Common use of Compensation Period Clause in Contracts

Compensation Period. Closed and funded wholesale (broker) transactions, that satisfy compensation eligibility, will be considered “complete” and subject to compensation disbursement upon the company’s receipt of the funds, the title documents and the entire digitally stored file. Complete transactions will be compensated within 10-business days or sooner. The closed loan file is to be uploaded directly to Innovative’s designated cloud location by the company approved contract processor. Loan originator is prohibited from delivering or accepting funds on behalf of the company. Failure to abide by this policy may result in compensation forfeiture. Notwithstanding hereto, upon receipt of a complete broker transaction company will make best efforts to complete a quality control and compliance review within 2-3 business days in order to disburse compensation to the loan originator immediately thereafter. Compensation for correspondent transactions will be disbursed within 2-3 business days after funding. Originator will be compensated via ACH deposit. ACH deposits that are returned/dishonored by loan originator’s specified financial institution are subject to a $10 Administrative Handling Fee. ACH payments automatically post to originator’s account within one business day of authorization.

Compensation Period. Closed and funded Funded wholesale (broker) transactions, that satisfy compensation eligibility, will be considered “complete” and subject to compensation disbursement upon the company’s receipt of the funds, the title documents and the entire digitally stored file. Complete transactions will be compensated within 10-business days or sooner. The closed funded loan file is to be uploaded directly to Innovative’s designated cloud location by the company approved contract processor. Loan originator is prohibited from delivering or accepting funds on behalf of the company. Failure to abide by this policy may result in compensation forfeiture. Notwithstanding hereto, upon receipt of a complete broker transaction company will make best efforts to complete a quality control and compliance review within 2-3 business days in order to disburse compensation to the loan originator immediately thereafter. Compensation for correspondent transactions will be disbursed within 2-3 business days after funding. Originator will be compensated All compensation is completed via ACH deposit. ACH deposits that are returned/dishonored by the loan originator’s specified financial institution are subject to a $10 Administrative Handling Fee. ACH payments automatically post to the originator’s account within one business day of authorization.

Compensation Period. Closed and funded Funded wholesale (broker) transactions, that satisfy compensation eligibility, will be considered “complete” and subject to compensation disbursement upon the company’s receipt of the funds, the title documents and the entire digitally stored file. Complete transactions will be compensated within 10-10- business days or sooner. The closed funded loan file is to be uploaded directly to InnovativeHarmony’s designated cloud location by the company approved contract processor. Loan originator is prohibited from delivering or accepting funds on behalf of the company. Failure to abide by this policy may result in compensation forfeiture. Notwithstanding hereto, upon receipt of a complete broker transaction company will make best efforts to complete a quality control and compliance review within 2-3 business days in order to disburse compensation to the loan originator immediately thereafter. Compensation for correspondent transactions will be disbursed within 2-3 business days after funding. Originator will be compensated All compensation is completed via ACH deposit. ACH deposits that are returned/dishonored by the loan originator’s specified financial institution are subject to a $10 Administrative Handling Fee. ACH payments automatically post to the originator’s account within one business day of authorization.

Compensation Period. Closed and funded Funded wholesale (broker( broker ) transactions, that satisfy compensation eligibility, will be considered “complete“ complete ” and subject to compensation disbursement upon the company’s receipt of the funds, the title documents and the entire digitally stored file. Complete transactions will be compensated within 10-business days or sooner. The closed funded loan file is to be uploaded directly to InnovativeHarmony’s designated cloud location by the company approved contract processor. Loan originator is prohibited from delivering or accepting funds on behalf of the company. Failure to abide by this policy may result in compensation forfeiture. Notwithstanding hereto, upon receipt of a complete broker transaction company will make best efforts to complete a quality control and compliance review within 2-3 business days in order to disburse compensation to the loan originator immediately thereafter. Compensation for correspondent transactions will be disbursed within 2-3 business days after funding. Originator will be compensated All compensation is completed via ACH deposit. ACH deposits that are returned/dishonored by the loan originator’s specified financial institution are subject to a $10 Administrative Handling Fee. ACH payments automatically post to the originator’s account within one business day of authorization.