OHIO LEGACY CORP LOAN PROCESSING AGREEMENT
Exhibit
10.15
THIS
LOAN
PROCESSING AGREEMENT is made and entered into this 28th day in the month of
April for the year 2008, by and between OHIO
LEGACY BANK,
a U.S.
company hereinafter referred to as “OLB” and Midwest Mortgage Processing, LLC
hereinafter referred to as “MMP”.
WITNESS:
WHEREAS,
OLB is licensed and approved to originate and close mortgage loans;
WHEREAS
MMP has substantial experience processing mortgage loan applications and is
interested in processing mortgage loan applications originated by OLB in
accordance with the terms set forth below.
NOW,
THEREFORE, the parties hereto agree as follows:
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1.
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Loan
Processing: OLB
may submit loan applications it has originated to MMP loan processing.
MMP
agrees to promptly and diligently process such loan applications
in
compliance with all applicable laws and regulations. MMP will make
every
reasonable effort to ensure that all loan applications are fully
processed
to the extent that OLB’s chosen lender’s requirements are
satisfied.
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2.
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Loan
Processing Fees:
The OLB understands, and agrees to, the fact that the most mutually
desirable method of payment of all fees due MMP, accrued pursuant
to the
terms of this agreement, is by direct payment by the designated closing
agent involved in each transaction. By signing this agreement, OLB
pledges
its complete support for this stated method of payment of fees due
MMP,
and further pledges to include MMP’s fee on the “Fee Sheet”, in all cases
possible. OLB, MMP further pledges that in cases payment of third
party
processing fees are restricted it will make said fees readily available
to
MMP. By signing this agreement, OLB and MMP acknowledge and agree
that the
processing fee owed MMP hereunder shall be $500.00 per
loan.
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| 3. |
MMP
shall operate on an exclusive basis and under the supervision
of
OLB,
a service to potential borrowers which offers to provide the
ability to
qualify for various mortgage products including, but not limited
to, first
mortgage loans, refinance loans, home equity loans, lines of
credit, or
other secured loans which may be provided from time to time by
or its
participating loan Investors. All loans are subject to the quality
control
standards established by OLB and applicable State and Federal
laws. All
loans shall be registered with OLB through Internet based
software.
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| 4. |
Quality
Control:
OLB maintains a quality control program for Originators,
including maintaining at a central location a Loan Quality “Library” of
all loans. MMP will assist in the quality control policy and
procedures of
all loans for OLB and such amendments thereto that are made from
time to
time.
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| 5. |
Compensation:
All compensation, fees, rebates, or the like, shall be in
accordance with the terms and conditions of the “Compensation Schedule”
attached hereto.
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| 6. |
Due
Diligence:
MMP agrees to devote all necessary time, attention, and
due diligence for the purpose of enhancing production of Real
Estate
loans, in order to process quality loans. Associate will assist
Clients,
Loan Officers, Underwriters, Funders, and others at OLB’s correspondents,
in whatever ways needed, in order to insure that the loans processed
by
MMP become processed, closed and funded in a timely manner. MMP
agrees to
use due diligence and all best efforts to insure that all information
and
documents presented to OLB and clients of OLB complete, accurate
and true
to the best of Associate’s
knowledge.
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EXHIBIT
10.15 (continued)
Compliance
with Law:
MMP
agrees not to engage in any acts for which the OLB’s regulating agencies are
authorized to revoke or suspend a licensee. MMP has full knowledge and will
strictly abide by the current policies, rules, and regulations of H.U.D, F.H.A.,
V.A., Xxxxxx Xxx, Xxxxxxx Mac, Xxxxxx Xxx, and other local, State, or Federal
Regulatory agencies which may have jurisdiction over OLB, or the duties
preformed by MMP.
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MMP
is responsible for the supervision and control of its employees,
and
will report to OLB any illegal acts and/or unethical conduct
by the
employees. MMP will follow the OLB requirements of all Agencies
that
supervise all transactions submitted on OLB’s behalf. All of MMP’s
employees must be aware of the rules and regulations of all governing
agencies.
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8.
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OLB’s
OBLIGATION’S:
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(a)
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If
applicable, facilitate and support the generation of accurate, real-time
rate information, as well as specific information about all costs
(e.g.,
closing costs, processing Fees) that Borrower may be
asked to pay in connection with a particular loan
product.
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(b)
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Support
the download of loan data, product, and Borrowers information from
OLB’s
and any correspondents from time to
time.
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(c)
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Cooperate
with MMP in establishing procedures to allow effective communication
between the Borrower, the sites and MMP. OLB shall provide and maintain
Email accounts and Internet access for each of its employees, agents,
contractors, and/or any other person who works with qualification
forms
and/or Borrowers on behalf of OLB
correspondents.
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(d)
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Promptly
review for accuracy and completeness, all information, site screens,
processing and analytical mechanisms submitted to it for review OLB
as
they relate to loan products and services a report any necessary
modifications to OLB.
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(e)
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Comply
with all legal and regulatory requirements applicable to Associates
offering of the loan products on the sites and dealing with Borrowers,
including, without limitation, federal laws and regulations, such
as
Truth-in-Lending Act, the Fair Credit Reporting Act, the privacy
provisions of the Xxxxx-Xxxxx-Xxxxxx Act and all applicable state
laws and
regulations.
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9.
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Administrative
Services Agreement.
This Agreement is delivered in connection with the delivery of a
certain
Administrative Certain Agreement of even date herewith by and between
Bank
and JMC MARKETING LLC, an Ohio limited liability company, which entity
has
common ownership with MMP. The parties hereto acknowledge and agree
that
this Agreement shall terminate contemporaneously with the termination
of
the Administrative Services Agreement regardless of cause. In the
event
there is a conflict between this Agreement and the Administrative
Services
Agreement, the terms of the Administrative Services Agreement shall
control.
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OHIO
LEGACY BANK, N.A.
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By:
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/s/D.Xxxxxxx
Xxxxxx
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D.
Xxxxxxx Xxxxxx, President and
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Chief
Executive Officer
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2
EXHIBIT
10.15 (continued)
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Midwest
Mortgage Processing, LLC
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By:
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/s/Xxxxx.
X. Xxxxxx
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Xxxxx
X. Xxxxxx, President and
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Chief
Executive Officer
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