Broker Approval

You've done it a thousand times - Filled out the 10 page broker request form and had the principal's credit pulled so many times that their once good credit score is now under 500. We know the drill. That's why we're different.

We only have you fill in the brief form below. We don't pull credit on the principals, and don't ask for the blood test. We just check everyone out to be sure that you haven't done fraud in the past. It only takes about 5 minutes to fill in the form, and you should have your broker approval code within 24-48 hours. It's that easy!

Just fill in the form below and click 'Submit' to send your application. Please ensure that your information matches the licensing information provided to state license agency. Required fields are marked Bold.

Application type:	Mortgage Brokerage Mortgage Banking Firm
Company Name:
D.B.A:
Email Address:
Federal Tax ID:	eg. 12-1234567
Company Street Address:
City / State / Zip Code:
Main Company Phone:	eg. 123-1234567
Company Fax:	eg. 123-1234567
Company License:
	ADD ADDITIONAL LICENSE

Freddie Mac Seller/Servicer #:
Fannie Mae Seller/Servicer #:
FHA Mortgage #:
VA Lender #:
	First Name I. Last Name
Agent/Owner 1:
Percentage Ownership:	0 - 100
Phone:	eg. 123-1234567
Social Security Number:	We are NOT pulling credit - just fraud check
Professional License #/State:
Street Address:	Same as above
City / State / Zip Code:

Agent/Owner 2:
Percentage Ownership:	0 - 100
Phone:	eg. 123-1234567
Social Security Number:	We are NOT pulling credit - just fraud check
Professional License #/State:
Street Address:
City / State / Zip Code:

Agent/Owner 3:
Percentage Ownership:	0 - 100
Phone:	eg. 123-1234567
Social Security Number:	We are NOT pulling credit - just fraud check
Professional License #/State:
Street Address:
City / State / Zip Code:

Agent/Owner 4:
Percentage Ownership:	0 - 100
Phone:	eg. 123-1234567
Social Security Number:	We are NOT pulling credit - just fraud check
Professional License #/State:
Street Address:
City / State / Zip Code:
Please read and accept terms and conditions: MORTGAGE LOAN BROKER AGREEMENT THIS MORTGAGE LOAN BROKER AGREEMENT ("Agreement") is made and entered into by and between LJL Funding, LLC, a California corporation, and any of its subsidiaries or affiliate companies ("LJL") and the MORTGAGE LOAN BROKER ("Broker") whose name and notice address are set forth on the execution page hereof, dated as of the date set forth on the execution page hereof, with reference to the following facts: RECITALS 1. Broker, in its normal course of business, negotiates loans secured by trust deeds, mortgages or other valid security instruments ("Loans") on behalf of clients in exchange for a fee or other consideration and Broker desires to obtain Loans from LJL. 2. LJL extends credit in the form of Loans and wishes to underwrite loans based on loan origination information provided by Broker, in lieu of LJL use of and payment for its own retail branch offices. For purposes of this Agreement, "information" shall mean any information that LJL requires for underwriting a Loan and information submitted as a part of a Loan package, including but not limited to those items identified in Section 2 below, whether or not Broker is the source, and including information obtained from the borrower or any reference source, verifications and other supporting documentation (collectively hereinafter referred to as a "Loan Package"). NOW THEREFORE, in consideration of the promises and mutual covenants contained in this agreement, LJL and Broker agree as follows: AGREEMENT 1. Incorporation of Recitals. The recitals set forth above are an integral part of this Agreement and incorporated herein by reference. 2. Loan Submission. Broker shall submit to LJL completed Loan Packages and perform other functions required under the programs, terms, and other requirements set forth by LJL as amended from time to time. Completed Loan Packages will include, but not be limited to, the following settlement services, that Broker shall provide or perform at Broker's expense: Broker will assist LJL in obtaining the above referenced Loan Packages necessary for the underwriting of each Loan, both before and after funding, as required by LJL. LJL's obligation to fund Loans under this Agreement is conditional. Only upon satisfaction of each of the program guidelines and requirements as amended from time to time and the terms and other conditions, as determined by LJL, in its sole discretion will obligate LJL to fund a Loan. Unless notified by LJL in writing. Broker will not represent to any person that LJL will approve or has approved or agreed to fund a Loan unless stated by LJL. 3. Cancellation. If prior to funding, LJL discovers intentional or negligent misrepresentations, or any other incurable defect in a Loan Package that prevents LJL from selling the Loan to their Investors, LJL will cancel that Loan. After cancellation, Broker shall pay to LJL any and all document preparation and secondary marketing costs actually incurred as a result of the cancellation. 4. Broker Fees. Any fees, commissions, and other consideration owed ("Fees") will be paid after deducting all fees and charges due LJL as specified in the price and fee schedules. Broker shall not accept compensation from any source except LJL or the borrower, for Loan Packages submitted to LJL. For each Loan Package submitted to LJL, Broker will disclose to each borrower, the source of its compensation, whether paid by the borrower, LJL or both. LJL will pay Fees for Loan Packages after LJL funds and closes those Loans. LJL reserves the right to set off and apply Fees owed to Broker against any obligations Broker has to LJL 5. Payment of Broker Fees. LJL will pay Broker fees after all Loan conditions are satisfied. 6. Representations, Warranties, and Covenants. Broker represents, warrants, and covenants to LJL as of the time any Loan Package is submitted to LJL and as of the time the Loan is funded and closed that: a. All Loan Packages submitted by Broker to LJL are true, correct, currently valid, genuine, and free of misrepresentation. b. Broker has no actual or constructive knowledge of omitted material facts and Broker has followed generally, accepted mortgage industry procedures and practices, which would uncover or disclose any false, fraudulent, inaccurate or erroneous facts contained in any Loan Package. c. Broker has and will comply with all applicable local, state, and Federal laws, rules, and regulations Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Fair Housing Act, the Financial Right affecting Broker's activities and Loan Packages submitted to LJL including but not limited to, the Truth-in-Lending to Privacy Act, including any implementing regulations of the above laws and any opinions issued or policy Statements made by the agencies charged with issuing or interpreting such regulations. Broker has and will comply with the Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq.) and it’s implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter ("RESPA"). As used in this Agreement, RESPA refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. d. Broker has complied with the requirements of each applicable regulatory agency and possesses all necessary licenses, registrations, exemptions or other authority of such agencies to engage in the activities contemplated by this Agreement. e. Broker shall not utilize any real estate appraiser, credit reporting agency or other vendor in connection with the preparation or submission of any Loan Package that is not acceptable to LJL. In the event Broker shall submit an incomplete Loan Package, including information or reports from a person or entity not acceptable to LJL Lender may reject or accept the Loan Package in its sole and absolute discretion. 7. Indemnification. Broker shall indemnify, defend, and hold harmless LJL and its officers, employees, directors, agents, shareholders, successors and assigns, against all direct and proclimate liability of loss, damage costs, expenses, and attorney's fees, including repurchase demands from Investors, resulting from or arising out of a breach of Broker's representations, warranties, and covenants contained in Section 6 above, or by failure of Broker to perform any covenant or condition under this Agreement. 8. Recapture. In the event broker/branch is delinquent in any funds including premium recapture owed to LJL, broker/branch agrees that LJL may net from the premium amount payable on any subsequent fundings that amount owed to LJL 9. Repurchase. In addition to the rights and remedies of LJL elsewhere in this Agreement, Broker agrees upon LJL's written demand, and at LJL’s sole discretion, to repurchase a Loan from LJL within ten (10) days of written notice from LJL for the repurchase amount set forth below in the event that a defect or default shall involve the mortgager’s failure to make a timely monthly mortgage installment payment within the first ninety (90) days, or if Broker intentionally breaches any representation, warranty or covenant contained in this Agreement in regards to any Loan closed and funded by LJL or a Loan submitted to LJL contains any intentional or negligent misrepresentations made by Broker. In lieu of repurchase and at LJL‘s sole discretion, Broker may refinance the Loan and pay Losses incurred by LJL , and such a breach or misrepresentation results in a material and adverse effect on such loan or allow LJL to dispose of the Loan, by sale or other deposition, and pay Losses incurred by LJL as a result of the breach or misrepresentation. The repurchase amount includes the original principal Loan amount, less any principal reductions received by LJL plus all accrued and unpaid interest on the Loan from the date of LJL's funding through the date of repurchase, plus any and all costs incurred by LJL in connection with origination, processing, underwriting, and funding the Loan, including return of any rebates or fees paid by LJL to Broker, plus any and all costs incurred by LJL in upholding and enforcing Broker's obligation to repurchase the Loan, including reasonable attorney's fees and costs of suit. 10. Independent Contractor. LJL and Broker agree that Broker is neither an agent nor an employee of LJL and may not be construed as such because of this Agreement. For all purposes Broker is an independent contractor, and is expressly prohibited from holding itself out as an agent, representative, or employee of LJL Broker shall not use LJL's name in any advertising without LJL's expressed prior written consent. Broker shall determine the method, details, and means of performing all settlement services described in this Agreement. 11. Termination. Either party may cancel this Agreement at any time, at will, with or without cause, upon written notice to the other party. Upon termination, LJL will return to Broker any Loan Packages that LJL is not obligated to fund. Broker will pay to LJL the applicable document fees and/or third party fees for any Loan returned under this paragraph for which documents have been drawn. 12. Entire Agreement. This Agreement is the final, complete, and exclusive statement of the terms of the agreement between the parties pertaining to brokering Loans and supersedes all prior and contemporaneous understandings of agreements of the parties. No party has been induced to enter into this Agreement by, nor is any party relying on, any representation or warranty outside those expressly set forth in this Agreement by, nor is any party relying on, any representation or warranty outside those expressly set forth in this Agreement. 13. Modification of Agreement. This Agreement may be supplemented, amended, or modified only by the mutual agreement of the parties. No supplement, amendment, or modification of this Agreement shall be binding unless it is in writing and signed by the party to be charged. 14. Assignment. Broker may not assign any of its rights or delegate any of it duties under this Agreement without the prior written consent of LJL which consent, may be withheld in LJL’s sole and absolute discretion. Despite LJL's consent, no assignment shall release Broker of any of its obligations or alter any of its primary obligations or alter any of its primary obligations to be performed under this Agreement. 15. Notice. All notices, requests, and demands under this Agreement shall be in writing to the respective addresses recorded below in the execution section of this Agreement or to Broker's address last known to LJL. If personally delivered, notice will be effective upon delivery. If delivered by first-class mail, notice will be effective three (3) days after deposit in a United States Postal Service office or mailbox. If delivered by overnight delivery with a delivery receipt, notice will be effective one (1) day after deposit with the overnight carrier, if delivered by electronic media, whether by facsimile, e-mail, or other electronic means, notice will be effective one (1) day after delivery. 16. Severability of Agreement. If a court of competent jurisdiction holds any provision of this Agreement to be illegal, unenforceable, or invalid in whole or in part for any reason, the validity and enforceability of the remaining provision or portions will not be affected. 17. Forum and Choice of Law. Any dispute that arises under or relates to this Agreement, whether in contract, tort, both, or otherwise, shall be resolved in a court of competent jurisdiction located in the County of Los Angeles, State of California. California law shall govern this Agreement, and any dispute arising from the relationship between the parties to this Agreement. 18. Attorney Fees. In any action brought to enforce any provision of this Agreement, the losing party shall pay the prevailing party's reasonable attorney fees and cost. 19. Authorization to Verify Information. Broker authorizes LJL to obtain verification of information submitted to LJL on the Broker Approval Application. Broker also authorizes LJL to use an electronically submitted and/or photostatic copy of Broker's signature to obtain verification of any information provided by Broker. 20. Counterparts. This Agreement may be executed in any number of counterparts, each of which is an original, and taken together shall constitute one instrument. 21. Marketing Materials. The Broker hereby expressly consents to LJL, the right to transmit all materials (including marketing materials and rate sheets) to the undersigned via email and/or facsimile transmission at any of the email addresses and/or facsimile telephone numbers on file for the Broker. This Consent shall remain in effect until such time as the undersigned party terminates the Consent by notifying LJL in writing. This shall be applicable to all of our principal’s officers, directors, employees, agents, servants, and independent contractors. Broker has full knowledge of all statements made and information provided on the Application and other required documents. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date written below. Mortgage Loan Broker 11th of March, 2010 LJL Funding, LLC 11th of March, 2010 By clicking this box I certify that I am fully authorized and empowered to legally bind the Broker. I am attaching my electronic signature to, and our business agrees to the terms and conditions above.
Signatory Name:
Signatory Title:
The Electronic Signatures in Global and National commerce ACT (The E-Sign Act) makes e-signatures as legally binding as ink-and-paper signatures, and can be used in legal proceedings. By completing the information above and clicking Submit button you will be bond to the terms and conditions set forth in this application.

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