Common Contracts
1 similar Mortgage Broker Fee Agreement contracts
Mortgage broker fee agreement pdfMortgage Broker Fee Agreement • November 24th, 2020
An important and painful lesson learned by almost every new commercial mortgage broker is always to require a signed fee contract from the borrower. In the end, you'll learn this painful lesson. The only real question is whether you will learn this lesson after you lose only five large commissions ($10,000+), or whether you have to lose fifteen high commissions before you learn this lesson. You probably think that the purpose of the fee agreement is to protect you from the borrower refusing to pay his commission at the time of closure. This happens occasionally, but not very often. By the time most commercial mortgage loans prepare to close, most borrowers are exhausted, impatient, and eager to close the deal. The borrower does not want to risk starting a four-month application process again, appearing dishonorable against the lender. The real reason why you need a tax agreement is to protect yourself from (1) the debtor's fraud and (2) unjustified cancellation of the borrower. Commerc
