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Bulletin W14-020 - Update, Broker Compensation Agreement

February 13, 2014

Topic included in Bulletin W14-020:

  • The Broker Compensation Agreement has been updated, with the following changes:
  • Amended the Borrower Paid Compensation (BPC) cap to read – BPC is capped at the greater of the minimum dollar amount or Lender Paid Compensation (LPC) percentage
  • Added, dollar minimum amounts to the LPC plans: 0, $1500, $1750, $2000, $2250, $2750 and $3000
  • Broker able to update their minimum dollar compensation outside of their normal cycle through Friday, February 28, 2014
  • New plans will be inputted in Encompass within 24 hours of receipt of the updated compensation agreement and will be in effect the following day
  • After Friday, February 28, 2014, compensation agreements will be updated per the CMS policy at 90 day intervals
  • Updated Broker Compensation Agreement posted in Comergence and the website
  • Send updated Broker Compensation Agreement to PipelineManager@carringtonms.com
  • Updated Broker Compensation Agreement attached

Download: Bulletin - W14-020 (PDF)

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Equal Housing Opportunity An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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