Early Commission Payments

Contents:

• What is an Early Commission Payment?
• When do I receive Early Commission Payments?
• How can I receive Early Commission Payments?
• If you are using One Real Mortgage
• If you are not using One Real Mortgage
• What happens if I receive Early Commission Payments and the deal falls through?

What is an Early Commission Payment?

Early Commission Payment allows you to access your commission in increments before closing.  When key loan milestones are met and verified, Real will advance a percentage of your commission within three business days - providing you with financial flexibility while still working toward closing.

To qualify:

• You must be a U.S. agent (for now!)
• You must have a Real Wallet Business Checking Account.
• You must be licensed in a Single Check state OR opted into Single Check Payment: How do I opt-in to single check payment?
• You must not have any active debt in your reZEN account.
• You must be the Transaction Owner (Team Leaders and Co-Agents are not eligible at this time.)

CLICK HERE for more information!

When do I receive Early Commission Payments?

Early Commission Payments are made according to when key loan milestones are met and verified.  Payments are made within 3 business days of when the milestone is verified.

Key Loan Milestone Payment Schedule:

CLICK HERE for more information!

How can I receive Early Commission Payments?

Any Real agent who qualifies is eligible to receive Early Commission Payments.  In order to begin receiving payments, your commission calculation must be approved, and your transaction must be marked compliant by your broker.

To qualify:

• You must be a U.S. agent (for now!)
• You must have a Real Wallet Business Checking Account.
• You must be licensed in a Single Check state OR opted into Single Check Payment: How do I opt-in to single check payment?
• You must not have any active debt in your reZEN account.
• You must be the Transaction Owner (Team Leaders and Co-Agents are not eligible at this time.)

If you are using One Real Mortgage:

If your client is using One Real Mortgage, you can easily opt in to receive Early Commission Payments as you enter your transaction.

Start by entering your transaction as you normally do, by going to My Transactions and clicking +Create New Transaction.  When you get to the page that asks if your client is using One Real Mortgage, click yes, and then find your client in the list below. Then, click Next.

On the next page, select Yes when asked if you would like to receive Early Commission Payments for this transaction.  Then, click Next.

Then, complete the rest of the transaction creation process.

Once your transaction is created, your transaction must be marked compliant by your broker, and your commission calculation must be approved before you are able to receive any payments.

Once you have met those conditions, you will begin to receive Early Commission Payments according to the Key Loan Milestone schedule below:

As you reach each milestone, you will begin to see Early Commission Payments appear in the Net Payout dropdown in the Payment Participants section.

By the time you are ready to close, you will have already received up to 85% of your net commission, leaving 15% to be paid at closing.

If you are not using One Real Mortgage:

If your client is using a lender other than One Real Mortgage, you can still receive Early Commission Payments!

Step 1: Start by entering your transaction.  Enter your transaction as you normally do, by going to My Transactions and clicking +Create New Transaction.  When you get to the page that asks if you would like to receive Early Commission Payments, click Yes, then click Next.

Step 2: Real will verify your lender.  Send the Lender Pre-Approval Form to your Lender to fill out and sign. Once they complete it and send it back to you, please send it to support@therealbrokerage.com. When you submit the lender pre-approval form, please input the Subject of the email: Early Commission Payment - Lender Pre-Approval Form.

Step 3:  Notify Real of each Loan Milestone to begin receiving Early Commission Payments.  For each of the five milestones, you must send the  Commission Early Payment Certification Form to your lender to fill out and sign. Once you receive the form back at each milestone stage, send the form to support@therealbrokerage.com. When you submit the form for each milestone, please input the Subject for the email: Early Commission Payment - Commission Early Payment Certification Form.

Upon approval of each completed milestone, you will receive a portion of your commission according to the schedule below:

To notify Real of each milestone, you must submit the Commission Early Payment Certification Form, filled out and signed by your lender, to support@therealbrokerage.com upon completion of each milestone.
Please use MILESTONE Commission Payment Lender Form as the Subject of your email. In the body of your email, please note which milestone you have reached. Make sure you include the Address of the Transaction this is for. 

Upon approval of each completed milestone, you will receive a portion of your commission according to the schedule above!

CLICK HERE for more information!

What happens if I receive Early Commission Payments and the deal falls through?

If you have already received Early Commission Payments and a deal falls through, a debt will be added to your reZEN account in the amount already paid to you.  That debt will be collected from you next closing(s).

CLICK HERE for more information!