OVERVIEW

Thank you for your interest in becoming a broker with AMP Mortgage. AMP Mortgage desires to only work with the strongest and most reputable Brokers.

APPROVAL CRITERIA

Broker must meet the following criteria.

• Be properly licensed to originate and broker loans meeting AMP Mortgage’s product and underwriting requirements.
• Have been in business for at least three years OR principals should have a minimum of five years’ experience in mortgage lending.
• Have a good reputation in the industry with proven references, and a high level of professionalism and strong ethical standards.
• Have a “good standing” rating with all governmental licensing and revenue collection agencies.

APPLICATION CHECKLIST

Our Client Administration department is responsible for reviewing and approving your application. Documentation needed to support your approval may vary, but the items listed below are required from applicants. Please use this checklist to ensure your application is complete and to expedite processing. Approval of your application is required prior to loan applications being accepted for registration. Please return the completed application package to your Account Executive for submission. We will generally provide a response to your complete application within five (5) business days of receipt from your Account Executive.

If you have any questions about documentation or the processing of your application, please contact your Account Executive or AMP Wholesale Broker Approval at info@amp.mortgage.

FAIR LENDING POLICY

AMP Wholesale is committed to treating all customers fairly and equally. We strive to ensure AMP Wholesale does not discriminate in any part of lending transactions based on the following:

• Race,
• Color,
• Religion,
• National Origin,
• Sex,
• Marital Status,
• Familial Status,
• Military Status,
• Sexual Orientation,
• Age, provided the applicant has the capacity and meets the underwriting requirements for age,
• Disability,
• Receipt of public assistance income, whether a person has exercised any right under the Consumer Protection Act (this includes the Truth in Lending Act), or
• Any other basis prohibited by law

AMP Wholesale's management and employees are committed to the practices of fair lending. It is AMP Wholesale's policy to make credit products available to all applicants who meet our business focus in a fair and consistent manner within the confines of a safe and sound business practices. The following is AMP Wholesale's Fair Lending Policy statement:

• AMP Wholesale is fully committed to the principle all credit decisions should be made without regard to the items listed above and will fulfill this commitment while maintaining prudent credit discipline and
  sound business practices.
• AMP Wholesale recognizes affirmative steps must be taken to ensure that this principle is applied consistently and continuously throughout all aspects of our credit operation, including product design, sales and marketing, underwriting, training, performance evaluation, and servicing practices.
• AMP Wholesale monitors the operation and achievements on a regular basis to ensure procedures are followed and AMP Wholesale's objectives are met.
• AMP Wholesale will continue to make changes in our operations as we identify ways to meet our commitment to fair lending more effectively.
• Everyone at AMP Wholesale involved in the credit process must strictly comply with fair lending requirements.
• AMP Wholesale requires loan terms, rates, and fees to be consistent with applicant qualification, the
  applicant has the ability to repay the obligation and the applicant receives a tangible benefit from the loan
  transaction.
  
  

 

DISCLOSURES

AUTHORIZATION

I hereby authorize AMP Wholesale to conduct a background check regarding any of the information provided on this application. In connection with this authorization, I hereby certify that I have obtained all required consents and approvals of all individuals listed on this application to authorize AMP Wholesale and its affiliates to conduct such background checks on such individuals. Applicant acknowledges that such reports and information will be obtained and used only in connection with AMP Wholesale's approval of Applicant and evaluation of Applicant’s eligibility to do business with AMP Wholesale and not for any other purpose. Applicant certifies to its best belief and knowledge that the information provided herein is true and correct. AMP Wholesale and its affiliates agree that any financial information provided by the Applicant will be treated as confidential and will not be released to any third party.

WHEREAS, the parties wish to establish a non-exclusive relationship between and for the benefit of Lender and Broker, Broker will submit to Lender, from time to time, selected and completed mortgage loan applications and supporting documents for review, underwriting and potential approval by Lender.

AGREEMENT NOW, THEREFORE, in consideration of the promises, covenants and agreements hereinafter contained, the parties agree as follows:

   1. Commitment to Responsible Lending:

Broker hereby affirms that it shares Lender's commitment to abide by fair lending principle and its primary obligation is to act in the best interest of any loan applicant and, therefore, agrees to always:

1. Carefully analyze each applicant’s financial situation. Broker will only submit loans to Lender on behalf of an applicant whose financial situation demonstrates an ability and willingness to repay the loan.
2. Ensure each applicant obtains an identifiable benefit from the terms of the loan.
3. Refrain from knowingly or intentionally steering or directing an applicant into a loan product that is not based upon the best credit grade that the applicant would qualify for under applicable underwriting guidelines. In accordance with this standard, Broker will not knowingly submit an application for a non-prime loan for an applicant who is eligible for and whose needs are met by a prime loan.
4. Operate in full compliance with all applicable federal and state lending, non-discrimination, and brokering laws and regulations.
5. Ensure that each and every loan submission contains no false or misleading material information, including, but not limited to:

1. The true source of the down payment is disclosed to Lender.
2. The appraisal is free from undue influence by Broker or Broker’s agents.
3. The applicant’s true credit characteristics are accurately calculated and disclosed.

Broker acknowledges and shares Lender's commitment to preventing mortgage fraud. Broker understands that Lender views fraud as both a criminal and predatory practice and that Lender may report fraud to licensing and/or criminal
authorities and may civilly sue brokers and agents that participate in fraudulent activity.

   2. General Broker Responsibility:

Broker shall perform all of the following duties and functions at Broker’s sole expense and Broker agrees to truthfully provide and perform these conditions in addition to the other promises, representations and covenants contained herein:

1. Submit to Lender completed mortgage loan application packages (“Packages”) from applicants using such forms and under such programs, procedures and fee schedules as Lender periodically may establish.
2. For any loan application that utilizes an automated underwriting system offered to Broker for the purpose of issuing credit approval, Broker has properly and accurately input all income, debt, and other information as stated on the loan application and as required by applicable underwriting guidelines (“Guidelines”).
3. Furnish Lender the applicant’s credit, financial and other information as Lender may require.
4. Provide such additional information as Lender may reasonably request to assist Lender in marketing the between Arcstone Financial Inc. (“Lender”), and (hereinafter referred to as “Broker”). Broker Agreement 3.8.22 Page 2 of 8 mortgage loans to the secondary market. Broker understands that such a request may occur after the closing of the mortgage loan by Lender.
5. Perform such other customary and reasonable services as Lender may require to close a mortgage loan.
6. Comply with all applicable local, state, and federal laws and regulatory requirements.

WHEREAS, the parties wish to establish a non-exclusive relationship between and for the benefit of Lender and Broker, Broker will submit to Lender, from time to time, selected and completed mortgage loan applications and supporting documents for review, underwriting and potential approval by Lender.

AGREEMENT NOW, THEREFORE, in consideration of the promises, covenants and agreements hereinafter contained, the parties agree as follows:

   1. Commitment to Responsible Lending:

Broker hereby affirms that it shares Lender's commitment to abide by fair lending principle and its primary obligation is to act in the best interest of any loan applicant and, therefore, agrees to always:

1. Carefully analyze each applicant’s financial situation. Broker will only submit loans to Lender on behalf of an applicant whose financial situation demonstrates an ability and willingness to repay the loan.
2. Ensure each applicant obtains an identifiable benefit from the terms of the loan.
3. Refrain from knowingly or intentionally steering or directing an applicant into a loan product that is not based upon the best credit grade that the applicant would qualify for under applicable underwriting guidelines. In accordance with this standard, Broker will not knowingly submit an application for a non-prime loan for an applicant who is eligible for and whose needs are met by a prime loan.
4. Operate in full compliance with all applicable federal and state lending, non-discrimination, and brokering laws and regulations.
5. Ensure that each and every loan submission contains no false or misleading material information, including, but not limited to:

1. The true source of the down payment is disclosed to Lender.
2. The appraisal is free from undue influence by Broker or Broker’s agents.
3. The applicant’s true credit characteristics are accurately calculated and disclosed.

Broker acknowledges and shares Lender's commitment to preventing mortgage fraud. Broker understands that Lender views fraud as both a criminal and predatory practice and that Lender may report fraud to licensing and/or criminal
authorities and may civilly sue brokers and agents that participate in fraudulent activity.

   2. General Broker Responsibility:

Broker shall perform all of the following duties and functions at Broker’s sole expense and Broker agrees to truthfully provide and perform these conditions in addition to the other promises, representations and covenants contained herein:

1. Submit to Lender completed mortgage loan application packages (“Packages”) from applicants using such forms and under such programs, procedures and fee schedules as Lender periodically may establish.
2. For any loan application that utilizes an automated underwriting system offered to Broker for the purpose of issuing credit approval, Broker has properly and accurately input all income, debt, and other information as stated on the loan application and as required by applicable underwriting guidelines (“Guidelines”).
3. Furnish Lender the applicant’s credit, financial and other information as Lender may require.
4. Provide such additional information as Lender may reasonably request to assist Lender in marketing the between AMP Wholesale (“Lender”), and (hereinafter referred to as “Broker”). Broker Agreement 3.8.22 Page 2 of 8 mortgage loans to the secondary market. Broker understands that such a request may occur after the closing of the mortgage loan by Lender.
5. Perform such other customary and reasonable services as Lender may require to close a mortgage loan.
6. Comply with all applicable local, state, and federal laws and regulatory requirements.

WHEREAS, the parties wish to establish a non-exclusive relationship between and for the benefit of Lender and Broker, Broker will submit to Lender, from time to time, selected and completed mortgage loan applications and supporting documents for review, underwriting and potential approval by Lender.

AGREEMENT NOW, THEREFORE, in consideration of the promises, covenants and agreements hereinafter contained, the parties agree as follows:

   1. Commitment to Responsible Lending:

Broker hereby affirms that it shares Lender's commitment to abide by fair lending principle and its primary obligation is to act in the best interest of any loan applicant and, therefore, agrees to always:

1. Carefully analyze each applicant’s financial situation. Broker will only submit loans to Lender on behalf of an applicant whose financial situation demonstrates an ability and willingness to repay the loan.
2. Ensure each applicant obtains an identifiable benefit from the terms of the loan.
3. Refrain from knowingly or intentionally steering or directing an applicant into a loan product that is not based upon the best credit grade that the applicant would qualify for under applicable underwriting guidelines. In accordance with this standard, Broker will not knowingly submit an application for a non-prime loan for an applicant who is eligible for and whose needs are met by a prime loan.
4. Operate in full compliance with all applicable federal and state lending, non-discrimination, and brokering laws and regulations.
5. Ensure that each and every loan submission contains no false or misleading material information, including, but not limited to:

1. The true source of the down payment is disclosed to Lender.
2. The appraisal is free from undue influence by Broker or Broker’s agents.
3. The applicant’s true credit characteristics are accurately calculated and disclosed.

Broker acknowledges and shares Lender's commitment to preventing mortgage fraud. Broker understands that Lender views fraud as both a criminal and predatory practice and that Lender may report fraud to licensing and/or criminal authorities and may civilly sue brokers and agents that participate in fraudulent activity.

   2. General Broker Responsibility:

Broker shall perform all of the following duties and functions at Broker’s sole expense and Broker agrees to truthfully provide and perform these conditions in addition to the other promises, representations and covenants contained herein:

1. Submit to Lender completed mortgage loan application packages (“Packages”) from applicants using such forms and under such programs, procedures and fee schedules as Lender periodically may establish.
2. For any loan application that utilizes an automated underwriting system offered to Broker for the purpose of issuing credit approval, Broker has properly and accurately input all income, debt, and other information as stated on the loan application and as required by applicable underwriting guidelines (“Guidelines”).
3. Furnish Lender the applicant’s credit, financial and other information as Lender may require.
4. Provide such additional information as Lender may reasonably request to assist Lender in marketing the between AMP Wholesale (“Lender”), and (hereinafter referred to as “Broker”). Broker Agreement 3.8.22 Page 2 of 8 mortgage loans to the secondary market. Broker understands that such a request may occur after the closing of the mortgage loan by Lender.
5. Perform such other customary and reasonable services as Lender may require to close a mortgage loan.
6. Comply with all applicable local, state, and federal laws and regulatory requirements.

Broker and Lender enter into this Broker Compensation Agreement (“Agreement”). All compensation paid to Broker ("Broker Compensation") is subject to comply with the LO Compensation rules contained within Regulation Z of the Truth in Lending Act (12 CFR 226). By signing this Agreement, Broker attests that written compensation policies and procedures are in place for each employee of the firm and is fully compliant with all federal, state, and local laws and regulations. Broker additionally attests that all its loan officers are compensated in compliance with the Loan Officer Compensation Requirements listed in Regulation Z 10206.36. As provided therein, loan officer compensation may be based on a percentage of the loan amount, but may not be based on terms of the transaction, including but not limited to interest rate, APR, LTV, loan program, etc.

Broker hereby makes a Broker Compensation election, to be accepted in Lender’s sole discretion. This Broker Compensation election will be effective for all mortgage loans registered and funded by Lender on or after the execution of the Agreement. Any changes to this election must be made by written notice under the terms of the Compensation Change Process below.

Borrower Paid Compensation Plan

Lender limits the amount of compensation paid to the Broker by the Borrower to a maximum of percentage indicated on the Lender-Paid Comp. The Broker is required to submit the Broker Fee Sheet form to Lender with any Borrower Paid compensation percentage stated up to the maximum allowed. This form is required to be submitted upon the submission of the loan application to Lender. Borrower Paid Compensation is a financial agreement exclusively between the Broker and Borrower that is agreed upon by both parties prior to submission of the loan application to Lender. The Borrower Paid Compensation Plan requires that the Borrower bring their own funds to closing to cover the compensation. Seller concessions may also be used on purchase transactions only. Lender will not allow the Broker to reduce or otherwise change compensation under this Borrower Paid Compensation Plan.

Compensation Change Process

Changes to the Broker Compensation election may only be made effective for the first date of the next calendar quarter (January 1, April 1, July 1, October 1). Compensation modification requests must be submitted with a minimum of ten business day advanced notice prior to the end of the quarter. All change requests must be submitted to your Account Executive and must include an appropriate business justification. Lender reserves the right to accept or reject all compensation change requests to ensure compliance with all federal, state, and local laws and regulations as well as Lender’s guidelines. Approved Broker Compensation election changes will be provided in writing and go into effect on the first business day of the calendar quarter after the change request is received and approved. If requested, Broker will provide Lender a copy of its Loan Originator Compensation Policy. This policy and the operational procedures followed by the Broker must always comply with all federal, state, and local laws and regulations.

The representative signing below certifies they are duly authorized to bind the Broker to all Agreement terms.

BROKER COMPLIANCE ATTESTATION

Broker is required to have policies and procedures in place to deliver complete and compliant loan applications and to comply with all applicable laws and regulations, defined as: applicable federal, state, and local laws and legal requirements (as set forth below and otherwise including statues, rules, regulations, and ordinances), including but not limited to all usury, truth-in-lending, real estate settlement, integrated disclosures, consumer credit, equal credit opportunity, privacy, anti-predatory or abusive lending, or unfair and deceptive acts and practices laws; requirements and guidelines of each governmental agency, board, commission, instrumentality, and other governmental body or office having jurisdiction over a person and/or a mortgage loan, including, but not limited to, the CFPB and all state regulators; and judicial and administrative judgments, orders, stipulations, awards, writs, settlements, and injunctions to which the person is a party.

Regulation B - Equal Credit Opportunity Act               
Regulation P - Privacy of Consumer Financial Information
Regulation C - Home Mortgage Disclosure Act
Regulation V - Fair Credit Reporting Act
Regulation G - S.A.F.E. Mortgage Licensing Act        
Regulation X - Real Estate Settlement Procedures Act
Regulation N - Mortgage Acts and Practices Advertising               
Regulation Z – Truth-in Lending Act

In addition to the federal regulations listed above, Brokers are also subject to Bank Secrecy Act/Anti-Money Laundering Legislation (BSA/AML). The Financial Crimes Enforcement Network (FinCEN) issues the BSA/AML regulations and is enforced by the IRS. To comply with BSA/AML, Broker must have procedures in place to detect certain fraudulent, criminal, or suspicious activity, and file a Suspicious Activity Report (SAR) as warranted by the applicable statutes and regulations.

Due to the requirements placed upon financial parties from the CFPB and other agencies, AMP Wholesale. requires our Brokers to understand and be responsible for their own regulatory compliance. By signing below, you affirm you have regulatory compliance controls and procedures in place to ensure compliance with all applicable laws and regulations.

Broker will not submit any requests for "table-funded loans", as defined in Regulation X.

By signing below, I declare that I am authorized to execute this attestation on behalf of the Company and that the above is true and accurate to the best of my knowledge.

This Addendum to Broker Agreement (“Addendum”) is entered into by and between AMP Wholesale (“Lender”), and the mortgage broker identified below (“Broker”) (hereinafter collectively referred to as the “Parties”) as of the date execution stated below.

Recitals

1. Broker entered into that certain Broker Agreement (“Agreement”) with Lender and currently is an Approved Broker of Lender.
2. Broker may from time to time submit application packages for residential mortgage loans to Lender for underwriting review, and possible funding under the terms and conditions of the Agreement. NOW THEREFORE, in consideration of the RECITALS set forth above and subject to the mutual promises and covenants set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties
   hereby agree as follows:

 

1. Binding Effect. The Agreement, and any amendments or addendums thereto, shall apply to mortgage loan applications submitted to Lender in any name in which Lender does business.
2. Lender Paid Compensation. For any loan submitted to Lender that Broker requests to be paid by Lender, and in accordance with Regulation Z (12 CFR Part 226). Broker shall be compensated in the same amount as specified in their then current lender paid compensation election, regardless of the name in which Lender is doing business.
3. Continuing Effect. This Addendum shall not affect Broker’s or Lender’s rights and obligations with respect to any loans submitted or funded under the Agreement.

This Addendum to Broker Agreement (“Addendum”) is entered into by and between AMP Wholesale (“Lender”), and the mortgage broker identified below (“Broker”) (hereinafter collectively referred to as the “Parties”) as of the date execution stated below.

Recitals

1. Broker entered into that certain Broker Agreement (“Agreement”) with Lender and currently is an Approved Broker of Lender.
2. Broker may from time to time submit application packages for residential mortgage loans to Lender for underwriting review, and possible funding under the terms and conditions of the Agreement. NOW THEREFORE, in consideration of the RECITALS set forth above and subject to the mutual promises and covenants set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties
   hereby agree as follows:

 

1. Binding Effect. The Agreement, and any amendments or addendums thereto, shall apply to mortgage loan applications submitted to Lender in any name in which Lender does business.
2. Lender Paid Compensation. For any loan submitted to Lender that Broker requests to be paid by Lender, and in accordance with Regulation Z (12 CFR Part 226). Broker shall be compensated in the same amount as specified in their then current lender paid compensation election, regardless of the name in which Lender is doing business.
3. Continuing Effect. This Addendum shall not affect Broker’s or Lender’s rights and obligations with respect to any loans submitted or funded under the Agreement.

AMP WHOLESALE TPO PORTAL ACCESS

For system access, please provide us the name, NMLS ID number (if applicable), email and phone number for any users who will need to access AMP Wholesale’s loan submission website, portal.arcstoneinc.com If you need assistance or training on how to use the website, please feel free to contact your Account Executive.

 Follow this link https://www.irs.gov/pub/irs-pdf/fw9.pdf to complete the W-9, then upload it below.