Naca Referral Agent Agreement
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What is NACA?
The Neighborhood Assistance Corporation of America (NACA) is a non-profit organization that provides affordable homeownership solutions to low and moderate-income individuals and families. NACA is known for its homebuyer program, which offers no-down-payment, no-closing-cost mortgages with below-market interest rates.
What is a Referral Agent?
A Referral Agent is someone who has completed the NACA Homebuyer Workshop and has referred at least one prospective homebuyer to NACA. Referral Agents are not employees of NACA but are independent contractors who receive compensation for their services.
What is the NACA Referral Agent Agreement?
The NACA Referral Agent Agreement is a legal document that outlines the terms and conditions of the relationship between the Referral Agent and NACA. The Agreement establishes the Referral Agent`s rights and responsibilities, as well as NACA`s expectations for the Referral Agent.
The key provisions of the NACA Referral Agent Agreement include:
1. Compensation – Referral Agents are compensated for each closed loan transaction resulting from their referral. The amount of compensation varies based on the loan amount and the referral`s participation in the NACA program.
2. Confidentiality – Referral Agents are required to maintain the confidentiality of NACA`s business practices, customer information, and other sensitive information.
3. Code of Ethics – Referral Agents must adhere to a strict code of ethics, including honesty, integrity, and professionalism.
4. Compliance – Referral Agents must comply with all federal, state, and local laws and regulations related to their activities as NACA Referral Agents.
5. Termination – NACA has the right to terminate the Referral Agent Agreement at any time for any reason without notice.
Why is the NACA Referral Agent Agreement important?
The NACA Referral Agent Agreement is important because it establishes clear expectations and guidelines for the Referral Agent`s relationship with NACA. The Agreement ensures that Referral Agents understand their rights and responsibilities and are compensated fairly for their services. It also protects NACA`s interests by ensuring that Referral Agents maintain the confidentiality of its business practices and customer information.
In conclusion, the NACA Referral Agent Agreement is a crucial document that outlines the terms and conditions of the relationship between Referral Agents and NACA. The Agreement establishes clear expectations and guidelines for both parties, ensuring that Referral Agents are compensated fairly for their services and that NACA`s interests are protected.