SKY FINANCIAL CORPORATION
MORTGAGE BORROWER DISCLOSURE DOCUMENT
MORTGAGE ASSOCIATES' ROLE
A mortgage associate's role is to receive the borrower's application, consider the
particular circumstances and recommend the best product suited to the borrowers
needs based on the products available to the mortgage associate.
A mortgage associate cannot always provide the lowest rate or best terms in
the marketplace as the rate is directly linked with the employment and credit history
of the borrower as well as the type of product offered to the borrower.
NATURE OF RELATIONSHIP
I/We hereby acknowledge that SKY FINANCIAL CORPORATION is independently owned and
operates The Mortgage Centre Franchise. The Brokerage/Mortgage Associate shall submit
this application to the Mortgage Market, in doing so he/she will act as an intermediary
between the borrower and the lenders who have authorized the mortgage
associate to offer their mortgage products to the borrowers. In this service relationship,
the mortgage associate has been authorized to offer mortgage products from one or
more lenders to borrowers who are seeking a mortgage.
If this application is declined on The Mortgage Market, I authorize the Mortgage
Associate to submit this application to the lender or lenders whom he deems suitable
for the type of financing requested and I/We further agree to execute any application
or documents required in order to fulfill the financing. Sky Financial Corporation
operating as The Mortgage Centre does not guarantee the funding of any commitment
accepted by the client on the client's behalf.
The Mortgage Centre/ The Mortgage Associate deals with the Banks, Trust companies,
Finance companies and private investors and will vary from time to time depending
on the borrower financial needs. The Mortgage Centre or the Mortgage Associate
is not employed by any lender. The Mortgage Associate will/may be compensated
for this mortgage transaction by way of commission depending on the length of the
term or the amount of the mortgage, ranging anywhere between 50 bps to 125 bps.
The Mortgage Associate will also receive additional income from a volume bonus generated
by The Mortgage Centre as a whole entity. The Mortgage Associate WILL also receive
from time to time, gifts, business expense account or additional perks depending
on lender.
The borrower will be responsible for fees in this mortgage transaction such as;
legal fees, Appraisal fees and cost of home inspection or at times, a broker fee
may be charged and disclosed to the borrower at the beginning of the mortgage transaction
and collected once the transaction is complete. As a Mortgage Associate, I will
not be paying a referral fee to others (e.g.: Realtors, financial planners) from
my commissions for this mortgage referral unless otherwise mentioned.
The undersigned acknowledges that the Mortgage Associate and Brokerage Company have
to comply with the Privacy Act and shall not release any information about myself
for other purposes than applying for a Mortgage unless I have given you consent.
You are hereby authorized to pull a credit bureau after the completion of this online mortgage application for the purpose of obtaining financing.