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What Does It
Cost? The undersigned agrees
to pay a flat Mortgage License
Fee of $1,500.00 (with discounts to $650) per license
(except NY and CA) to Thomas Law Firm, P.C. and, in exchange,
Thomas Law Firm, P.C. shall prepare, submit and monitor your
license application all the way to approval. Unless the Mortgage
License Fee is payable as a lump sum, the Mortgage License Fee
is payable in 2 installments on a per license basis: the first
installment at receipt of the Purchase Order, and the second
installment upon receipt of prepared License Applications by
the undersigned. The first installment of the Mortgage License
Fee is considered earned and nonrefundable upon its receipt at
the time that the Purchase Order is signed. The second installment
of the Mortgage License Fee is considered earned upon receipt
by the undersigned of prepared License Applications and is due
and payable to Thomas Law Firm, P.C. The lump sum discounted
payment of the Mortgage License Fee is not a retainer and does
not represent a credit and is considered earned and nonrefundable
upon its receipt by Thomas Law Firm, P.C. for services rendered
on the project even if the project is delayed, discontinued,
postponed or terminated by the undersigned. Any Mortgage License
Fee [whether lump sum or installment] received by Thomas Law
Firm, P.C. is not a retainer and does not represent a credit
and is considered earned and not refundable by Thomas Law Firm,
P.C. for services rendered on the project even if the project
is delayed, discontinued, postponed or terminated by the undersigned.
EXPEDITE: OUR LICENSE PROCESSING IS AUTOMATED
AND EXTREMELY FAST BUT IF YOU WANT YOUR PROJECT TO GET TOP
PRIORITY AND "EXPEDITED" , IT CAN BE ACHIEVED
BY YOUR ELECTING TO PAY THE 2 INSTALLMENTS IN ONE LUMP SUM DISCOUNTED
PAYMENT IN ADVANCE OF THE PROJECT. Mortgage
License Fee is not refundable if your application is not approved.
After the Applications have been produced and sent to you, substitution
of states in the project is not permitted. The license project
shall terminate with respect to any application received by you
that has not been submitted to the state agency within six months
of the date of this Purchase Order and all Mortgage License Fees
received by Thomas Law Firm, P.C. from the undersigned with respect
to such application shall be considered earned in full and none
of such Mortgage License Fees shall be refundable. A republication
fee of 1/3 of the original fee shall be due by you for any application
that becomes out of date due to States whose applications change
after the Application is originally produced and sent to you.
Out-of-Pocket
Fees Not Included in Mortgage License Fee: In addition, the undersigned agrees to pay all out-of-pocket
fees and charges for filing, investigation or any other reason.
Such Filing, investigation, etc. fees are additional costs and
are not refundable if your application is not approved.
Services Included
in Mortgage License Fee: The
licensing services includes preparation of the application and
exhibits from information provided by you, the undersigned ,
advice as to the best strategies to take to increase your chances
of approval, assistance in scheduling and arranging for fingerprinting
and bank confirmations, submission of application, monitoring
of application with the state regulatory agency and complying
with requests by the state regulatory agency for additional information.
We will assist your staff in gathering the information required
for the application.
Services Not
Included in Mortgage License Fee: Our services do not include preparation of loan documents,
registration of foreign corporations in the state in order to
qualify to do business, corporate reorganizations in order to
increase chances of approval, loan software systems, opinion
of counsel to warehouse lenders that the licensing is proper
or that the loan documents are valid and enforceable in accordance
with their terms, travel to the state regulatory agency to conduct
personal review of application with the state staff, or the hearing
permitted if the license is not approved. Our services do not
include corrective work required by the state regulatory agency
based upon incorrect information disclosed to or failure to disclose
information to Thomas Law Firm or local counsel prior to submission
of the Application. Corrective work may be done by applicant
or applicant can hire Thomas Law Firm or local counsel on an
hourly basis at its then hourly rate to complete the corrective
work. |