My loan has "DISBURSED", when will I get paid commission for it?

Modified on Tue, 19 Nov at 2:27 PM

FOR YOUR FIRST COMISSION PAYOUT- We will need to onboard you into our payroll system, Paycom, if you have not done so already. If your first loan has closed, and you have not yet enrolled in Paycom, please send an email requesting to be enrolled. W2 employees will need to provide a copy of your DL AND SSC card..... OR...... a copy of your passport (for I 9 document requirements) along with the request to be enrolled into Paycom.  You can reach our payroll team at  payroll@clientdirectmtg.com.


IF YOU CHOOSE TO RECEIVE A PAPER CHECK INSTEAD OF DIRECT DEPOSIT FOR COMMISSION PAY: There is a fee of $99 per manual check to be sent to you. This is because we have to pay a FedEx fee for the check to be sent to us (the payroll company will not send it directly to you), and another FedEx fee for us to send back out to you. ***TO AVOID THIS FEE ENROLL IN DIRECT DEPOSIT***


ONCE YOUR LOAN IS IN "DISBURSED" STATUS-  Once your file is in disbursed status with all required documentation uploaded into Salesforce and we have recieved funds, you can expect your commission to be paid out within 3-weeks from the disbursed date, unless you opted for a paper check (this will take a few extra days to get to you).   It will take two weeks to process your commission on the disbursed file, and up to another week for your commission to hit your account. So once again, if the file is completed in Salesforce and we have received funds, then your commission will be paid out within 3 weeks from the disbursed date. 


*** IN ORDER FOR YOUR FILE TO BE PAID OUT IN THE CORRECT PAY PERIOD*** 

YOUR FILE MUST BE IN DISBURSED STATUS, HAVE ALL REQUIRED BORRROWER AND LOAN DOCS UPOADED (INCLUDING COMPLETED SIGNED LOAN PACKAGE AND DISBURSEMENT LEDGER),  AND FUNDS MUST HAVE BEEN RECEIVED (EITHER CHECK OR WIRE FOR BROKER LOANS, CORRESPONDENT MUSH HAVE SOLD OFF LINE AND WIRE RECEIVED) ) BY 12 PM THE FRIDAY BEFORE THE PAYOUT DATE, AS PAYROLL IS RECONCILED AND PROCESSED OVER THE WEEKEND.  OTHERWISE, THE FILE WILL BE MOVED TO THE FOLLOWING WEEKS PAYROLL.


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EXPEDITED PAY REQUEST-


If you are in need of an EXPEDITED Commission payout- We can run an individual company payroll, which would be specifically run for you. In this scenario, if you submit your reqest by noon and everything needed in the file is completed, we will process a wire to your account within 2  business days. Please note this can only be done if all required documents and information are uploaded into the file in Salesforce by the cutoff time.


THE COST FOR US TO RUN AN INDIVIDUAL COMPANY PAYROLL FOR YOU IS $499. We acknowledge that this is costly, but as stated we must run an individual company payroll and absorb the fees incurred, along with wire fees for your individual transaction. 


To be eligible for an expedited commission check, the account the money will be wired to must be in your name, not a business or someone else's name. You will need to provide specific wire instructions for your bank that include-  the exact name on the account (it must be in your name), the address associated with the account, the bank's name and address, the account number, and the wire routing number. PLEASE NOTE :  If the wire is returned for incorrect wire information, there will be an additional charge to resend the wire. 


***To acknowledge this fee and proceed with an expedited payroll request, please email the payroll team at payroll@clientdirectmtg.com and provide the above required docs and the Salesforce link to the file that has disbursed. Please put "EXPEDITED PAYROLL" in the subject line. DO NOT FORGET WIRE INSTRUCTIONS.

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