ESHL Fee Schedule
The following provides information on specific costs that are associated with originating a mortgage loan and should be disclosed to the consumer. (This should not be interpreted to be an exhaustive list of all fees that should be charged to a consumer. For confirmation of fees that need to be charged to the consumer, speak to your manager.)
Equity Smart General Fees
|
Type of Fee |
Description |
Fee Amount |
|---|---|---|
|
ESHL Onboarding Costs Reimbursement |
Upon joining, ESHL will pay for all costs for onboarding new Loan Officers. New Loan Officers will have the costs for their onboarding deducted from the commission of the first loan they close. |
$195-~$600 (this amount could be more depending on amount of state licenses sponsored) |
|
Compliance Fee and E&O Fee |
A required fee of $100.00 charged to loan officers per closed loan for costs associated with insurance, mortgage compliance/licensing, and maintaining ESHL’s quality control program. Reduced to $50 for loan officers that use ESHL’s processing team. |
$100.00 per closed loan |
|
Commission Advance Fee |
This fee applies when a commission advance is requested by the Loan Officer. It covers the administrative and processing costs associated with advancing a portion of the commission before the transaction is finalized. |
5% administrative fee of the advanced Commission amount |
|
Miscellaneous Administrative fees |
Encompasses any additional charges that may arise in connection with the services provided under this agreement. These fees are not part of the standard fee structure but may be incurred for specific circumstances, requests, or requirements that fall outside the scope of regular services. Examples of such fees include, but are not limited to: Special Service requests, Third-Party charges, Administrative Overages. These fees will be disclosed to the agent in advance whenever possible and are due upon receipt of the corresponding invoice. |
Assessed on a case by case basis |
Equity Smart Processing and Funding Fees
|
Type of Fee |
Description |
Fee Amount |
|---|---|---|
|
Verification of Employment (VOE) |
This optional $50 fee covers the cost of verifying the borrower's employment status directly with employers or third-party providers. It is an a la carte service for Loan Officers who would like to have ESHL’s processing team take care of the VOE. Any fees for using third-party services such as The Work Number are in addition to the fee that the Company charges. |
$50 per order |
|
Document Drawing |
This fee covers the preparation and generation of loan documents, ensuring compliance with regulatory standards and accuracy in the loan terms. It includes the creation of all necessary documents required for closing the transaction. It is an a la carte service for Loan Officers who would like to have ESHL’s processing team take care of the generating loan documents. |
$75 per order |
|
Correspondent Loan Processing Fee |
Fee charged to consumer for processing correspondent loans with Equity Smart’s Processing team (if not properly disclosed to consumer, this will be charged to MLO) |
$895.00 per loan closed |
|
Brokered Loan Processing Fee |
Fee charged to consumer for processing brokered loans (if not properly disclosed to consumer, this will be charged to MLO) |
$995.00 per closed loan |
|
Non-QM Loan Processing Fee |
Fee charged to consumer for processing Non QM loans (if not properly disclosed to consumer, this will be charged to MLO) |
$1195.00 per closed loan |
|
MERS Fee |
Fee charged for registering a loan on the Mortgage Electronic Registration System (MERS) on a per closed transaction basis (if not properly disclosed to consumer, this will be charged to MLO) |
$24.95 per closed loan |
|
Funding Fee |
Fee charged to consumer for use of Equity Smart’s warehouse line of credit (if not properly disclosed to consumer, this will be charged to MLO) |
$325 per funded loan |
|
Credit Reports |
The cost of consumer credit reports are the responsibility of the MLO. MLO’s can have the consumer pay for their credit reports directly or pay on behalf of their consumer and be reimbursed the cost of the credit report at closing. |
Varies by Credit Vendor |
|
Appraisal Fee |
The cost of appraisals are the responsibility of the MLO. MLO’s can have their customer pay for the appraisal directly or pay on behalf of their customer and be reimbursed the cost of the appraisal at closing. |
Can Vary |
Lender Fees
|
Type of Fee |
Description |
Fee Amount |
|---|---|---|
|
Underwriter Fee |
Fee charged by lender for underwriting loans on each closed transaction (if not properly disclosed to consumer, this will be charged to MLO) |
$1055 - $1495 |
|
Flood Certification Fee |
Fee charged by lender for each closed transaction (if not properly disclosed to consumer, this will be charged to MLO) |
$8 - $20 |
|
Tax Service Fee |
Fee charged by lender for each closed transaction (if not properly disclosed to consumer, this will be charged to MLO). |
$85 |
HELOC Comp Structure
|
Tier |
LO Commission |
ESHL Compensation |
Fee Adjustment for LO |
|---|---|---|---|
|
Tier 1 |
Less than $1000 |
Broker fee reduced to $250 |
ESHL absorbs compliance fee |
|
Tier 2 |
$1000 - $2,500 |
Broker fee reduced to $450 |
ESHL reduces compliance fee by 50% |
|
Tier 3 |
$2,500 - $5,000 |
Broker fee reduced to $595 |
ESHL reduces compliance fee by 25% |
|
Tier 4 |
More than $5,000 |
Broker fee is what is on LO's agreement |
Standard Fees Apply |
|
Notes: ESHL charges $595 minimum for processing HELOCs Each Lender is different- some do not allow processing fees to be charged The effective date for this change is 8/9/2024 |
|||
Last Updated: June 2025
*MLO understands that these fees are subject to change from time to time depending on market conditions, government regulations, and other factors. In the event that Equity Smart’s fees are changed, Equity Smart will communicate such changes to the company by memo with a minimum of 10-day advance notice of the change. Under no circumstances should an MLO charge a consumer more than Equity Smart’s prevailing fees unless given written authorization from an officer of the Company. Actions in breach of this stipulation are subject to disciplinary action, up to and including termination. It is understood that changes in this Fee Schedule will not affect MLO’s agreement with the Company and all other paragraphs stand as written.
