Terms & Conditions

1. Introduction

These Terms and Conditions (“Terms”) are accepted and agreed to by the company or individual identified in the Procmyloan sign-up process (“Broker”), and constitute a legally binding agreement between Broker and Procmyloan Inc., a Florida corporation (NMLS #1872190), with offices located at 150 S Pine Island Rd #300, Plantation, FL 33324 (the “Company”).

These Terms set forth the conditions under which Broker may establish an account and conduct business with Procmyloan’s contract loan processing division (operating under the affiliate brand “LOPSConnect.com”).

2. Loan Processing

Broker may submit residential mortgage loan applications it has originated to the Company for processing. Company agrees to diligently process residential loan applications received from Broker in compliance with applicable laws and regulations. Company will make commercially reasonable efforts to ensure all applications are processed to the extent that lender requirements are satisfied.

3. Broker Protection and Non-Solicitation

Broker’s clients, past and present, are protected from solicitation during and after services have been performed by Company. (See Exhibit A).

4. Duties of Broker

Broker’s obligations are outlined in Exhibit B. These may be updated from time to time by written notice from the Company.

5. Duties of Company

Company’s obligations are outlined in Exhibit C. These may be updated from time to time by written notice from the Company. Company will process applications in compliance with all applicable laws and regulations.

6. Loan Processing Fees

Broker agrees that all processing fees and costs shall be paid directly to Company by the closing or escrow agent at loan closing. If direct payment is restricted, Broker will instruct the agent to deduct fees from amounts due to Broker and remit them to Company.

7. Access to Broker Systems & Information

Broker agrees to provide the Company access to its systems and vendors (e.g., AMC, credit, FHA, VA, flood cert, investor guidelines, LOS) as necessary to perform processing services. Broker agrees Company may continue to access active loan files post-termination solely to complete outstanding transactions.

8. Quality Control & Recordings

Company may record communications with Broker (not consumers/borrowers) for training and dispute resolution. Broker consents to use of such recordings as evidence.

9. Indemnification

Broker shall indemnify and hold Company harmless against any claims, penalties, damages, costs, or liabilities arising out of Broker’s actions, including misdisclosures, fee tolerances, or violations of law.

10. Representations & Warranties

Both parties represent they will perform their duties professionally, lawfully, and in good faith.

11. Termination

Either party may terminate this Agreement with 30 days’ written notice. Fees remain payable for any loans in process or completed work.

12. Non-Solicitation

Neither party shall solicit or hire the other’s employees or contractors during the term of this Agreement and for one year thereafter.

13. Confidentiality

Both parties agree to protect borrower and business information, and to use such information only as necessary for loan processing services, in accordance with applicable laws (GLBA, state privacy statutes, etc.).

14. Governing Law & Venue

This Agreement shall be governed by the laws of the State of Florida, without regard to conflict-of-laws principles. Venue shall lie exclusively in the courts of Broward County, Florida. Both parties waive the right to a jury trial.

15. Miscellaneous

  • Severability: Invalid provisions do not affect enforceability of the remainder.
  • Entire Agreement: These Terms supersede all prior agreements and can only be amended in writing.
  • Assignment: Neither party may assign rights without written consent of the other.
  • Attorneys’ Fees: Prevailing party in any dispute shall recover reasonable attorneys’ fees and costs.
  • Counterparts: Agreement may be executed electronically and in counterparts.

Exhibit A – Broker Protection & Non-Solicitation

Company acknowledges Broker’s business methods, leads, clients, prospect lists, referral sources, and proprietary processes are confidential. Company agrees not to solicit or disclose such information during or after performance of services.

Exhibit B – Broker Responsibilities

  • Submit Complete Loan Files: Provide a fully completed 1003/URLA, qualifying Tri-merge credit report, DU/LP findings with Approved/Eligible results, 3.4 XML file, and initial disclosures.
  • Provide Initial Checklist Documents: Submit all initial checklist items and supporting documentation necessary for DU findings or pre-approval, including borrower income docs, assets, ID, etc.
  • Lock Responsibility: The Loan Officer is solely responsible for locking their loan with the lender and managing any re-locks.
  • Program Selection: Ensure loan program selection is accurate (e.g., Conventional, FHA, VA, USDA).
  • Fee Approval: Provide lender-approved fees and LO compensation fee in writing prior to disclosures and ensure county-specific fees are accurate.
  • Credit Matters: Broker is fully responsible for all credit repair, rescoring, or correction requests.

Exhibit C – Company Responsibilities

  • Set up and index files; order third-party verifications, title, HOI, flood, payoff, condo certs, and appraisals.
  • Generate disclosures and submit files to underwriting.
  • Review income, credit, ratios, lock, and fees.
  • Clear conditions and coordinate closing, funding, and settlement.
  • Maintain professional communications with brokers, borrowers, and vendors.

Contact Information

Procmyloan Inc.
150 S Pine Island Rd, #300
Plantation, FL 33324

📧 Email: lops@procmyloan.com
đź“ž Phone: (800)-255-7142