Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums Lending Compliance Employee credits on GFE
Thread Options
#1993442 - 02/04/15 07:21 PM Employee credits on GFE
Sgriff Offline
New Poster
Sgriff
Joined: Feb 2015
Posts: 10
Does anyone know where you would enter an employee credit on a real estate GFE?

Return to Top
Lending Compliance
#1993463 - 02/04/15 07:57 PM Re: Employee credits on GFE Sgriff
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
It would not be disclosed on the GFE.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1993549 - 02/04/15 09:58 PM Re: Employee credits on GFE Sgriff
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
Originally Posted By: Sgriff
employee credit
The only thing that came to mind when I read this was Section 8. What is this and how does it work?
_________________________
...gone fishing.

Return to Top
#1993551 - 02/04/15 10:03 PM Re: Employee credits on GFE Richard Insley
Sgriff Offline
New Poster
Sgriff
Joined: Feb 2015
Posts: 10
Originally Posted By: Richard Insley
Originally Posted By: Sgriff
employee credit
The only thing that came to mind when I read this was Section 8. What is this and how does it work?


We provide our employee's credit towards their underwriting and processing fees which is included in our origination charges.

Return to Top
#1993561 - 02/04/15 10:18 PM Re: Employee credits on GFE Sgriff
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
I'm still not getting it. Does money end up in the hands of employees? If so, what must they do to earn this additional compensation?
_________________________
...gone fishing.

Return to Top
#1993565 - 02/04/15 10:24 PM Re: Employee credits on GFE Sgriff
Sgriff Offline
New Poster
Sgriff
Joined: Feb 2015
Posts: 10
All employees are eligible to receive this as a discount towards their loan origination fees.

Employees receive a $500 credit towards the loan origination fee.

Return to Top
#1993576 - 02/04/15 10:41 PM Re: Employee credits on GFE Sgriff
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
OK, clearer now. This is an employee benefit that only occurs when the employee is the borrower--not a finder's fee of some kind that would be paid when an employee refers someone else for a loan?
_________________________
...gone fishing.

Return to Top
#1993586 - 02/04/15 10:56 PM Re: Employee credits on GFE Sgriff
Sgriff Offline
New Poster
Sgriff
Joined: Feb 2015
Posts: 10
Yes, that is correct.

Return to Top

Moderator:  Andy_Z