Hi Dustin,
I have a friend who has been offered employment and is unsure if the commission and fees are standard in the broker world as said friend hasn’t seen a contract like this before. I thought someone else might find this info helpful.
Commision is 50/50 split
Per file LO will pay
1. $995 administrative fee,
2. $1,000 processing fee which LO can pay, split or charge the borrower. LO will have access to a LOA and receive the LOS system and all other applicable processing systems/applications required. Files will be processed for LO.
3. $1,000 fee per file for processing as a new loan officer that LO can pay, split or charge the borrower (need to clarify, but I believe this is just the first year, if LO can be proficient faster and not need help of managing broker before 1 year training period is over)
4. Early Pay off retainer of $10,000 collected in $1,000 increments per closed loan paid back to LO 6 months after termination or separation of employment.
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