SKEENS CONSULTING CORPORATION
3261 OLD WASHINGTON ROAD
SUITE 1011
WALDORF, MARYLAND 20602
OFFICE: 301-932-4610 FAX: 301-932-5341
Colonial
Mortgage G roup
Page 1 of 8_RV-15May2013
Loan Originator Employment and Compensation Agreement
THIS AGREEMENT is made between SKEENS CONSULTING CORPORATION (herein
called “Employer”) and _____________________________(herein called “Employee”).
WHEREAS, Employer is in the business of mortgage brokerage/lending and/or banking, and
desires to hire Employee to originate real estate trust deeds and/or mortgage loans, and
WHEREAS, Employee’s compensation is determined primarily by way of commissions
computed on the dollar amount of loans originated and closed due to Employee’s individual
effort, and
WHEREAS, Employer and Employee desire to have an employment agreement directly
specifying compensation and termination agreements, and
WHEREAS, Employee is ready, willing, and able to work for Employer as a loan originator,
NOW, THEREFORE, Employer and Employee in consideration for the mutual covenants and
agreements contained herein and other good and valuable consideration and intending to be
legally bond hereby, agree as follows:
I. EMPLOYMENT
Employer hereby hires Employee and Employee hereby accepts employment as a loan
originator under the terms of this agreement commencing on ______day of ______, and
continuing until terminated as provided in this agreement.
Please Note: Although you have executed this Employment Agreement, the effective date of
employment is when you receive your State Loan Originator License and been given access to the
Employer’s loan processing website. Originating loans prior to this effective date is prohibited.
II. DUTIES
a) Employee agrees to devote full attention and energy to the position of loan originator
subject to the direction and control of Employer and shall utilize best efforts in representation
of this position and solicitation of clients for Employer.
b) Employee agrees document hours worked in the performance of the duties of a loan
originator in a format provided by Employer
c) Employee is employed as an originator to originate real estate trust deeds and/or
mortgages in the following territory designated by Employer:
1. In all States where the branch and/or Loan Originator is legally licensed.
2. As stated in §II.b.1, unless specifically prohibited by State Regulation or Employer.
SKEENS CONSULTING CORPORATION
3261 OLD WASHINGTON ROAD
SUITE 1011
WALDORF, MARYLAND 20602
OFFICE: 301-932-4610 FAX: 301-932-5341
Colonial
Mortgage G roup
Page 2 of 8_RV-15May2013
d) Employee agrees not to engage in the sale of, or representation of any other competing
products or services while representing Employer, including the origination of real estate trust
deeds and/or mortgages for any other mortgage banker and/or broker.
e) Employee, at all times, will comply with the rules, regulations, laws and ethics of
Employer, mortgage banking industry (including brokering), investors, local jurisdictions and
state and federal requirements. Any discovery of fraud, misrepresentation, or any other illegal
activity by the loan officer is grounds for immediate dismissal, fines, and other sanctions.
III. COMPENSATION
In order to ensure that Skeens Consulting Corporation remains compliant with evolving State
laws and HUD, Skeens Consulting Corporation is hereby providing written notice with respect
to a change in its existing commission structure. For services rendered by employee under this
agreement, employer shall pay employee compensation on loans originated by employee as
follows:
a) COMMISSIONS – employees shall receive a credit to their Payroll of _____ basis points of
the loan amount on each closed loan originated by the employee. W-2 wages will be paid
based upon this amount. Any changes to the commission structure must be approved in writing
by the Employer. This compensation agreement cannot be revised more often than every Thirty
Days. Any revisions to the commission structure will apply only to new loan applications
received on or after the revision approval date. Employees may also qualify for bonuses at the
discretion of the employer based upon the quality of their origination, processing and post
closing work.
b) COMMISSIONS will be deemed earned when the loan closes, fee income has been received
and are in clear funds, and all appropriate post closing documentation has been properly
executed, received, and found acceptable pursuant to all Employer policies and procedures as
well as local, state and federal laws regulating the mortgage industry. IMPORTANT: No
commissions will be paid to Employee unless all disclosures and post-closing documents are
properly in each file. If a loan has been originated improperly, according to State and or
Federal requirements, the Employer reserves the right to refund all fees to the applicant or
borrower and the Employee is prohibited from attempting to recover or receive any funds from
the applicant/borrower.
c) Employee acknowledges that the settlement of any complaints will be at the sole discretion
of the Employer. The Employer therefore reserves the right to subtract from the net
commission of the Employee for the costs incurred to settle a complaint by any third party for
any loan originated by the Employee.
SKEENS CONSULTING CORPORATION
3261 OLD WASHINGTON ROAD
SUITE 1011
WALDORF, MARYLAND 20602
OFFICE: 301-932-4610 FAX: 301-932-5341
Colonial
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Page 3 of 8_RV-15May2013
IV. LICENSING RESTRICTION AND USE
a) All Employees are W-2 Employees of Skeens Consulting Corporation and in accordance
with State Regulation cannot be employed simultaneously by any other license or unlicensed
mortgage broker, banker, or lender. Co-brokering loans is also strictly prohibited.
b) Federal Regulation for FHA (Federal Housing Authority) and VA (Veterans Affairs
Administration) loan originations require the employees offering those loan types must be
exclusive employees of the approved lender and cannot be engaged in any real estate related
activity at any time.
1. Employees required by some State Licensing Regulations to obtain a realtor’s license
will not be in violation of either Federal or State Regulation, provided realtor activities
are limited to properties personally sold or purchased.
2. Branch managers of offices offering FHA and VA loans may only be managers of
one office.
c) FHA Branch Managers, or the employees of an FHA branch, may possess a real estate
salesman or broker’s license or an appraiser’s license, but may not perform any official
appraisal activities, nor under any circumstances actively sell any real estate for any real estate
firm, developer, broker, land dealer, or home builder, or engage in any real estate related
activity with the only exception being buying and selling of real property belonging to said
employee or FHA Branch Manager.
d) Employees shall display licenses in their office locations as required by State regulation.
e) Branch licenses are the property of Skeens Consulting Corporation and ultimately the State
for which the license is issued. Branch licenses must be surrendered upon the request of
Employer and/or the State. Any compensation due the loan officer will be withheld until the
licenses and other required items are returned and accepted by the Employer.
V. TERMINATION
a) AUTOMATIC TERMINATION: This agreement shall automatically terminate upon the
occurrence of any or all of the following events:
1. Death of Employee
2. Loss of legal capacity by Employee
3. Termination of State Loan Originator License
4. Termination of Employee by Employer
5. Occurrence of Fraud by Employee.
Should Employer discover an instance of Employee knowingly and purposely committing
fraud or misrepresentation, Employee forfeits all present and future credits to their
payroll and forfeits all claims on any gross income received by Employer.
SKEENS CONSULTING CORPORATION
3261 OLD WASHINGTON ROAD
SUITE 1011
WALDORF, MARYLAND 20602
OFFICE: 301-932-4610 FAX: 301-932-5341
Colonial
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Page 4 of 8_RV-15May2013
b) WITH CAUSE: If Employee willfully breaches or habitually neglects the duties required to
be performed under the terms of this agreement, Employer may, at its option, terminate this
agreement by giving notice of termination to Employee, without prejudice to any other remedy
to which Employer maybe entitled, either at law, in equity, or under this agreement.
c) WITHOUT CAUSE: Either party may terminate this agreement without cause by giving
notice of termination to the other party. Termination by Employee must be in writing and
mailed to Skeens Consulting Corporation’s headquarters or sent via Email to
VI. COMPENSATION ON TERMINATION
a) In the event of termination f this agreement for any reason, Employee may receive, with
Employer’s approval, compensation after the date of termination as follows:
1. Employee will be entitled to compensation as determined under § III for loans closed
and presented for payment within sixty (60) days after termination, pursuant to § II .b.
Loans originated after the termination date are not eligible for compensation to the
Employee.
b) Payment of any compensation will be made in a lump sum on the first regularly scheduled
commission pay date, but not later than sixty (60) days after termination. The lump sum
payment will be reduced by the sum of any/all of the following prior to termination:
1. Un-reimbursed draws
2. Uncollected fees
3. Credit report and appraisal fees
4. Prepaid commitment fees
5. Required discount points
6. Loan closing escrows
7. Losses or potential losses based on fraud, negligence, or misrepresentation on the
part of the employee.
c) Employee agrees to fully cooperate with Employer to bring all originated loans to
settlement. In the event Employee does not cooperate, Employee shall not be entitled to
compensation due on the loan.
d) Employee and Employer agree that Employer may withhold commission payments if
there is evidence of unresolved complaints against the Employee or outstanding charges
related to any loans originated by the Employee.
SKEENS CONSULTING CORPORATION
3261 OLD WASHINGTON ROAD
SUITE 1011
WALDORF, MARYLAND 20602
OFFICE: 301-932-4610 FAX: 301-932-5341
Colonial
Mortgage G roup
Page 5 of 8_RV-15May2013
VII. TRADE SECRETS
a) Employee acknowledges that loan programs, customer and investor lists and documentation
used and developed by the Employer for its loan programs are valuable trade secrets of
Employer. The loan programs, customer and investor lists and documents have been developed
during the expenditure of substantial time, effort, and money which Employer wishes to
maintain in confidence and withhold disclosure thereof to other parties.
b) Employee hereby agrees that any information, knowledge and factual data related to loan
programs, customer and investor lists and documentation which may be given to Employee by
Employer at any time will not be communicated to any third party, except Employees of
Employer for use in performance of duties.
VIII. BOOKS AND RECORDS
The following shall be deemed the exclusive property of Employer and surrendered to
Employer upon termination of this contract:
1. Paper and electronic records of customer accounts
2. Paper and electronic records of a business nature pertaining to Employer
3. Paper and electronic records relating to Employer affiliates
4. Any equipment provided by Employer in the course of business
5. Paper and electronic documentation whether prepared by the Employee or
coming into the Employee’s possession or control during employment.
6. Licenses received because of employment with Employer
IX. INSURANCE
Employee agrees to maintain a minimum of FIVE HUNDRED THOUSAND DOLLARS
($500,000.00) combined single liability limit auto insurance for body or property damage.
X. AFFILIATES OF EMPLOYER
Recognizing that Employer may conduct its business at various times under one or more
different entities, Employee agrees that the provisions of this agreement shall be for the benefit
of and may be enforced by Employer and any of Employer’s present or future affiliates as
designated by Employer.
SKEENS CONSULTING CORPORATION
3261 OLD WASHINGTON ROAD
SUITE 1011
WALDORF, MARYLAND 20602
OFFICE: 301-932-4610 FAX: 301-932-5341
Colonial
Mortgage G roup
Page 6 of 8_RV-15May2013
XI. EMPLOYER’S OBLIGATION TO ACCEPT LOANS
No provision of this agreement shall be deemed to obligate Employer to accept any loan
application or to close any loans.
XII. PROGRAM REVIEW AND AMENDMENT
Employer reserves the right from time to time, by written notice to Employee to change any of
the terms and conditions of this agreement. Except for the foregoing provision, no change,
alteration, amendment, modification or waiver of any of the terms or provisions hereof shall be
valid unless the same shall be in writing and signed by all parties hereto.
XIII. SEVERABILITY
In the event any provision of this agreement shall be held to be illegal, unenforceable or
inoperative, as a matter if applicable law, the remaining provisions, hereof, to the extent legal
shall remain in full force and effect.
XIV. ENTIRE AGREEMENT
This agreement embodies the entire agreement between all parties.
XV. CONSTRUCTION OF AGREEMENT
This agreement shall be construed and enforced in accordance with the laws of the State of
Virginia.
XVI. CAPTIONS
The captions contained herein are inserted only for the purpose of convenient reference and in
no way define, limit or describe the scope or intent of this agreement or any party hereof.
XVII. ASSIGNMENT AND BINDING EFFECT
Employee shall not have the right to assign any or all interest it may have in this agreement.
Otherwise, the terms of this agreement shall inure to the benefit of and shall be binding upon
the heirs, administrators, successors, and assigns of all parties hereto.
SKEENS CONSULTING CORPORATION
3261 OLD WASHINGTON ROAD
SUITE 1011
WALDORF, MARYLAND 20602
OFFICE: 301-932-4610 FAX: 301-932-5341
Colonial
Mortgage G roup
Page 7 of 8_RV-15May2013
XVIII. NON-SOLICITATION AGREEMENT
a) Non-Solicitation of Employees – The Employee shall not induce, or attempt to influence,
any employee of the Company or its affiliates to terminate employment with the Company or
its affiliates or to enter into any employment or other business relationship with any other
person, firm, or corporation.
b) Non-Solicitation of Customers – The Employee shall not request any customers of any
business then being conducted or contemplated by the Company or its affiliates to curtail or
cancel their business with the business or its affiliates. The Employee shall not request any
persons employed by the Company or its affiliates, parent, or subsidiaries to divert business
from the Company or refer business to Employee.
ACKNOWLEDGEMENT: Employee acknowledges receipt of the Employee Manual, and
acknowledged that updates will be available on the Skeens Consulting website, and hereby
agrees to comply with all terms and conditions of this agreement, including the effective date
of employment explained in Article I. ***Although Article I contains a contractual hire date,
please be advised that you are not considered an employee of Skeens Consulting Corporation
until you have received your Loan Originator License from the State.
BY:________________________________ Date:_______ ___________
(Employee Signature)
__ __________________________
Home Address- Street, City, State, Zip
____________________________________ ___________________________
Office Phone Office Fax
__ __________________________________________________
Mobile Phone Home Phone
____ _________________ __________
Social Security Number E-mail Address
SKEENS CONSULTING CORPORATION
BY:________________________________ DATE:____________________________
Paul E. Skeens/President
3261 Old Washington Road Suite 1011, Waldorf, MD 20602 Phone: 301-932-4610
SKEENS CONSULTING CORPORATION
3261 OLD WASHINGTON ROAD
SUITE 1011
WALDORF, MARYLAND 20602
OFFICE: 301-932-4610 FAX: 301-932-5341
Colonial
Mortgage G roup
Page 8 of 8_RV-15May2013
Security Certification
Skeens Consulting Corporation depends on our computer and information systems on a daily
basis to perform our normal business operations. Skeens Consulting also has an obligation to
maintain the privacy of our customer’s information.
Since these computer systems and our Information Technology is so critical to the normal
functioning of our company, it is vital that we are protected from malicious software (computer
viruses) and unauthorized access to our computer systems both at the Corporate office, and all
of our Branch Locations. Our network of Loan Officers and employees are tied together
through the Internet, which makes our systems vulnerable to these types of undesirable items.
Therefore it is company policy that each loan officer shall have working anti-virus software
which is maintained on a regular basis. It is also company policy that each loan officer shall
have firewall protection. In many cases, firewall protection is provided by your Internet router,
or your Internet Service Provider (ISP). Please contact your ISP to find out if you are protected
from unauthorized access to your computer.
Our business also depends on keeping our Customers Non-Public Information (NPI) private
and confidential. It is therefore imperative that you understand and abide by the Corporate
Consumer privacy and Security Program.
By signing the document below, you are certifying that you have both anti-virus software and
firewall protection and that you are maintaining your anti-virus software by obtaining updates
on a regular basis. You also certify that you will review the Consumer Privacy and Security
Program once you have access to the Corporate Website.
Printed Name ___ _______________________
Signature__________________________ Date __ __
1. A Virus is a piece of programming code usually disguised as something else that causes some unexpected and usually
undesirable event. A virus is often designed so that it is automatically spread to other computer users. Viruses can be
transmitted as attachments to an e-mail note, as downloads, or be preset on a diskette or CD. The source of the e-mail note,
downloaded file, or diskette you’ve received is often unaware of the virus. Some viruses wreak their effect as soon as their
code is executed; other viruses lie dormant until circumstances cause their code to be executed by the computer.
2. Antivirus (or “anti-virus”) software is a class of programs that searches your hard drive and floppy disks for any known or
potential viruses. The market for this kind of program has expanded because of Internet growth and the increasing use of the
Internet by businesses concerned about protecting their computer assets.
Some common virus protection products include: Norton Anti-Virus, McAfee VirusScan, and Grisoft AVG. These can be
purchased online, or at your local computer store.
3. A firewall is a set of related programs or hardware that protects the resources of a private network or computer from outside
unauthorized users (hackers).
Some common firewall software products include Zonelabs Zonealarm (www.zonelabs.com) Norton Internet Security, and
McAfee Personal Firewall. These can be purchased online, or at your local computer store.
