How do I select renewal compensation with CMLS Financial?
Renewal compensation can be selected on a per deal basis. Request must be indicated in your submission notes or communicated to your
underwriter in writing prior to funding.
Can I select renewal compensation as my default compensation program with CMLS Financial?
No, renewal compensation is selected on a per
deal basis. Request must be indicated in your submission notes or communicated to your underwriter in writing prior to funding
CMLS Renewal Program – Compensation
Refinance transactions and port transactions are compensated on the new funds only.
Straight renewal, early renewal transactions, and adjustable rate mortgage conversions are compensated as per the below.
| Term Extension | Finder’s Fee |
|---|---|
| 1 Year | 15 basis points |
| 2 Year | 30 basis points |
| 3 Year | 45 basis points |
| 4 Year | 45 basis points |
| 5 Year | 50 basis points |
Is the renewal compensation paid on multiple renewals?
Yes, renewal compensation is paid on every renewal for the life of the mortgage.
Do I need to assist in the renewal, early renewal, ARM conversion, refinance, or port process to be compensated?
No, renewal compensation is paid if the client completes the above transactions directly with a CMLS Financial retention specialist.
Is the renewal compensation paid on multiple renewals?
Yes, renewal compensation is paid on every renewal for the life of the mortgage.
Are my renewal fees transferrable?
Yes, CMLS Financial can transfer renewal fees from one brokerage to another upon approval.
If I didn’t originally select renewal compensation can I still be paid renewal with CMLS Financial?
No, brokers are required to request renewal compensation at origination. If renewal compensation isn’t requested at time of origination they
are not included in this program.
What happens if I try to transfer out a renewal client at renewal from CMLS Financial?
To maintain compensation under the Renewal Program, the Mortgage Originator must not at the time of a renewal interfere with CMLS’s renewal
process with a view to moving the customer to another lender to earn a higher or better commission.
