Broker Contract

 

 

INDEPENDENT BROKER

AGREEMENT TERMS & CONDITIONS


IT IS AGREED by and between ICS Loans Inc., herein referred to as "ICS" or “ICSLoans.com” and Lending Partner, herein referred to as “Independent Broker" or "Lending Partner" or "Broker" on the commencement date this contract is executed online by Lending Partner for an initial term of six (6) months, renewing thereafter on a month-to-month basis until cancelled by either party. 

ICS ASSOCIATION: Independent Brokers are not employees of ICS. Independent Broker is in no way is an employee, entity partner, or subsidiary of ICS and works with ICS on an independent contract basis. This is a contract opportunity, not a W2 job.

CONTRACTOR STATUS: Independent Broker is an independent contractor for federal tax and all other purposes. ICS is not an employee of Independent Broker. Independent Broker is not an employee of ICS. This is a contract agreement between ICS and Independent Broker. In compliance with IRS regulations, ICS does not provide independent contractors with equipment, services, or directly control activities performed by Independent Broker.

ADVERTISING: Independent Broker agrees not to utilize any advertising, signs, brochures or other solicitation materials using the ICS brand without ICS’s advance written approval thereof by ICS Loans.

TAXES: Independent Broker is an independent contractor and shall be responsible to file and pay quarterly estimated, and/or annual federal income tax returns; and any other taxes required of an independent contractor.

LIABILITY: Independent Broker agrees to indemnify and hold ICS Loans harmless from any liability, including city, state or federal fines and damage suits incurred by Independent Broker, resulting from misuse of property and disclosure and other proprietary information in violation of ICS Loans terms and conditions.

OWNERSHIP – LOAN AGREEMENTS - DOCUMENTS: It is understood that all client agreements obtained or negotiated by Independent Broker are between Independent Broker and the borrower/loan client. When submitted to ICS Loans, in accordance with ICS Loans terms and conditions and all state law and federal laws, the Funding Fee Agreement, Conditional Loan Quotes, Loan Applications and other supporting loan documents shall be in the name of and be the property of Independent Broker and ICS Loans. Upon mutual execution of a Funding Fee Agreement between ICS and borrower (if applicable), the Loan Funding Fee Agreement is subject to ICS Loans processing, and an ICS Funding Fee as outlined within the Funding Fee Agreement and the terms and conditions of ICS Loans (if applicable). Earnest money, deposits, fees, and other money, wholly or partially executed instruments or documents shall be immediately delivered to a third-party escrow company or law firm in accordance with state law and federal law. Independent Broker has no authority, express or implied, to represent anything to a purchaser, seller, borrower or anyone else unless it is contained in the Funding Fee Agreement between the client and Independent Broker and there are no reasonable grounds for Independent Broker to suspect that it is otherwise; or unless Independent Broker is specifically authorized to make the representation.

DURATION & TERMINATION: This agreement shall start on the commencement date this contract is executed by Lending Partner for an initial term of six (6) months, renewing thereafter on a month-to-month basis. This Service Agreement may be terminated, at any time by ICS, or at any time by Lending Partner following the end of the initial 6-month term in writing via email. Lending Partner must provide 15-days written notice to not incur future monthly charges. In the event Lending Partner contemplates termination of this Agreement, Lending Partner will make every effort to close any pending transactions in which Lending Partner is interested where ICS is providing loan processing and direct placement services. In the event that any such transaction does not close prior to termination of this Agreement and in ICS’s opinion is necessary or appropriate for ICS or others at ICS to attend to any matters concerning the transaction (including changes in financing; securing of occupancy agreements; removal of contingencies; and any other usual or unusual matters required to close the transaction closing) then ICS shall be authorized to deduct up to 50% of the Lending Partner’s share of the commission and pay the same to ICS Loans or other Lending Partners according to their participation in the matters necessary to close the transaction. Lending Partner agrees not to, in any way, induce or encourage a client to terminate a loan in processing following termination of this Agreement. This contract can be cancelled anytime by ICS at the sole discretion of ICS, which would terminate this agreement and any Lending Partner monthly obligations. Should you decide ICS or Commercial Mortgage Brokering is not for you within 30-days of sign up, you can cancel within the first 30-days, discontinuing future billings and access to the ICS Loan Dashboard.

In the event ICS is providing processing and placement services requested by Funding Platform User and project funding is provided by one or more Lenders brought forth by ICS during the term of this agreement, or within (180) days following expiration or termination of this agreement, Lending Partner be paid in accordance with the commission schedule below.

ARBITRATION: Any disputes between Lending Partner and ICS Loans, or between Lending Partner and other Loan Broker, arising from matters occurring, all or in part, prior to termination of this Agreement, shall be resolved by arbitration, rather than suit. Each of the parties shall, within five days of being requested to do so by the other, name one arbitrator. The two arbitrators shall within five days of their appointment, appoint a third arbitrator. The dispute shall be heard within thirty (30) days thereafter, in accordance with state statutes governing arbitration, and the decision of the arbitrators shall be final and binding upon the parties’ subject only to statutory review by the Superior Court.

 INDEPENDENT BROKER FEES & COMMISSIONS: Lending Partners shall have claim to their loan origination points on all loans submitted to ICS and successfully funded through ICS Loans. Loan commissions are paid by ICS directly to Lending Partners every Friday following closing and/or payment from the funding lender. ICS and lender fees vary by loan, lender, and property type and are determined upon review of the loan request prior to Conditional Loan Quote delivery to the client. ICS funds loans with typical lender points ranging from 0% to 3% depending upon the loan and lender type. Independent Lending Partners are paid 100% of their loan origination points. In order for the Lending Partner to receive 100% of their loan origination points, Lending Partners must fully package loans for ICS Loan Review and underwriting, including all documents requested by underwriting from the client by Lending Partner. Lending Partners that are not able to provide all requested documents by ICS, and are not the primary point of contact with the client are paid at a Referral Partner split of 20%. In some cases, ICS may charge additional origination points separate from the Lending Partner origination points. Lending Partners are not paid on loan processing fees, underwriting fees, or lender paid yield spread premium (if applicable). This is determined upon loan review.