Loan Options. If you have elected to have the lender pay the mortgage broker's compensation, for each type of transaction in which you have expressed an interest, your mortgage broker has obtained loan options from a significant number of creditors with which your mortgage broker regularly does business. Your mortgage broker has a good faith belief that you likely qualify for these loans. These options as presented to you represent the following: By signing below, you acknowledge that: (i) You have received an initial Good Faith Estimate within three (3) business days of the mortgage loan application date and you intend to proceed with the loan transaction. (ii) The Agreement has been explained to you and you understand it. (iii) You have not been charged any fees, other than a reasonable credit fee (if applicable), prior to entering into this Agreement (iv) You voluntarily enter into this Agreement and agree to the fees above. (v) The fees above are based on current market rates and your current loan request. (vi) If you have elected to have the lender pay the mortgage broker's compensation, you have been provided with loan options that represent a loan with the lowest interest rate, loan with the lowest interest rate without risky features and loan with the lowest total dollar amount for origination points and fees and discount points
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Sources: Mortgage Broker Fee Agreement, Mortgage Broker Fee Agreement, Mortgage Broker Fee Agreement