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Loan Consulting Agreement Template

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loan consulting agreement sets forth the terms of how a consultant will work with their client in determining the right loan option for their situation. Before the relationship begins, the document will ensure both parties agree to the payment terms, the services to be rendered, and each side’s responsibilities. Drafting the agreement is an important measure in reducing legal liabilities and ensuring a successful working relationship.

What is a Loan Consultant?

Loan consultants work with clients seeking to acquire a loan, providing them with information on the available options and identifying the best solution for their needs. Loan consultants do not themselves provide clients loans; instead, they assess their client’s financial situation and objectives and share their insight.

What do Loan Consultants do?

Loan consultants are responsible for reviewing loan applications, presenting mortgage or loan options, and advising clients. Their job is to inform clients of each option’s details and risk factors, as well as determine the appropriate option for their circumstance. Depending on where the consultant works, they may also be expected to negotiate arrangements for overdue loan payments.

What are the benefits of a Loan Consulting Agreement?

Loan consultant agreements serve as a record of the working relationship’s details and provide a go-to source for settling agreement disputes. Completing the document before the relationship begins also ensures each party has a chance to go over the relationship’s details and make sure there is no confusion as to the required payment, the expected services, and the start and end dates.


Frequently Asked Questions

Do the client and loan consultant need to sign the agreement?

Both the client and loan consultant must sign the agreement for it to take effect.

Can the agreement be legally enforced?

Once both parties sign, a loan consultant agreement is legally enforceable in court. A party may pursue legal action if the other violates the terms or neglects their contractual obligations.

Does a loan consulting agreement require a retainer?

A retainer (an advance payment for future services) is optional for a consulting agreement; the consultant may decide if they require a retainer to ensure a client will continue to hire their services.