This guide will help you understand the suggested approach to handle the new NAR commission rules while using QuickQual. Follow these steps to accurately reflect the buyer's agent commission in your QuickQual setup.
Steps to Add Buyer’s Agent Commission
Initiate QuickQual Setup
- Start by having a conversation with your borrower to determine the agreement with their buyer's agent regarding the commission.
Navigate to Step 3's Closing Costs Function
- Go to Step 3 of your borrower's QuickQual:
- Access the closing costs function by clicking the edit button next to "Closing Costs."
- Add a new fee by clicking on the "Add Another Fee" option.
- Name the fee appropriately, such as "Buyer's Agent Fee."
- Configure the fee as a percentage of the sale.
- Input the agreed-upon percentage (e.g., 2%, 2.5%, 3%).
Save Changes
- Save the changes you made.
Optional: Add Additional Notes to the Letter
- You can add notes to the Pre-Qual/Pre-Approval letter by checking the additional notes box located in the Additional Letter Information section on Step 3:
- Example: “Buyer to pay their agent 2.5% commission.”
Preview Calculator
- Preview the calculator to see how it appears to the borrowers.
- The closing costs will now reflect the buyer’s agent commission.
By following these steps, you can efficiently handle the new NAR commission rules in QuickQual, ensuring accurate and dynamic reflection of buyer’s agent fees. For any questions, don’t hesitate to contact our support team here at LenderLogix!