Loan Broker Program Agreement

INDEPENDENT BROKER

AGREEMENT

TERMS & CONDITIONS


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

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 only.

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 the Independent Broker prior to submission to ICS Loans are between the 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, any Funding Fee Agreement & Conditional Loan Quote, Loan Application and/or other supporting loan documents shall be in the name of and be the property of ICS Loans. Upon mutual execution of a Funding Fee Agreement & Conditional Loan Quote between ICS and borrower, the Loan Funding Fee Agreement is subject to ICS Loans processing fees, and an ICS Funding Fee as outlined within the Funding Fee Agreement and the terms and conditions of ICS Loans. Independent Broker fees are protected and listed on the ICS Funding Fee & Conditional Loan Quote. 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. 

DURATION & TERMINATION: This agreement shall start on the commencement date this contract is executed by Independent Broker upon submitting a loan for funding and/or signing up for Funding Platform access online 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 Independent Broker in writing via email following the end of the six (6) month agreement. In the event Independent Broker contemplates termination of this Agreement, Independent Broker will make every effort to close any pending transactions in which Independent Broker 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 Independent Broker’s share of the commission and pay the same to ICS Loans or other Independent Broker according to their participation in the matters necessary to close the transaction. Independent Broker 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.

In the event ICS is providing processing and placement services requested by Independent Broker 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, Independent Broker will be paid in accordance with the commission schedule below.

ARBITRATION: Any disputes between Independent Broker and ICS Loans, or between Independent Broker 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: Independent Broker 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 Independent Broker every Friday following closing and/or payment from the funding lender. Loans that fund where commission fees are received from escrow, or the funding lender Monday through Wednesday pay out on Friday of the current week. Loans that fund where commission fees are received from escrow, or the funding lender Thursday or Friday pay out on Friday of the following week. 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 Independent Broker & client. ICS funds loans with typical lender points ranging from 0% to 3% depending upon the loan and lender type. Independent Brokers are paid 100% of their loan origination points. For the Independent Broker to receive 100% of their loan origination points, Independent Broker must fully package loans for ICS Loan Review and underwriting, including all documents requested by ICS and lender underwriting. Independent Brokers 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 their gross loan origination points. In some cases, ICS may charge additional origination points separate from the Independent Broker origination points. Independent Brokers are not paid on loan processing fees, underwriting fees, ICS Loan Origination points, or lender paid yield spread premium (if applicable). This is determined upon loan review. Independent Brokers that are approved to work as ICS Commercial Loan Advisors under the ICS brand are paid per a separate commission agreement and work exclusively with ICS.

WORKING WITH ICS EXCLUSIVELY AS AN ICS COMMERCIAL LOAN ADVISOR: Brokers that wish to apply and are approved to join the ICS Commercial Loan Advisor Team are required to sign a separate ICS Commercial Loan Advisor Agreement with varying commission schedules based upon experience and production. Training and Funding Platform access is required for ICS Commercial Loan Advisor Team members.


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