Mortgage Broker Contract of Employment

As a mortgage broker, your contract of employment is one of the most important documents you will sign. It outlines the terms and conditions of your employment, including your salary, benefits, and responsibilities. However, it can be overwhelming to understand all of the legal jargon and clauses within the contract. Here are some key things to look out for when reviewing your mortgage broker contract of employment.

Job Description and Responsibilities

Your contract should clearly outline your job description and responsibilities. This includes your role in the company, the tasks you will be performing, and any goals or targets you are expected to meet. Make sure to review this section carefully to ensure that your agreement is in line with your expectations and that you fully understand what is expected of you.

Salary and Benefits

Your contract should also outline your salary and any additional benefits you are entitled to as a mortgage broker. This includes details about your base salary, any performance-related bonuses or commissions, and any potential benefits, such as health insurance, retirement plans, or paid vacation time. Make sure that these figures are accurately reflected in your contract, as they will have a direct impact on your compensation.

Termination Clause

The termination clause outlines the circumstances under which your employment can be terminated, including whether there is a notice period and if severance pay will be offered. Make sure that you understand the terms of this clause, as it can impact your financial stability and future employment opportunities.

Non-Compete and Non-Disclosure Agreements

Many mortgage broker contracts include non-compete and non-disclosure agreements. These agreements restrict your ability to work for competitors after leaving your current employer and prevent you from sharing confidential information about the company. Make sure that you understand the terms of these agreements and consider consulting with a lawyer before signing them.

Confidentiality and Intellectual Property Rights

Your contract should also address issues related to confidentiality and intellectual property rights. This includes any proprietary information that you may have access to during the course of your employment, such as trade secrets, customer lists, or software code. Make sure that you understand the company`s policies regarding the use and protection of confidential information.

Final Thoughts

Reviewing your mortgage broker contract of employment can be a daunting task, but it is essential to ensure that you fully understand the terms and conditions of your employment. Make sure to read the document thoroughly and seek legal advice if necessary. By doing so, you can protect your interests and ensure that you are entering into a fair and equitable agreement.