Setting up Lenders and LPC

Introduction

In this tutorial, we will guide you through the process of setting up wholesale lenders and lender paid compensation (LPC) in Broker Plus by PreApp 1003. This setup is essential for streamlining your lending operations and ensuring proper compensation structures are in place. By following these steps, you’ll be able to effectively manage lenders and their payment options.

Step 1: Access Your Broker Plus Account

• Open your web browser and go to the Broker Plus login page.
• Enter your credentials to access your account.
• Once logged in, navigate to the 'Lenders' section of the dashboard.

Step 2: Add a New Wholesale Lender

• Click on the 'Add Lender' button located in the Lenders section.
• Fill in the necessary details for the new lender:
  • Lender Name: Enter the official name of the lender.
  • Contact Information: Provide relevant contact details, including phone number and email.
  • Lender Type: Specify if the lender is a wholesale or retail lender.
• Save the information by clicking the 'Save' button.

Step 3: Configure Lender Settings

• After adding the lender, locate the settings option for the lender you just added.
• Adjust the following settings:
  • Loan Programs: Select the loan programs offered by the lender.
  • Fees and Costs: Input any applicable fees associated with the lender’s services.
• Ensure all settings align with your business practices and compliance requirements.

Step 4: Set Up Lender Paid Compensation (LPC)

• Navigate to the LPC settings within the lender’s profile.
• Determine the compensation structure:
  • Percentage: Specify the percentage of the loan amount that will be paid to the lender.
  • Flat Fee: If applicable, enter a flat fee amount for compensation.
• Save your LPC settings to ensure they are applied to all relevant transactions.

Step 5: Review and Confirm Setup

• Double-check all entered information for accuracy.
• Ensure that all settings are correctly configured for each lender.
• Confirm by clicking the 'Review' button and then 'Confirm' to finalize the setup.

Conclusion

Setting up wholesale lenders and lender paid compensation in Broker Plus is a straightforward process that can enhance your lending operations. By following these steps, you can ensure that your lenders are properly configured and compensated. For next steps, consider exploring additional features in Broker Plus to further optimize your workflow or consult the platform’s support resources for any troubleshooting needs.