Changing Compensation Type

To switch Broker Compensation on locked loans, follow the steps below.

Step

Action

       1     

Open the loan, select Loan Processing to open the menu, and select Lock Management.

       2      

Click Update Lock.

      3       

·         For Lender Paid Compensation select Yes and click Price to Lock.

·         For Borrower Paid Compensation select No, enter the compensation amount, and click Price to Lock.

Broker Compensation defaults to Lender Paid. To change to Borrower Paid Compensation follow the steps below.

       1      

Select Loan Processing to open the menu and select Fees & Closing Costs.

       2  

Click the Broker Compensation button at the bottom of the screen.

       3     

Select Borrower Paid in the Broker Compensation pop-up, enter the Borrower Paid amount, and click Save.

       4        

To add a Credit for Rate Chosen, Select Credit or Points, enter the percentage of the loan amount for the selection, and click Save.