LENDING PARTNER AGREEMENT
IT IS AGREED by and between ICS VENTURE PARTNERS LLC, herein referred to as "ICS" or “ICS Loans” or “ICS Commercial Lending” or "ICSLoans.com” and LENDING PARTNER, herein referred to as "Lending Partner" or “Commercial Loan Officer” or “Mortgage Broker” or “Lender” or "Direct Lender" starting on the commencement date this contract is executed online by Lending Partner for an initial term of one month, renewing thereafter on month-to-month basis, as follows:
LICENSES: Lending Partner holds the required licenses (if any are required) issued by the state or states in which they will be originating and/or funding commercial real estate loans. It is the sole responsibility of the individual Lending Partner to stay in compliance with all state licensing laws. In the event Lending Partner originates a loan in a state where they do not hold the required license, Lending Partner may refer the loan to an ICS approved licensed Lending Partner in that state at an agreed upon referral fee split of 25% of the gross commission fees to the referring Lending Partner, or 0.25% of the total loan amount, whichever is more.
ICS ASSOCIATION: Lending Partners include Mortgage Brokers, Realtors, Loan Officers, Direct Lenders, Private Investors, and Affiliate Marketing Professionals. ICS provides loan listing inventory access via ICSLoans.com, loan submission access, loan processing, training, loan leads, and marketing services for Lending Partners nationwide on a contract basis. ICS will be working with Lending Partner on a 1099 independent contractor basis, not as an employee. Lending Partner in no way is an employee, partner, or subsidiary of ICS and is working with ICS on a contract basis only. Lending Partner is responsible to pay ICS a Loan Listing Fee on any and all commercial, investment, multifamily, unsecured business loans, and other non-owner occupied residential real estate loans submitted to ICSloans.com by Lending Partner during the term of this agreement, including any listed loans submitted to ICS during the term of this agreement that successfully fund within twelve (12) months of expiration or termination of this agreement. This is a contractually binding relationship between Lending Partner and ICS, and no other person, broker, business, lender, or investor not a party to this agreement, unless approved in writing by ICS Loans. All loans originated by Lending Partner submitted by Lending Partner to ICS will be processed by ICS and placed by Lending Partner with approved direct lenders through ICS and no other party unless approved in writing by ICS. All borrowers are REQUIRED to sign an exclusive fee agreement with Lending Partner on any loan submitted to ICSloans.com. All monies collected from borrowers and lenders, including loan fees and deposits must be paid directly to a 3rd party closing agent or law firm from which all fees outlined within the fee agreement will be paid to the Lending Partner and ICS. Fees may be collected by Lending Partners that have been verified as Direct Lenders.
INDEPENDENT CONTRACTOR STATUS: The parties agree that ICS operates on an independent contractor basis providing professional loan listing, processing, marketing, and placement services for Borrowers and Lending Partners. Lending Partner is an independent contractor for federal tax and all other purposes. ICS is not an employee of, or partner with Lending Partner. Lending Partner is not an employee of, or partner of ICS.
LENDING PARTNER ADVERTISING: Lending Partner agrees not to utilize any advertising, signs, brochures or other solicitation materials involving ICS without ICS’s advance written approval thereof by ICS Loans. Lending Partners may offer lending services under the ICS brand or their own white label independent personal or company branded name.
LENDING PARTNER 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.
ICS RECORDS: All manuals, log books, printed materials, client, customer, and transaction records, electronic or printed, database properties, leads, and any other records, related to or received through ICS by Lending Partner are the exclusive property of and remain owned by ICS and Lending Partner upon Lending Partner becoming an ICS Loans member and/or submitting a loan to ICS Loans.
LIABILITY – LENDING PARTNER: 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, not ICS. When submitted to ICS Loans, in accordance with ICS Loans terms and conditions and all state law and federal laws, the Funding Fee Agreement, Loan Applications and other supporting loan documents shall be in the name of and be the property of Lending Partner. Upon mutual execution of the Funding Fee Agreement between Lending Partner and borrower, 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. Earnest money, deposits, fees, and other money, wholly or partially executed instruments or documents shall be immediately delivered to a 3rd 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.
DURATION & TERMINATION: This agreement shall start on the commencement date this contract is executed by Lending Partner for an initial term of one month, renewing thereafter on a month-to-month basis. This Agreement may be terminated, at any time by either party, by giving notice to the other in writing. 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. 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 Reps 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. In the event this contract is cancelled by either party, any previous monthly fees paid and the annual background check fee is non-refundable.
ARBITRATION: Any and all disputes between Lending Partner and ICS Loans, or between Lending Partner and other Lending Partner, 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.
FEES & COMMISSIONS
Lending Partner shall have claim to points, loan origination fees, and/or funding fees from money received by escrow or a 3rd party closing agent on closed and funded loans submitted through ICSLoans.com. Verified Direct Lender Lending Partners are paid directly from escrow. Lender Partners that are not verified Direct Lenders are paid directly from escrow or ICS, at the sole discretion of ICS based upon state-by-state regulations.
In the event Escrow and/or the direct lender/investor pays ICS Loans directly from closing, the commission is disbursed to the Lending Partner within 3 business days of funding.
All fees paid to ICS Loans and Lending Partner will be paid in accordance with the Funding Fee Agreement, the terms and conditions within this agreement, and a separate commission disbursement form prepared by ICS Loans Processing department and submitted to the closing agent prior to the closing date. In the event the Funding Fee agreement is contrary to the ICS terms and conditions outlined within this agreement, these ICS terms and conditions will have power over the Funding Fee Agreement. Commercial Mortgage Brokers are required to use an ICS approved Funding Fee Agreement on all loans sourced through ICS.
ICS LOAN LISTING FEE: ICS charges Lending Partners a Loan Listing Fee of 0.5% of the total gross loan amount (.5 points) per loan, or $975, whichever is more on loans assigned by ICS to Lending Partner. All fees can be charged dirctly to the Borrower by Lending Partner. Partners are responsible for 100% of the Loan Listing Fees due ICS on all loans processed through ICSloans.com that result in a successfully funded transaction, either directly or indirectly through ICS, for a period of up to twelve (12) months following the termination of this agreement by ICS and/or Lending Partner. Fees due ICS must be paid in full to ICS at escrow closing.
MORTGAGE BROKER LENDING PARTNERS:
In the event project funding is provided by one or more ICS Lending Partners (see lendinging partner list) brought forth by ICS LOANS directly or indirectly during the term so this agreement, or within (180) days following expiration or termination of this agreement, Principal agrees to pay ICS LOANS the LOAN LISTING FEE on loans assigned by ICS to Lending Partner. If the project is funded through any other 3rd party during the term of this agreement not a party to this agreement, Principal agrees to pay ICS LOANS the LOAN LISTING FEE. The Loan Listing Fee is due and payable at the time of funding, payable at escrow or directly to ICS by borrower.
DIRECT LENDER REFERRAL FEE – Direct Lender agrees to pay ICS LOANS a LOAN REFERRAL FEE equal to (0.5%) of the total gross loan amount, or $975.00, whichever is more, on any loan sourced and funded through ICS Loans.
LENDING PARTNER MONTHLY FEE: All ICS Lending Partners pay a monthly Membership Fee ranging from $39 to $95/mo. This monthly fee is not refundable. In some cases ICS may waive the fee for Lending Partnes on a case-by-case basis, or provide discounted monthly membership fees for the first year.
This agreement will commence and become a legal binding agreement upon acceptance by Lending Partner online.