A credit letter is required anytime that an agent opts to rebate a portion of People’s Choice’s gross commission amount to go toward his/her client (buyer or seller). Since the check to be issued is made payable to the brokerage and not the individual agent, the broker must be the one to authorize the credit/rebate to the title company. The reason for the process is to avoid any possible implication of lender fraud.
A request for a credit/rebate letter must be sent in prior to closing to allow the allotted time to create and issue the letter. Once the letter is prepared, it will be signed by C.B. and emailed to the title company agent with the requesting agent cc’d on the email. Make sure once the letter is received to upload to the associated loop in Dotloop!
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