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Mortgage Broker Agreement Template for Singapore

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Key Requirements PROMPT example:

Mortgage Broker Agreement

"I need a Mortgage Broker Agreement for my Singapore-based brokerage firm that specializes in luxury properties, with specific provisions for international clients and additional clauses for handling cross-border transactions with enhanced commission structures for high-value deals."

What is a Mortgage Broker Agreement?

The Mortgage Broker Agreement is essential for formalizing the professional relationship between licensed mortgage brokers and their clients in Singapore. It provides a legally binding framework that ensures compliance with MAS regulations, the Financial Advisers Act, and other relevant Singapore legislation. The agreement typically includes detailed provisions on service scope, commission structures, client obligations, and regulatory compliance requirements. This document is particularly important in Singapore's highly regulated financial services sector, where mortgage brokers must maintain strict professional standards and transparent client relationships.

What sections should be included in a Mortgage Broker Agreement?

1. Parties: Identification of the mortgage broker and client, including full legal names and registration details

2. Background: Context of the agreement and brief description of the services to be provided

3. Definitions: Key terms used throughout the agreement

4. Scope of Services: Detailed description of mortgage broking services to be provided

5. Broker's Obligations: Legal and professional duties of the broker under Singapore law

6. Client's Obligations: Responsibilities and commitments of the client

7. Fees and Commission: Payment terms, commission structure, and disbursements

8. Confidentiality: Confidentiality obligations and PDPA compliance

9. Term and Termination: Duration of agreement and termination provisions

What sections are optional to include in a Mortgage Broker Agreement?

1. Exclusivity: Terms of exclusive arrangement when broker requires exclusive rights to represent client

2. Professional Indemnity: Additional insurance and liability provisions for high-value transactions or complex arrangements

3. Marketing Authorization: Permission to use client information for marketing purposes

4. Cross-Border Provisions: Additional terms for international transactions when dealing with overseas properties or foreign clients

What schedules should be included in a Mortgage Broker Agreement?

1. Schedule 1 - Fee Schedule: Detailed breakdown of fees and commission structures

2. Schedule 2 - Service Level Agreement: Specific performance metrics and service standards

3. Appendix A - Required Documents: List of documents required from client

4. Appendix B - Compliance Checklist: MAS compliance requirements and verification checklist

5. Appendix C - Privacy Policy: Detailed PDPA compliance procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




















Clauses

























Industries

Financial Advisers Act 2001 (FAA): Primary legislation governing financial advisory services in Singapore, including mortgage broking activities. Sets out licensing requirements, duties, and regulatory framework.

Securities and Futures Act (SFA): Regulates financial products and services, including certain aspects of mortgage-related securities and financial arrangements.

Moneylenders Act: Governs lending activities in Singapore, relevant for understanding the intersection between mortgage broking and lending regulations.

Banking Act: Provides regulatory framework for banking institutions, which is relevant for mortgage brokers dealing with banks and financial institutions.

MAS Guidelines on Fair Dealing: Regulatory guidelines ensuring fair treatment of customers, transparent communication, and ethical business practices in financial services.

MAS Guidelines on Standards of Conduct: Specific guidelines outlining expected professional behavior and standards for financial advisers and brokers.

MAS Guidelines on Fit and Proper Criteria: Criteria determining the suitability of individuals and entities to operate as financial intermediaries, including mortgage brokers.

Consumer Protection (Fair Trading) Act: Legislation protecting consumers from unfair practices, applicable to mortgage broking services and client relationships.

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data, crucial for handling client information in mortgage broking.

MAS Notice 626: Regulatory notice on Prevention of Money Laundering and Countering the Financing of Terrorism, setting out requirements for customer due diligence.

Singapore Contract Law: General principles of contract law governing the formation and enforcement of agreements, including agency relationships and broker agreements.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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