Principal Mortgage Broker Acknowledgement

The Principal brokers for any selling brokerage were required to attend meetings with the borrower brokerage for each project launch.  During these meetings, full lender packages were reviewed page by page, project information and due diligence were covered, reminders and cautions were explained, risks, terms, contracts were discussed at length.   Following the meeting each of these Principal Brokerage was provided a full set of lender document templates and a full due diligence package from the borrower Brokerage.

Prior to brokerages raising funds or marketing the project to lender/investors Principal Brokers executed confirmations for each project releasing confirming: 

1) They had reviewed all the documents and due diligence with each of their agents;
2) That they and all their agents had reviewed the webinar and it was understood by all persons in their brokerage;
3) That all selling parties understood and acknowledge all material differences in each particular project;
4) That KYP (‘know your product’) had been reviewed with all agents so they could perform lender/investor suitability tests.

The brokerages signed off on the Principal Broker Acknowledgement which confirmed the terms, restrictions and responsibilities as outlined above.