PRMG Broker Agreement: A Comprehensive Guide
If you are a mortgage broker, you are probably aware of the importance of having a broker agreement in place with your lender partners. A broker agreement outlines the terms and conditions of your relationship with your lender, including but not limited to compensation, marketing expectations, and other important details.
One lender that offers such an agreement is PRMG, or Paramount Residential Mortgage Group. In this article, we’ll take a closer look at PRMG’s broker agreement and what it entails.
One of the most important components of any broker agreement is compensation. PRMG’s broker agreement outlines that the broker’s compensation will be paid in accordance with the terms specified in the loan agreement between the borrower and the lender. This means that compensation can vary depending on the specific loan product being offered.
PRMG’s broker agreement also outlines the marketing expectations for brokers. It specifies that the broker must not use PRMG’s name or any of its trademarks or logos without prior written consent. This is to ensure that brokers are not misrepresenting their relationship with PRMG in any way.
In addition, PRMG expects brokers to abide by all federal and state laws and regulations related to advertising and marketing mortgage products. Brokers must also disclose to their clients that they are working with PRMG as a lender partner.
Other Important Details
PRMG’s broker agreement also includes a few other important details. For example, it specifies that any disputes between the broker and PRMG will be resolved through binding arbitration. It also outlines the confidentiality and non-disclosure obligations of the parties.
The agreement also specifies that the broker is responsible for ensuring that all loan applications and other materials submitted to PRMG are accurate and complete. Brokers must also comply with all of PRMG’s policies and procedures related to loan processing and underwriting.
A broker agreement is an essential component of the relationship between a mortgage broker and lender. PRMG’s broker agreement is comprehensive and covers all of the important details, including compensation, marketing expectations, and other important provisions.
If you are considering working with PRMG as a lender partner, make sure to review the broker agreement carefully and make sure that you understand all of its terms and conditions. This will help you to build a successful and long-lasting relationship with PRMG, while also ensuring that you are meeting your obligations as a mortgage broker.