Dual Compensation definition
Dual Compensation means receiving compensation for the same work performed for Praxis, in the same period or periods of time in which the work was performed for Praxis, from any other corporation, partnership, individual, or institution that pays the IC’s salary with Federal funds.
Dual Compensation refers to there being two sources of compensation that will be paid to Broker at funding: • Borrower paid compensation (per LBA executed with the borrower; and • Lender paid compensation (per selected lender paid compensation tier) For consumer purpose loans subject to Regulation Z, compensation is not allowed from multiple sources and must be compliant with the restrictions on dual compensation [Reference § 1026.36(d)(2)(i)]. For business purpose loans NOT subject to Regulation Z, ▇▇▇▇▇▇ may elect to submit the loan with a portion of the total compensation paid by the borrower and the remainder by the lender. The lender paid portion of the compensation is subject to ▇▇▇▇▇▇’s selected compensation tier and the aggregate broker compensation may not exceed the business purpose 5.0% fee cap.
Examples of Dual Compensation in a sentence
In both Lender Paid Broker Compensation loans and Dual Compensation Prohibited.