Contract Processing Agreement

Date: Click here to enter a date.
Broker Name: Broker Name
Processor Name: Processor Name
Individual NMLS Number: Processor NMLS
Processing Company (if applicable): Company Name
Processing Company NMLS Number (if applicable):Company NMLS

Processing Certification

Mark one:

☐ I am an independent processor with my own NMLS license
☐ I am acting on behalf of a licensed processing company

I will comply with the following requirements of the Essex Mortgage Contract Processing policy:

  • I shall act strictly in a loan processing capacity. I am not a loan originator, nor will I perform any of the following activities that would constitute acting as a loan originator per Regulation Z, including:
  • Taking an application
  • Offering, arranging or assisting a borrower in obtaining or applying to obtain a loan
  • Negotiating, or otherwise obtaining or making a loan
  • Representing that I can or will perform any of these activities to the public via advertisement or other communication with the public
  • I (and the processing company I represent, if applicable) have no affiliation whatsoever with the Broker or Broker company for which I am contracted as a third-party processor,
  • I (and the processing company I represent, if applicable) am not listed as “authorized to represent” the broker on the NMLS;
  • I (and the processing company I represent, if applicable), am properly licensed and registered with the NMLS to perform processing services in the state where the subject property is located, continuously licensed between the time the loan processing is conducted and the closing of the loan;
  • I (and the processing company I represent, if applicable), only provide processing services in the states in which I hold an active license;
  • I will notify Essex Mortgage if there are changes to our affiliations or licensure; and
  • I shall submit an invoice for third-party processing services to Essex Mortgage at the time of file submissionand understand the following requirements:
  • The invoice must be in the name of the individual processor or processing company
  • The invoice must be for a bona fide and reasonable processing fee, not to exceed $1,000.
  • The third-party processing fee must be disclosed in Section B of the initial Loan Estimate.
  • The fee will be paid through the close of escrow directly to the individual processor or processing company named on the invoice; fees CANNOT be paid to the broker for future disbursement.

______
Processor SignatureDate

Broker Certification
I understand the requirements stated above with regards to the Essex Mortgage Contract Processing policy, and attest the following:

  • Our company has no affiliation whatsoever with the third-party processor or processing company;
  • All loan origination activities as defined in Regulation Z shall be carried out by the licensed loan officer on the transaction and not by the third-party processor;
  • I understand that the third-party processing invoice must be provided to Essex Mortgage at time of file submission;
  • I understand that the third-party processing fee must be properly disclosed in Section B of the Loan Estimate in order to be paid through escrow;
  • I will notify Essex Mortgage in the event that our affiliations change; and
  • I understand that the fee will be paid through the close of escrow directly to the individual processor or processing company named on the invoice and that fees CANNOT be paid to the broker for future disbursement.

______
Broker SignatureDate