ONECAP
A Nevada Corporation
Exhibit 10 g.
Broker Agreement with North American Mortgage Company
Signed March 3, 2000
BROKER AGREEMENT
Effective 3/3/00 North American Mortgage Companyr a Delaware
corporation and One Cap (Broker) agree to the following Broker
represents and warrants that it is duly organized and validly
existing entity and that it is in good standing to do business
under applicable laws and regulations of the United States and of
the state of origination.
Broker has the requisite corporate, partnership or other
authority and capacity as necessary to enter into this agreement.
Broker's compliance with terms and conditions of this agreement
will not violate any provisions of Broker's articles of
incorporation or bylaws, any instruments relating to the conduct
of this business or any other agreements to which it may be a
party.
As agent for the borrowers Broker intends from time to time to
offer, for funding to North American Mortgage Companyr
conventional mortgage loans that has originated, and for which it
has obtained valid and true appraisal and credit documentation.
North American Mortgage Companyr is under no obligation to accept
any loan application offered by Broker.
The following are the terms under which North American Mortgage
Companyr will underwrite and, if applicable, close approved loan
applications offered by Broker and to which Broker agrees:
1) Broker warrants that any loan it submits to North American
Mortgage Companyr for approval will contain true and valid
information and will be in compliance with all applicable
federal, state, and local statutes, ordinances and regulations
including; but, not limited to the Real Estate Settlement
Procedures Act, the Equal Credit Opportunity Act, the Truth in
Lending Act, the Fair Credit Reporting Act and the Flood Disaster
Protection Act.
2) Broker understands that North American Mortgage Companyr
intends to sell closed loans to investors in the secondary
market. Broker warrants that in submitting applications to North
American Mortgage Companyr it is in full compliance with all
pertinent requirements and warranties of the Federal National
Mortgage Association, the Federal Home Loan Mortgage Corporation
or such other requirements as North American Mortgage Companyr
may indemnify in its Product Description.
3) In connection with the Broker's submission of loans to North
American Mortgage Companyr, Broker understands and agrees that
broker is acting solely as agent for the borrower, and not as
agent for North American Mortgage Companyr. Broker warrants that
it will make no representations to the to the contrary to any
borrower or potential borrower.
4) Broker understands that loans submitted to North American
Mortgage Companyr pursuant to this agreement will be underwritten
in accordance with North American Mortgage Companyr's then
current investor standards. North American Mortgage Companyr
will approve or decline loan applications in accordance with its
current underwriting policies. North American Mortgage Companyr
alone, in its sole discretion shall make underwriting
determinations.
5) Broker understands North American Mortgage Companyr is
committed to bringing the realization of home ownership by
actively promoting the availability of loans and services to all
qualified individuals, on an equal basis, regardless or race,
creed, religion, ethnic background, sexual preference, financial
status, age, or disability. Broker agrees to originate loans and
concern itself in accordance with the North American Mortgage
Companyr fair lending policy described above.
6) Upon submission of a file to North American Mortgage
Companyr, Broker hereby assigns all rights, titles and interest
in the file to North American Mortgage Companyr with the
exception of the right to Broker's origination fee, and the file
becomes property of North American Mortgage Companyr. North
American Mortgage Companyr will close approved loans in it own
name.
7) Broker understands that North American Mortgage Companyr
routinely conducts quality control audits to re-verify credit and
income documentation and appraisals submitted by Broker. Broker
understands that income is verbally verified on all programs.
Broker understands than any discrepancies found by North American
Mortgage Companyr during quality control and verbal audits are
grounds for immediate cancellation of this agreement as well as
notification of applicable state and government agencies.
8) Broker understands that in connection of North American
Mortgage Companyr's funding Broker's loans. North American
Mortgage Companyr relies on Broker's full cooperation before and
after the loan funds. Broker agrees to process loan applications
and information and documentation North American Mortgage
Companyr deems necessary. Broker agrees to indemnify loss,
damages, attorney's fees and other expenses which North American
Mortgage Companyr may sustain or incur by reason of or in
consequence of Broker not observing the stated provisions or
warranties of this agreement or not obtaining the necessary
documentation as required by North American Mortgage Companyr.
BROKER AGREEMENT
9) This agreement may be canceled by either party, with or
without cause and with or without notice, and such cancellation
shall be immediately effective. The warranties, duties and
obligations of the parties hereto with respect to mortgage loans
originated under the suspices of this agreement shall survive the
termination of this agreement.
10) Broker and the loan applicant have agreed that Broker is
representing such loan applicants as such loan applicant's agent
with respect to the loan application and is not acting as agent
of North American Mortgage Companyr. Broker has disclosed to the
loan applicant that depending upon the interest rate and
origination points at which a loan form North American Mortgage
Companyr to the loan applicant closes. North American Mortgage
Companyr may pay compensation to Broker in addition to any
compensation to be paid to Broker by the loan applicant.
11) NOTICES FACSIMILIES
All notices required under this agreement shall be
considered given when depositing in the United States
Mail bearing sufficient postage and addressed as set
forth below:
To: North American Mortgage
Company
0000 X. Xxxxxxxxxx
Xxxxxxxxx
Xxx Xxxxx, XX 00000
Attn: Branch Manager
From: Broker
OneCap
0000 Xxxx Xxxxx Xxxxxx
Xxx Xxxxx, XX 00000
Attn: Xxxxx Xxxxxxxx
Either party may, by proper written notice hereunder to
the other party, change the address to which notices
shall hereafter be sent.
North American Mortgage Companyr, at its option, may
transmit to Broker all information regarding loans
eligible for submission by Broker hereunder (including,
without limitation, price information and product
requirements) or regarding any other loan programs
offered by North American Mortgage Companyr and Broker
hereby consents to such transmittals by facsimile.
Broker understands and accepts the terms of this agreement, as
evidenced by the signature of its duly authorized officer.
Broker North American Mortgage
Companyr
By: /s/ By: /s/
Title: Vice President Title: A.V.P.
By: Date 3/6/00
Title:
Date:
