly prohibited from ordering/requesting/receiving loan verifications. Processors shall directly send, receive, and validate any and all loan verifications. Failure to follow these policies may result in forfeiture of compensation on funded transactions. Expenses: Expenses include but are not limited to the company transaction fee, correspondent admin. fee, processing fees, credit report fees, courier and delivery fees, automated underwriting fees, software and website expenses, and any other expenses not paid from the proceeds of a funded loan transaction. Loan expenses also include those paid by Innovative Harmony Mortgage Services, Inc. on behalf of the independent contract loan originator. All business related expenses shall be the responsibility of the loan originator. The loan originator is responsible for supplying their work space, hardware, software, professional tools, equipment, materials and supplies, and all other business related expenses as necessary. The loan originator may originate loans ‘virtually’ utilizing technology including email, internet, telephone/VOIP, courier and fax as necessary. Due to state and federal compliance regulations, the originator must subscribe to a compliant origination software and may elect to use the company’s origination platform at a group discount. Originator is also responsible for business related expenses such as credit reports, automated underwriting, and verifications. State regulations prohibit originators from meeting prospective clients and borrowers at any location other than a company licensed location or public location (i.e. public library, restaurant or coffee shop). Innovative Harmony does not require independent contract originators to travel, set a work schedule, or to set or achieve any production and or sales goals. Originator is free to determine the means and manner necessary to accomplish their desired levels of productivity. Company does not insure the originator to travel. Company does not provide professional liability insurance. The independent contractor is responsible for maintaining all necessary and proper insurance coverages for their desired modus operandi. From time to time the company may provide the originator with services in exchange for payment such as, but not limited to, origination software, marketing tools, and expedited compensation. Payment is due immediately at such time that services are rendered. Payments rendered for such services, including monthly dues and origination software, are non-refundable. Furthermore, pro-rata payments rendered for such services are also non-refundable. The loan originator will not receive any pro-rata refund of any dues or fees paid to the company for services. YOU ACKNOWLEDGE THAT YOUR RELATIONSHIP WITH THE COMPANY IS AS AN INDEPENDENT CONTRACTOR, TO ORIGINATE LOANS TO A MULTITUDE OF WHOLESALE LENDERS AND/OR CORRESPONDENT INVESTORS OF YOUR CHOOSING, AND IS SUBJECT TO THE COMPANY’S COMPLIANCE, QUALITY CONTROL AND PROCESSES GUIDE, WHICH YOU ACKNOWLEDGE YOU HAVE RECEIVED, READ AND UNDERSTAND. IT IS EXPRESSLY ACKNOWLEDGED BY BOTH PARTIES THAT THE SOLE PURPOSE OF THIS DOCUMENT IS TO SET FORTH THE COMPENSATION TERMS OF YOUR INDEPENDENT CONTRACTOR AFFILIATION WITH COMPANY. PER FEDERAL AND STATE REQUIREMENTS, YOU MUST NOTIFY THE COMPANY IN WRITING PRIOR TO TERMINATING YOUR AFFILIATION WITH INNOVATIVE HARMONY AND MOVING YOUR LICENSE TO ANOTHER LENDER. LOAN ORIGINATOR MAY ALSO TRANSFER ANY EXISTING LOANS TO A NEW LENDER/BROKER WITH ADVANCE WRITTEN APPROVAL OF THE BORROWER(S). AT SUCH TIME, LOAN ORIGINATOR WILL BE COMPENSATED FOR ANY LOANS THAT SUBSEQUENTLY CLOSE WITH THE COMPANY SO LONG AS THEY MEET THE TERMS STIPULATED HEREIN. ORIGINATOR IS RESPONSIBLE FOR COMPREHENDING, KNOWING, AND OPERATING IN COMPLIANCE WITH ALL STATE AND FEDERAL MORTGAGE FINANCE LAWS. ORIGINATOR AFFILIATION IS ON A PER TRANSACTION BASIS AND COMPANY MAY REVOKE THE AFFILIATION IN THE EVENT ORIGINATOR VIOLATES ANY FEDERAL OR STATE RESIDENTIAL LOAN ORIGINATION LAWS AND REGULATIONS OR FAILS TO MAINTAIN COMMON INDUSTRY STANDARDS OF PROFESSIONALISM AS OUTLINED BY THE NATIONAL ASSOCIATION OF MORTGAGE BROKERS AND RESPECTIVE STATE MORTGAGE PROFESSIONAL ASSOCIATIONS. Entire AgreementAgreement : This Agreement and any other agreement, document or instrument attached hereto or referred to herein, contain the entire Agreement between the parties and supersede all prior agreements and understandings with respect to the subject matter hereof. In the event of any conflict between the terms, conditions and provisions of this and any such agreement, document or instrument, the terms conditions and provisions of this Agreement shall prevail.

Loan Processing. All loans are to be processed by a company approved contract processor. Originator is strictly prohibited from ordering/requesting/receiving loan verifications. Processors shall directly send, receive, and validate any and all loan verifications. Failure to follow these policies may result in forfeiture of compensation on funded transactions. Expenses: Expenses include but are not limited to the company transaction fee, correspondent admin. fee, processing fees, credit report fees, courier and delivery fees, automated underwriting fees, software and website expenses, and any other expenses not paid from the proceeds of a funded loan transaction. Loan expenses also include those paid by Innovative Mortgage ServicesHarmony Mortgage, Inc. on behalf of the independent contract loan originator. All business related expenses shall be the responsibility of the loan originator. The loan originator is responsible for supplying their work space, hardware, software, professional tools, equipment, materials and supplies, and all other business related expenses as necessary. The loan originator may originate loans ‘virtually’ utilizing technology including email, internet, telephone/VOIP, courier and fax as necessary. Due to state and federal compliance regulations, the originator must subscribe to a compliant origination software and may elect to use the company’s origination platform at a group discount. Originator is also responsible for business related expenses such as credit reports, automated underwriting, and verifications. State regulations prohibit originators from meeting prospective clients and borrowers at any location other than a company licensed location or public location (i.e. public library, restaurant or coffee shop). Innovative Harmony does not require independent contract originators to travel, set a work schedule, or to set or achieve any production and or sales goals. Originator is free to determine the means and manner necessary to accomplish their desired levels of productivity. Company does not insure the originator to travel. Company does not provide professional liability insurance. The independent contractor is responsible for maintaining all necessary and proper insurance coverages for their desired modus operandi. From time to time the company may provide the originator with services in exchange for payment such as, but not limited to, origination software, marketing tools, and expedited compensation. Payment is due immediately at such time that services are rendered. Payments rendered for such services, including monthly dues and origination software, are non-refundable. Furthermore, pro-rata payments rendered for such services are also non-refundable. The loan originator will not receive any pro-rata refund of any dues or fees paid to the company for services. YOU ACKNOWLEDGE THAT YOUR RELATIONSHIP WITH THE COMPANY IS AS AN INDEPENDENT CONTRACTOR, TO ORIGINATE LOANS TO A MULTITUDE OF WHOLESALE LENDERS AND/OR CORRESPONDENT INVESTORS OF YOUR CHOOSING, AND IS SUBJECT TO THE COMPANY’S COMPLIANCE, QUALITY CONTROL AND PROCESSES GUIDE, WHICH YOU ACKNOWLEDGE YOU HAVE RECEIVED, READ AND UNDERSTAND. IT IS EXPRESSLY ACKNOWLEDGED BY BOTH PARTIES THAT THE SOLE PURPOSE OF THIS DOCUMENT IS TO SET FORTH THE COMPENSATION TERMS OF YOUR INDEPENDENT CONTRACTOR AFFILIATION WITH COMPANY. PER FEDERAL AND STATE REQUIREMENTS, YOU MUST NOTIFY THE COMPANY IN WRITING PRIOR TO TERMINATING YOUR AFFILIATION WITH INNOVATIVE HARMONY AND MOVING YOUR LICENSE TO ANOTHER LENDER. LOAN ORIGINATOR MAY ALSO TRANSFER ANY EXISTING LOANS TO A NEW LENDER/BROKER WITH ADVANCE WRITTEN APPROVAL OF THE BORROWER(S). AT SUCH TIME, LOAN ORIGINATOR WILL BE COMPENSATED FOR ANY LOANS THAT SUBSEQUENTLY CLOSE WITH THE COMPANY SO LONG AS THEY MEET THE TERMS STIPULATED HEREIN. ORIGINATOR IS RESPONSIBLE FOR COMPREHENDING, KNOWING, AND OPERATING IN COMPLIANCE WITH ALL STATE AND FEDERAL MORTGAGE FINANCE LAWS. ORIGINATOR AFFILIATION IS ON A PER TRANSACTION BASIS AND COMPANY MAY REVOKE THE AFFILIATION IN THE EVENT ORIGINATOR VIOLATES ANY FEDERAL OR STATE RESIDENTIAL LOAN ORIGINATION LAWS AND REGULATIONS OR FAILS TO MAINTAIN COMMON INDUSTRY STANDARDS OF PROFESSIONALISM AS OUTLINED BY THE NATIONAL ASSOCIATION OF MORTGAGE BROKERS AND RESPECTIVE STATE MORTGAGE PROFESSIONAL ASSOCIATIONS. Entire AgreementAgreement : This Agreement and any other agreement, document or instrument attached hereto or referred to herein, contain the entire Agreement between the parties and supersede all prior agreements and understandings with respect to the subject matter hereof. In the event of any conflict between the terms, conditions and provisions of this and any such agreement, document or instrument, the terms conditions and provisions of this Agreement shall prevail.