The Mortgage Broker Agreement In Principle serves as the foundational document establishing the professional relationship between a mortgage broker and potential borrower(s) in New Zealand. This document is typically used at the outset of the mortgage broking process, before formal loan applications are submitted to lenders. It outlines the broker's services, responsibilities, fee structures, and the client's obligations while complying with New Zealand's financial services regulations. The agreement protects both parties' interests by clearly defining expectations, privacy requirements, and service limitations, while ensuring transparency in the broker-client relationship. It's designed to accommodate various lending scenarios while maintaining compliance with relevant legislation such as the Financial Service Providers Act and Credit Contracts and Consumer Finance Act.
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1. Parties: Identification of the mortgage broker and the potential borrower(s)
2. Background: Context of the agreement and general purpose of the mortgage broking service
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of the mortgage broking services to be provided
5. Broker's Obligations: The duties and responsibilities of the mortgage broker
6. Client's Obligations: The duties and responsibilities of the client, including providing accurate information
7. Fees and Charges: Structure and timing of broker's fees, commissions, and any other charges
8. Privacy and Confidentiality: Handling of personal and financial information
9. Term and Termination: Duration of the agreement and circumstances for termination
10. Disclaimers and Limitations: Limits of broker's responsibility and service guarantees
11. Dispute Resolution: Process for handling disagreements and complaints
12. Governing Law: Confirmation of New Zealand law application and jurisdiction
1. Additional Services: Details of any supplementary services offered beyond standard mortgage broking
2. Insurance Requirements: Required when the broker offers insurance products or advice
3. Multiple Borrowers: Added when there are joint borrowers to define joint and several liability
4. Third Party Authorizations: Used when other parties are authorized to act on behalf of the client
5. Digital Communications: Specific terms for electronic communications and digital document handling
6. Referral Arrangements: Disclosure of any referral relationships and associated fees
1. Schedule 1 - Fee Structure: Detailed breakdown of all fees, commissions, and charges
2. Schedule 2 - Service Details: Comprehensive list of included and excluded services
3. Schedule 3 - Required Documentation: List of documents the client must provide
4. Appendix A - Privacy Policy: Detailed privacy and data handling procedures
5. Appendix B - Broker Disclosures: Statutory disclosures required under NZ regulations
6. Appendix C - Lender Panel: List of lenders the broker works with and any preferred arrangements
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