Mortgage Broker Contract Template for Singapore

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Key Requirements PROMPT example:

Mortgage Broker Contract

"Need a Mortgage Broker Contract for my Singapore-based brokerage firm that handles both private and HDB properties, with specific clauses about online services and digital documentation requirements, to be implemented from January 2025."

Document background
The Mortgage Broker Contract is essential for formalizing the professional relationship between licensed mortgage brokers and their clients in Singapore. This document is required to comply with MAS regulations and the Financial Advisers Act, providing clear terms for service delivery, fee structures, and mutual obligations. It protects both parties' interests while ensuring compliance with Singapore's strict financial services regulations, including anti-money laundering requirements and consumer protection measures. The contract is particularly important given Singapore's complex property market and financing regulations, covering both private and HDB properties.
Suggested Sections

1. Parties: Identifies the mortgage broker and client, including full legal names and addresses

2. Background: Explains the context of the agreement and the broker's licensing status under Singapore law

3. Definitions: Defines key terms used throughout the agreement, including regulatory terms under Singapore financial services law

4. Scope of Services: Details the specific mortgage broking services to be provided under MAS guidelines

5. Broker's Obligations: Lists statutory and contractual obligations of the broker under Singapore law

6. Client's Obligations: Specifies client responsibilities and information provision requirements

7. Fees and Commission: Details the fee structure and commission arrangements

8. Confidentiality: PDPA compliance and confidentiality obligations

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

Optional Sections

1. Exclusivity: Optional provisions for when the broker is to be the exclusive representative for high-value transactions or long-term relationships

2. Special Market Conditions: Optional provisions for specific market circumstances or during periods of market volatility or special regulatory conditions

3. Additional Services: Optional section detailing supplementary services offered beyond basic mortgage broking

Suggested Schedules

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

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

3. Regulatory Disclosures: Required MAS disclosures and regulatory statements

4. Broker's Credentials: Copies of licenses, certifications, and professional qualifications

5. Documentation Requirements: List of required documents from client for mortgage applications

Authors

Alex Denne

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

Clauses
Industries

Financial Advisers Act: Primary legislation governing financial advisory services in Singapore, including mortgage broking activities

Securities and Futures Act: Regulates financial products and services, including certain mortgage-related securities and financial arrangements

Housing and Development Board Act: Governs transactions involving HDB properties, which affects mortgage broking for public housing

Residential Property Act: Regulates residential property transactions and related financing arrangements in Singapore

Moneylenders Act: Regulates money lending activities and affects certain aspects of mortgage broking

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore governing financial services

MAS Notice FAA-N16: Specific guidelines on recommendations for investment products and financial advisory services

Guidelines on Standards of Conduct: Professional standards and conduct requirements for financial advisers and brokers

CMFAS Requirements: Capital Markets and Financial Advisory Services certification requirements for mortgage brokers

CPD Requirements: Continuing Professional Development requirements for maintaining professional qualifications

Consumer Protection (Fair Trading) Act: Legislation ensuring fair trading practices and consumer protection in financial services

Personal Data Protection Act: Governs the collection, use, and disclosure of personal data in Singapore

MAS Notice FAA-N01: Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism

Professional Indemnity Insurance: Requirements for maintaining professional indemnity insurance coverage

Disclosure Requirements: mandatory disclosure obligations for mortgage brokers to their clients

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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