Branch Compensation. The Main Branch Account will be credited for all revenues received and this credit shall be based on a per file funder basis (“the commission”). EMPLOYEE shall be paid consistent compensation on a monthly basis (“compensation”) according to the attached Addendum A. The EMPLOYEE is to select and input a basis point amount into the AFN pricing engine to determine his/her Branch Margins for all of his/her managed branch(es). Such production based compensation is subject to all applicable rules regarding market area and region uniformity. Such production based compensation is subject to change only every calendar quarter with the approval of an officer of AFN. EMPLOYEE is aware and agrees to comply with all applicable restrictions imposed by Regulation Z, the Xxxx-Xxxxx Act, Anti- Steering Provisions, and other applicable rules. EMPLOYEE is to communicate and negotiate all loan terms with consumer(s) through a licensed Loan Officer employed at his/her Branch, whether a producing or non-producing Branch Manager. EMPLOYEE in no way is to influence the terms of a particular loan or manipulate the closing time-frame of any/several loans in order to potentially receive lower/higher production compensation. If a non-producing Branch Manager, EMPLOYEE will not engage in any loan origination activities nor expect payment for such activities. EMPLOYEE is aware that any potential liability arising from a Branch Manager’s willful intent to purposely vary the terms of a transaction(s) in order to affect his/her branch compensation will be held solely by such Branch Manager. EMPLOYEE agrees to indemnify AFN for such acts. EMPLOYEE waives his/her right to contest the enforceability of the former clause to each subsequent Addendum to this Agreement. All loans except “brokered loans”, not covered by the new compensation rule(s) (“other types of loans”) shall receive established Lender-Paid compensation set by AFN or any Broker cooperative, including all points and fee income. These other types of loans include, but are not limited to: (i) HELOC or open ended lines of credit; (ii) commercial loans; (iii) any other type of loan that is not subject to the new Consumer Financial Protection Bureau regulations. A “Brokered Loan” is a loan that is originated by an AFN Branch loan officer and that is underwritten and/or funded by a third party lender. EMPLOYEE is aware that AFN requires preapproval by its President, Chief Executive Officer, Vice President of Operations, or Product Ma...
Branch Compensation. The Main Branch Account will be credited for all revenues received and this credit shall be based on a per file funder basis ("the commission"). EMPLOYEE shall be paid consistent compensation on a monthly basis ("compensation") according to the attached Addendum A. The EMPLOYEE is to select and input a basis point amount into the AFN pricing engine to determine his or her Branch Margins for all of his or her managed Branch(es). Such production based compensation is subject to all applicable rules regarding market area and region uniformity. Such production based compensation is subject to change only every calendar quarter with the approval of an officer of AFN. EMPLOYEE is aware and agrees to comply with all applicable restrictions imposed by Regulation Z, the Xxxx-Xxxxx Act, Anti- Steering Provisions, and other applicable rules. EMPLOYEE is to communicate and negotiate all loan terms with consumer(s) through a licensed Loan Officer employed at his or her Branch, whether a producing or non-producing Branch Manager.
