Mortgages Compensation
HBW is phasing out of the mortgage service business officially as of Wednesday March 31, 2010. In order to allow time to finish any Mortgage business that any of our reps may be working on that have not been submitted yet, myTurboLoan will continue to accept new loans through HBW until Wednesday March 31, 2010.
As of April 1, 2010 the myTurboLoan Mortgage program will no longer be offered through HBW and new loans will no longer be accepted.
Loans are paid based on the servicing fee structure below. Please allow 2 - 3 weeks for statements to be received by HBW from Victory Mortgage and be processed. (This is from the date of the Loan being funded.)
Residential Mortgages
| HBW Level | NDA/EVP/AVP | PAVP | SAM | AM | REP 2 | REP 1 |
|---|---|---|---|---|---|---|
| Percentage Payout | 70% | 65% | 60% | 50% | 40% | 40% |
8 Generational Override system follows debt and trusts. Generation Overrides
Compensation Example: Loan completed for $100,000 will pay a servicing fee of $550. To figure out your compensation, the formula is your HBW level percentage times the servicing fee. (PAVP at 65% X $550 = $357.50 payout)
| Servicing Fee Schedule | |
|---|---|
| $75-100,000 | $550 |
| $100,001-$125,000 | $650 |
| $125,001-$150,000 | $750 |
| $150,001-$175,000 | $850 |
| $175,001-$200,000 | $950 |
| $200,001-$225,000 | $1050 |
| $225,001-$250,000 | $1150 |
| $250,001-$275,000 | $1250 |
| $275,001-$300,000 | $1350 |
| $300,001-$325,000 | $1450 |
| $325,001-$350,000 | $1550 |
| $350,001-$375,000 | $1650 |
| $375,001-$400,000 | $1750 |
| $400,001-$417,000 | $1850 |
| $417,001+ | $2000 |
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