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| Mortgage
Brokerage Fees: The Bank has a policy of paying mortgage brokerage fees from the proceeds of their loan upon the closing of that loan. In the case where a submitting broker holds a signed loan brokerage agreement with the borrower, the Bank will advance the fees from loan proceeds. They will require a letter authorizing these payments to be in their possession at closing. These fees will not be mentioned in any documents (e.g. loan agreement, loan commitment, etc.). However, in the case where the submitting broker does not have a written loan brokerage agreement with the borrower but has authorization to submit a loan request to the Bank, a fee of 1% of the face amount can be included. This fee will be included as a discount point when determining the aggregate amount to be funded. To register as a Submitting Broker, a broker will need to: 1) hold a valid real estate license; 2) fill out the Broker Registration Form displayed on the page in this web site of that name, and; 3) forward us a letter of authorization from the borrower. These documents will be forwarded to the Bank to complete the registration. The Bank will be the arbiter of any registration or brokerage disputes. Referral or Finder’s Fees:American Midwest is interested in cooperating with licensed real estate brokers to find and close mortgage loan opportunities. We are delighted to enter into Referral Fee Agreements with brokers who provide valid leads to borrower(s) seeking real estate debt financing. The maximum fee per loan closing would be equal to 25 basis points of the aggregate amount of the funds advanced by the lender. All referrals must be registered and acknowledged by American Midwest and the lender. Please click to the page entitled Referral Fee Registration Form. |
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36 Four Seasons Center, Suite 336 St.
Louis, MO 63017 Phone: 800-707-2699
Fax: 314-878-7755 |
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