MINNESOTA RESIDENTIAL MORTGAGE ORIGINATOR CONTRACT
Date:
Borrower Name:
Lender:
____________________________________________________ a residential mortgage originator will
provide the follow services described below:
An advance fee has been collected. The date by which the services will be performed is ____________
The residential mortgage originator will will not receive compensation from sources other than the
borrower in connection with the loan transaction
The total amount of commission or compensation the borrower agrees to pay for the services of the
residential mortgage originator is $ _____________
OR
The basis on which compensation will be computed is: ______________________________________
The maximum rate of interest to be charged on any loan obtained is ________%
Cancellation: A borrower who pays an advance fee, or who enters into a contract for residential mortgage
services, has an unconditional right to rescind the contract for residential origination services at any time until
midnight of the third business day after the day on which the contract is signed. Cancellation is evidenced
by the borrower giving written notice of cancellation to ______________________________________
Notice of cancellation, if given by mail, is effective upon deposit in a mailbox properly addressed to the
originator with postage prepaid.
Within the last 12 month period ending ten business days before the date of this contract, the percentage of
customers for whom loans have actually been funded as a result of the residential mortgage originator’s
services is ________%
If an advance fee is solicited or received, the fee will be deposited into a trust account located at:
___________________________________________.
The circumstances under which the residential mortgage originator will be entitled to disbursement from the
trust account are: _______________________________________________________________________
The circumstances under which the borrower will be entitled to a refund of all or part of the advance fee are:
______________________________________________________________________________________
By signing below, I/we acknowledge receipt of a copy of this signed contract.
Borrower
Date
Borrower
Date
Borrower
Date
Borrower
Date
