This Statutory Italian Mortgage Brokerage Fact Sheet is drafted in accordance with the requirements of the applicable Italian regulations; in particular with art. 16 of 108/1996 Law, Title VI bis of the Unified Banking Code (Testo Unico Bancario) and subsequent amendments, with the implementation provision of the Bank of Italy of July 25th 2003, with CICR Resolution of March 4th 2003, with UIC Provision of April 29th 2005 and with supervisory instruction provided by the Bank of Italy of July 29th 2009 on “transparency of operations and banking and financial services- correctness of the relations between Intermediaries and Clients”.
The content of this FACT SHEET is not an offer to the public according to Art. 1336 cc.
SECTION 1 – INFORMATION ABOUT CREDIT BROKER
We are Best Italian Mortgage a brand of Best French Mortgage Ltd, a Euro mortgage brokerage whose registered office is 227A West Street, Fareham, Hampshire, PO16 0HZ, UK.
SECTION 2 – FEATURES AND TYPICAL RISKS OF CREDIT BROKERAGE
According to the Law, Credit broker is the person who professionally, but not exclusively or habitually, relates, even through consultancy, banks or financial intermediaries to potential clients with the aim of granting loans in whatever form.
Credit brokerage implies the absence of business partnership, employment or representation between Credit broker and parties (banks/financial intermediaries and potential clients). It is forbidden for Credit broker to reach loan agreements and to execute loan disbursements on behalf of banks and financial intermediaries, those including any advances and any form of payment or collecting in cash, debt securities or other means of payment, except the mere delivery of non-negotiable cheques integrally filled in by banks or by financial intermediaries or by the client. The collection of signed requests for funding, the preliminary investigation on behalf of banks or of intermediary lenders, the forwarding of requests to banks or to intermediary lenders it’s on the other hand possible for Credit Broker. Consultancy, oriented to relating banks or financial intermediaries to potential Clients with the aim of granting loans in whatever form, is
a part of Credit Brokerage activities.
In the activity of Credit Brokerage, it may therefore occur that banks or financial intermediaries refuse to grant loans to clients who have referred to a credit broker.
SECTION 3 – FINANCIAL CONDITIONS OF CREDIT BROKERAGE
The maximum commission directly applicable by BestItalianMortgage.com to customers cannot, in any case, exceed the 3% of the granted loan, according to the current regulation and with usury thresholds respectively related to each line of credit. That commission consists of, in any case, each activity carried out referring to the Credit brokerage mandate, including preliminary investigations and consulting activities, except for what below specified. The commission, if paid to Credit broker, will be included by the bank or the intermediary lender in the amount of TAEG-APR (gross annual percentage rate)/ISC (Synthetic Indicator of cost);
Commissions for Client having foreign residence and/or capital:
The maximum applicable commission is the 3%; a preliminary investigation cost is also applicable up to a maximum of €.1000,00. BestItalianMortgage.com reserve the right to request advanced payment, even partial, for the preliminary investigation. The amount for that investigation may be withhold by BestItalianMortgage.com and anyhow due as a compensation even in case of non-accomplishment of the loan agreement.
Refund of expenses:
Client may be required to pay documented expenses (suitability document check, cadastral documents, stamps, postal services, etc.) in the only case the completion of the loan Agreement should not be accomplished, up to a maximum of €.100,00. When the Agreement will be completed, those expenses will be included in the above mentioned commissions.
Withdrawal and Penalty:
Client has the right to withdraw from the Agreement at any time by registered letter. Client is required to pay a penalty of a not exceeding amount of € 500,00, should he/she withdraw from the contract after positive deliberation of the requested operation, and/or in case of violation of the Exclusive Right, except for what provided for Client having foreign residence and/or capital relating to preliminary investigation costs.
SECTION 4 – CONTRACTUAL CLAUSES REGULATING BROKERAGE
Purpose of the Credit Brokerage Agreement:
The Credit Brokerage Agreement has the aim of obtaining a loan Agreement at banks or financial intermediaries.
Assignment of Credit Brokerage Agreement:
The mandate, as specified in the Credit Brokerage Agreement, which is at any time revocable (except for what provided as in SECTION 3, third paragraph) can be assigned in an EXCLUSIVE or NON-EXCLUSIVE form. BestItalianMortgage.com reserve the right to approve or to refuse that assignment in relation to the specific features of the request and in their sole discretion. FBestItalianMortgage.com reserve the right to waive their mandate, by forwarded registered letter to the requesting Client only, at any time and without generating any indemnity or compensation for Client.
Excluded Obligations in the Credit Brokerage Agreement:
Credit Broker cannot take charge of any guarantee about the positive accomplishment of the Credit Brokerage activity and about the actual disbursement of the loan, acceptance timing and procedures of the funding request and amount of expenses of practical instructions provided by banks or financial intermediaries lenders.
In case of disputes referring to this Credit Brokerage Agreement, the competent Court will exclusively be that of Portsmouth UK. Should Client be qualified as a Consumer, the competent Court will be that of Client’s place of residence.
Credit Broker: the person who professionally, but not exclusively or habitually, relates, even through consultancy, banks or financial intermediaries to potential clients with the aim of granting loans in whatever form; Granting of loans in whatever form: The expression “granting loans in whatever form” indicates the grant of credit- including the grant of credit warranty replacement and of loan guarantees, and any other kind of financing related to financial lease; credit purchasing; consumer credit, as defined by Art. 121 of the Unified Banking Code (Testo Unico Bancario), except for the technical form of deferred payment; mortgages; pawn broking; issuance of sureties, bill guarantee, opening of documentary credit, acceptances, endorsements and commitment to grant credit; Client: any person, natural person or corporate body who intends to relate to banks or financial intermediaries to obtain loans through the credit broker; Place open to the public: any place accessible for the public and any place open to the public for the execution of credit brokerage; Remote ways of communication: ways of communication different from advertisements which do not require the physical and simultaneous presence of Client and Credit broker; Collateral services: services not closely related to the main service, commercialized in conjunction with the latter, and on a mandatory basis; Financial intermediaries: companies which carry out financial activities enrolled in the list provided by Art. 106 of Legislative Decree 385/1993 (Unified Banking Code) and subsequent amendments; “O.A.M.- Organismo per la gestione degli elenchi degli Agenti in attività finanziaria e dei Mediatori Creditizi” (Managing Body for the Registers of Financial Agents and Credit Brokers) an independent organisation with legal entity, non-profit and with financial, organizational and statutory autonomy, established by Legislative Decree 141 August 13th, 2010. The list of Credit Brokers is available at O.A.M. website http://www.organismo-am.it. The list of BestItalianMortgage.com partners will be available at the same website accessing the page related to BestItalianMortgage.com- section “About Us”; “TAEG- APR” (gross annual percentage rate) is the total amount of credit to the consumer, expressed as an annual percentage of the granted credit. The TAEG/APR includes all the interests and charges to support for the use of credit. The Bank of Italy determines the rules to calculate TAEG/APR, according to CICR resolutions. Expenses for a possible activity of Credit Brokerage have to be included in the TAEG/APR computation. “ISC” is the Synthetic Indicator of Cost for the granted credit, expressed as an annual percentage of the granted loan. All the expenses for the use of credit, including the possible expenses for the Credit Brokerage activity have to be considered in the ISC computation.