Loan Officer Compensation plans can be configured and maintained so that they can be included in search result pricing. A Borrower Paid Compensation checkbox is present on the search form only when compensation plans are configured.
To begin creating Loan Officer Compensation plans, select the Admin menu and then Loan Officer Compensation.
The LO Comp column in the search results shows the compensation amount for each product and price when Loan Officer Compensation plans have been configured.
You can set a Global Compensation Plan or Investor-Specific Compensation Plans. Investor-Specific plans also allow you to vary compensation plans by loan type and state.
To configure a Global Compensation Plan:
On the Loan Officer Compensation page, select Global Compensation Plan. Enter the plan details: a dollar amount and/or percentage amount. Enter a minimum and/or maximum dollar amount, if applicable.
To configure Investor-Specific Plans:
On the Loan Officer Compensation page, select Investor-Specific Compensation Plan. Select an investor and enter the plan details.
To add a Loan Officer Compensation Plan at the state level, select State Specific in the Plan Type dropdown list. Click the expansion arrow at the left of the investor name. Check the checkbox for that state and enter the plan details. Only your licensed states and US territories are available for selection.
To add a Loan Officer Compensation Plan according to loan type, select Loan Type Specific in the Plan Type dropdown list. Select the loan type(s) and enter the plan details.
Bulk editing is also available:
1. Select the checkbox for each investor for which you want to set up the same plan details.
2. You can drill down to the state or loan type plan level as long as those plans will all have the same plan details.
3. Select Bulk Edit at top right and enter the compensation details.
4. Select Update to set the plan details for all selected states.