Borrower-Paid Compensation. In consideration for the loan origination services provided by the Broker to the Borrower, in lieu of Lender Paid Compensation, the Broker may receive compensation from Borrower based on a fixed percentage of the loan amount not to exceed their Lender-Paid Compensation Election. Subject to the Lender-Paid Compensation election limitations, Xxxxxx will negotiate directly with the Borrower to determine the fixed percentage to be paid to the Broker. Any seller paid contributions are considered borrower-paid compensation. Broker’s Agreements: Xxxxxx understands and agrees that:
Borrower-Paid Compensation. In the event Broker elects to be compensated directly from the borrower, any fees (and the amount of such fees) imposed by Broker upon Borrower have been determined by negotiations between Xxxxxxxx and Xxxxxx, may vary on each individual loan transaction, and such fees may be from the borrower’s own funds or loan proceeds. In addition, Xxxxxxxx paid compensation may include seller concessions. Under a borrower paid loan transaction, the Broker may not receive any compensation directly or indirectly from any other party or entity to the transaction, or outside the transaction, including the Lender.
Borrower-Paid Compensation. For transactions where Client’s compensation is paid directly from the Borrower(s), that compensation may be negotiated on a loan by loan basis provided the compensation is equal to or less than the compensation Client would have received under LPC; and the BPC falls within the maximum if elected, or maximum set by FSB, and that no part of any FSB borrower premium credit is used to pay any of the BPC origination charges. By signing below, Client agrees to the following: • Client will pay its loan officer(s) in compliance with Regulation Z guidelines pertaining to loan originator compensation and applicable law; • Should FSB be asked, and agrees to allow a loan to close and fund without all funding conditions being met, Client agrees FSB may withhold all or a part of Client’s compensation until such conditions are satisfied; • Client agrees to retain records of compensation to its mortgage loan originators for a period of five (5) years and make such records available to FSB upon request; • Client understands the compensation options elected above shall apply to all loans regardless of loan characteristics or loan products and will continue unless amended in writing as permitted and instructed herein by FSB; • The undersigned represents and warrants they have the authority to sign this document on behalf of the Client company listed. Client Company Printed Name Authorized Signer Printed Name and Title Signed Date For Clients making an election change, please complete and email to Xxxxxxxxxxxxxxx@xxxxxxxxxxx.xxx. See “Changes” above for details. NMLS #411341. FSB Mortgage is a division of First Savings Bank. All rates and programs subject to change without notice. This information is intended to assist Mortgage Industry Professionals only and is not an advertisement to extend consumer credit.
Borrower-Paid Compensation. Borrower-Paid Compensation is Broker compensation paid by the borrower using the borrower’s own funds or loan proceeds. Borrower-Paid Compensation includes any seller concessions, or interested party contributions for VA loans, by any representative of the borrower. Borrower-Paid Compensation is negotiated by Broker directly with the borrower and may vary on each individual loan submitted to MSC. Under Borrower-Paid Compensation, Broker may lower fees or offer credits toward third-party closing costs. MSC will not be responsible nor represented by Broker or any of Broker’s affiliates regarding the negotiations with the borrower in a Borrower- Paid Compensation transaction. WHEN CHOOSING BORROWER-PAID COMPENSATION THE BROKER MAY NOT RECEIVE ANY COMPENSATION DIRECTLY OR INDIRECTLY FROM ANY OTHER PARTY OR ENTITY TO THE TRANSACTION, OR OUTSIDE OF THE TRANSACTION, EXCEPT THE BORROWER, INCLUDING THE LENDER. Bona fide third-party fees are not Borrower-Paid Compensation, and therefore may be paid by Lender on behalf of the Borrower from premium pricing when applicable.
