Mortgage Loan Originator Independent Contractor Agreement
If you`re a mortgage loan originator looking to work as an independent contractor, it`s important to create a detailed agreement with your preferred lender or broker. This agreement will outline the terms and conditions of your working relationship, as well as your compensation and responsibilities. Here are some key elements to include in your mortgage loan originator independent contractor agreement:
1. Scope of Work: Clearly define the scope of work you`ll be undertaking as an independent contractor. This should include the type of loans you`ll be originating, the areas you`ll be servicing, and any other responsibilities that will be within your purview.
2. Compensation: Define your compensation rate, including any fees or commissions you`ll be earning. Also, specify when you`ll receive payment and how it will be delivered (e.g., direct deposit, check, etc.).
3. Termination: Outline the circumstances under which your agreement may be terminated, such as breach of contract, by the request of either party, or due to a change in the regulations or market conditions.
4. Confidentiality: Establish what information and materials are considered confidential under your agreement and the steps that will be necessary to protect them.
5. Insurance and Liability: Determine the types of insurance coverage that will be required for your work and who will be responsible for providing it. Address any liabilities that could arise and define who will assume responsibility for them.
6. Non-compete and Non-solicitation: Establish any non-compete or non-solicitation clauses that will apply to your work, including what geographic area they will cover and for how long.
7. Governing Law: Establish the governing law and jurisdiction for your agreement, which will determine how any disputes will be resolved.
By including these elements in your mortgage loan originator independent contractor agreement, you`ll create a clear framework that will minimize misunderstandings and disputes, and help to establish a successful, long-term working relationship. Be sure to consult with an experienced attorney to ensure that your agreement is legally sound and comprehensive.