How are loan officers compensated?
The Office Manager determines Loan Officer commissions. When each loan closes, the funds, along with the complete loan file, and transaction sheet are submitted to the Company. After deducting the transaction fee and the loan file passes audit to ensure completeness and accuracy, the balance is available to the branch account in accordance with the instructions from the Office Manager on the transaction sheet. Within 48 hours of confirmation of deposit, corporate accounting will remit the branches share of the revenue. In other words, when a loan closes the loan officer will be paid within 48 hours of deposit of funds and the loan file passing audit.
