Bulletin W14-020 - Update, Broker Compensation Agreement

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)