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Mortgage Broker MAX Compensation
Mortgage brokers maximum compensation or yield spread premium is 2.75% paid to the mortgage broker by the wholesale mortgage lender. However, some mortgage brokers want to get paid less such as 2.50% or 2.00% compensation or yield spread premium. I know some mortgage brokers who have 1.50% compensation plan set up. If I worked for a mortgage broker or owned my own mortgage brokerage company, can I set up various different types of compensation plans with different wholesale mortgage lenders. For example, 2.75% compensation plan with AMG, 2.25% with the Lender, 2.00% with Provident, and 1.50% with United Wholesale Mortgage? I was recommended to as @CAM-THE-MAN Cameron LeClair because he is a senior member of this forum and well respected and extremely knowledgeable. Thank you in advance.
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2 Replies
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thank you Gus!
This might be specific to theLender, but we actually allow you to choose your comp on our broker package.
It goes anywhere from .5% -> 2.75% – currently as of Today, NEXA is approved at 2.75%.
This can be changed quarterly if you like as well!
this also will set in place the MAX comp going borrower paid as well.
What borrower paid comp allows you to do is charge less than your lender paid comp you have chosen if needed to.
And charge up to the MAX allowed Via lender paid comp.
So if you choose 2.75%- MAX borrower paid comp is also 2.75%
Let me know if you have any other questions! 🙂
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Thank you Mr. Cameron LeSinclair. Gustan said you were going to respond sir and appreciate you doing so. If I had my mortgage company at a company wide 2.50% compensation plan among 70 wholesale lenders, can I sign up with Mr. Cameron Leclair with The Lender at 2 75% and leave the rest of the wholesale lenders at 2.5%?