LO Compensation Changes
Fairway Wholesale Lending allows its Broker Partners to make changes to their Lender Paid Compensation Agreement on a quarterly basis.
With the beginning of the new quarter you have the ability to change your LO comp plan. The updated Broker Comp Addendum should be submitted to your Account Executive no later than Wednesday, July 10, 2019.
*Changes will become effective upon receipt of the executed addendum.
Reminder – Fairway caps Lender Paid Compensation at 2.75%. Any and all Processing Fees, Admin Fees, and non-Bona Fide Discount Fees are included in the max QM fee threshold – which is calculated based on the Total Amount Financed.
Please contact your Regional Account Manager should you have any questions related to this Client Announcement.