Common use of BROKER COMPENSATION Clause in Contracts

BROKER COMPENSATION. 6.1 Nothing shall be owed to Broker by AH unless a Loan Application has been approved by AH and the related Loan has been closed and funded by AH. 6.2 Broker agrees that all Loan Application Packages submitted to AH and any compensation paid to Broker with respect to any Loan Application Package shall comply with the originator compensation and anti-steering provisions of the Truth in Lending Act and Regulation Z at 12 C.F.R. 1026.36, including but not limited to, the provisions of the CFPB’s Origination Compensation Rule applicable to compensation paid to Broker and compensation paid by Broker to individual loan originators. 6.3 Broker agrees to provide AH a copy of Broker’s current Originator Compensation Policy, which Broker certifies is true and correct and in compliance with all applicable federal, local and state laws, rules and regulations, including the CFPB’s Originator Compensation Rule. Broker agrees to provide any updated or revised Originator Compensation Policy(ies) to AH within five (5) business days of the date of such revision. 6.4 Broker further agrees to provide AH with any records as AH may request to validate Broker’s compliance with the originator compensation and anti-steering provisions of Regulation Z 12 C.F.R. 1026.36. 6.5 Broker agrees to retain records evidencing Broker’s compliance with the Regulation Z originator compensation and anti-steering rules, including but not limited to, originator compensation plans, payroll records, lender rate sheets and borrower loan offer sheets, for at least three years, in compliance with 12 C.F.R. 1026.25(a). 6.6 Any fees, commissions or other consideration to which Broker may be entitled will be paid by AH to Broker in the event a Loan Application Package submitted by Broker to AH is approved and the related Loan is funded by AH. Such compensation will be paid by AH upon confirmation of Loan Closing; however, such compensation shall be in accordance with customary broker fees for that type of loan in the applicable market at the particular time. 6.7 If Broker’s compensation on a Loan will be paid by AH, Broker will be paid according to Broker’s Lender-paid Compensation Plan in effect with AH on the Loan submission date.

BROKER COMPENSATION. 6.1 Nothing shall be owed to Broker by AH unless a Loan Application has been approved by AH and the related Loan has been closed and funded by AH. 6.2 Broker Xxxxxx agrees that all Loan Application Packages submitted to AH and any compensation paid to Broker with respect to any Loan Application Package shall comply with the originator compensation and anti-steering provisions of the Truth in Lending Act and Regulation Z at 12 C.F.R. 1026.36, including but not limited to, the provisions of the CFPB’s Origination Compensation Rule applicable to compensation paid to Broker and compensation paid by Broker to individual loan originators. 6.3 Broker Xxxxxx agrees to provide AH a copy of Broker’s current Originator Compensation Policy, which Broker certifies is true and correct and in compliance with all applicable federal, local and state laws, rules and regulations, including the CFPB’s Originator Compensation Rule. Broker Xxxxxx agrees to provide any updated or revised Originator Compensation Policy(ies) to AH within five (5) business days of the date of such revision. 6.4 Broker Xxxxxx further agrees to provide AH with any records as AH may request to validate BrokerXxxxxx’s compliance with the originator compensation and anti-steering provisions of Regulation Z 12 C.F.R. 1026.36. 6.5 Broker Xxxxxx agrees to retain records evidencing BrokerXxxxxx’s compliance with the Regulation Z originator compensation and anti-steering rules, including but not limited to, originator compensation plans, payroll records, lender rate sheets and borrower loan offer sheets, for at least three years, in compliance with 12 C.F.R. 1026.25(a). 6.6 Any fees, commissions or other consideration to which Broker may be entitled will be paid by AH to Broker in the event a Loan Application Package submitted by Broker to AH is approved and the related Loan is funded by AH. Such compensation will be paid by AH upon confirmation of Loan Closing; however, such compensation shall be in accordance with customary broker fees for that type of loan in the applicable market at the particular time. 6.7 If BrokerXxxxxx’s compensation on a Loan will be paid by AH, Broker Xxxxxx will be paid according to BrokerXxxxxx’s Lender-paid Compensation Plan in effect with AH on the Loan submission date.