How are Commission, Referral and Overrides are Paid Based on Role Assignment in Encompass
Role Assignments in Encompass are the Loan Officer role fields associated with the corresponding compensation plan on the LO Addendum A in CompenSafe.
On a funded loan, commission is paid to:
- The Loan Officer role in Encompass.
- Team Loan Officer (the name entered on the Team Loan field in Encompass.
- And/or the Loan Officer of Record (the original licensed Loan Officer on the initial 1003 who got terminated). This person is the original Loan Officer automatically assigned to the loan whenever a new employee is assigned as a replacement Loan Officer on the loan. The LO of Record is identified as the Loan Officer listed on a loan within 15 days after the Application Date. This is the Loan Officer that signs the initial 1003 document in the E-folder.
Commission is paid based on the lead source of the loan and the corresponding compensation plan on the LO Addendum A. If the loan's lead source does not have a corresponding compensation plan on the LO Addendum A, their commission will not be paid. i.e. When the lead source of the loan is set to "Internal Referral" and the LO Addendum A does not provide the Internal Referral comp, then no commission will be paid to the Loan Officer. If this happens, please reach out to HR- onboarding@afncorp.com for assistance on updating the LO Addendum A.
In case of a terminated LO, their commission is calculated as a normal commission within 30 days from separation with AFN, unless otherwise stated or there is an outside-of-the-norm termed compensation that's stated on the LO Addendum A, i.e. $50 per file when loan funds after termination or $0 when loan funds after termination.
The Referral Fee is paid to the Loan Officer who referred the loan to another Loan Officer or another branch (The name is entered in Inside Referral field in Encompass).
An Override is generally paid to an employee based on an Loan Officer's production or branch production, excluding their own. This is supported by an override agreement that is submitted and approved in Paycom. All compensation payments are generally paid by the lock date of the loan. Overrides can be paid by the funding date, but must be explicitly stated on the agreement to be set up accordingly in CompenSafe.
If you need any assistance with your CompenSafe account, please email Commissions@afncorp.com with screenshots and details of your issue.
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