ICS LENDING PARTNER AGREEMENT
ICS COMMERCIAL LOAN ADVISOR
TERMS & CONDITIONS
IT IS AGREED by and between ICS Partners, Inc., herein referred to as "ICS" or “ICSLoans.com” or "ICS Loans" and Lending Partner, herein referred to as "Lending Partner" or "ICS Commercial Loan Advisor" 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: Lending Partners are not employees of ICS. Lending Partner is 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: Lending Partner is an independent contractor for federal tax and all other purposes. ICS is not an employee of Lending Partner. Lending Partner is not an employee of ICS. This is a contract agreement between ICS and Lending Partner. In compliance with IRS regulations, ICS does not provide independent contractors with equipment, services, or directly control activities performed by Lending Partner.
ADVERTISING: Lending Partner 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: Lending Partner 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: Lending Partner agrees to indemnify and hold ICS Loans harmless from any liability, including city, state or federal fines and damage suits incurred by Lending Partner, 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 Lending Partner are between Lending Partner 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 Lending Partner 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. Lending Partner 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 Lending Partner and there are no reasonable grounds for Lending Partner to suspect that it is otherwise; or unless Lending Partner is specifically authorized to make the representation.
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.
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 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 desk/platform fee 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 Lending Partner decide ICS or Commercial Mortgage Brokering is not for you at the end of the first 90-days from sign up, you can cancel at the 90-day mark, discontinuing future billings and access to the ICS Loan Dashboard, voiding the remaining 3-months left on the agreement. Cancellation must be in writing via email within the 1st 90-days sent to [email protected].
In the event ICS is providing processing and placement services requested by Lending Partner 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.
LENDING PARTNER 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. In order for the Lending Partner to receive full commission, Lending Partner 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/or are not the primary point of contact with the client are paid at a Referral Partner split of 20% of gross commission. Lending Partners are not paid on loan processing fees, underwriting fees, or other 3rd party fees. ICS Commercial Loan Advisors work exclusively with ICS and are paid at a 50% split on gross loan origination fees and lender paid yield spread premium. ICS Commercial Loan Advisor splits increase to 70% upon hitting annual quota of $36MM funded in a 12-month period, resetting on an annual basis determined by their hiring date with ICS.
LENDING PARTNER / ICS ADVISOR MONTHLY FUNDING PLATFORM & TRAINING FEES: Lending Partners are required to complete online training, pass the ICS CLA Certification exam, and remain active with ICS on monthly Funding Platform fees. ICS charges a $140 monthly Funding Platform fee covering all software, marketing, ongoing training, a professional email, credit report access, property database access, loan processing, underwriting, and lender loan placement. The $140/month fee is billed every 30-days. The monthly funding platform fee is reimbursed in any month where Lending Partner has successfully funded a loan with ICS. Training and Funding Platform fees are not reimbursed or refunded in the event Lending Partner becomes inactive or does not fund any loans successfully during the term of this agreement. In addition to the $140 monthly Funding Platform fee, a $100 set-up and fee is charged within 2-business days of sign up.
INCLUDED IN THE MONTHLY FUNDING PLATFORM FEE
- Online Training Materials & ICS Advisor Certification Exam
- Weekly Training Videos
- Weekly Live Training Webinar Hosted by ICS Senior Advisors
- Unlimited Funding Platform Access
- Access to Hundreds of Loan Products
- Pull Soft Credit Reports
- Nationwide Funding (not including Nevada)
- Nationwide Licensing under ICS (not including Nevada)
- Dedicated Processing & Placement Team
- Dedicated Senior Advisor
- In-house Underwriting
- Lending Forms & Funding Fee Agreements
- Prospect Lead Service
- Online Loan Dashboard
- Your Own Web Application Form
- Nationwide Property Database Access