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 – For Unlocked Loans
Broker Compensation defaults to Lender Paid. To change to Borrower Paid Compensation follow the steps below. |
|
Step |
Action |
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. |
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