Does the broker fee charged ever vary from loan to loan based on commission amount, type of loan, degree of difficulty? No, it's always the same 645.00.
It's very confusing some brokers advertise 100 bps as 100%. It's really much less than that, since their comp plan with the lenders may be 150 bps or more. Yes, the new loan officer compensation rules have misled many loan officers. Not with us, its truly 100% minus our 645.00 administrative fee. It doesn't matter what our individual comp plan is with each lender ( typically 150 bps). You get the total broker commission, minus our 645.00 flat administrative fee. We call it 100 bps, but it's really more.
What about setting compensation plans with each lender. How is that done? Ours are set at about 150 bps. with each lender. This was done by a poll and consensus among our loan officers. With the new compensation rules and Consumer Protection bureau regulations, a broker can be accused of steering and fined if the amount varies too much between lenders.
I'm not sure what my compensation plan is with my existing broker. How do I find out? It's really hard, especially if you're with a correspondent broker/lender. What we typically see is somewhere between 40-60%. That should translate into a pay increase of 1000.00 to 4000.00+ per loan, after joining our firm. If you are doing any volume, that's a ton of money. On your next closing, get out your calculator. If you can figure out what the total broker commission was. Minus out our 645.00 administrative fee. That's it! You get the rest. Compare it to what you receive. I'm sure the difference is well over a 1000.00 dollars. Many of our loan officer remark " I had no idea it was just 645.00, If I knew that, I would have joined years ago"
Are their minimum production requirements? No, If you join our firm and don't close a loan within three months, we will release you. We take you at your word, that you can close at least one loan every 3 months. We don't make a lot of money on individual loan officers, like the other companies. It's a collective thing. It's important that every loan officer that comes aboard produces.
Are their any additional fees like administrative or E & O insurance fees added to my per file charge. Our firm carry's a one million dollar E & O policy. That cost and all other expenses are included in the flat fee of 645.00
How will American Family report my earnings?. We will report your Y.T.D. earnings via 1099 misc. form to the IRS. The loan officer will be responsible for all Federal, State, Local, and Hawaii State General Excise taxes due. You will also need to provide us with a current copy of your G.E.T. license.
I've noticed many of the mainland flat fee brokers are charging a start up or setup fee, like 495.00, to 995.00 to get started. Does American Family do the same. No, we take you at your word. We assume your serious enough about the mortgage origination business, that we will both have a long term profitable business relationship.
My broker has changed my fee several times in the last couple of years. Will American Family do the same? We kept ours pretty much the same since we started in Hawaii in 2006. The 645.00 commission is expected throughout 2013.
Will American Family lending provide me with references? Absolutely, We do what no other firm can or will do. When it comes to support , we are proud of our partnerships with our loan officers. At last count we had between 30 or so of the smartest highest paid Hawaiian mortgage loan originators. We can give you a list of 20 producers, that think were the tops! Don't just rely on us, ask your favorite A.E., on what they've heard about American Family lending! Please get references from any firm your considering joining. It could save you quite a headache in the end.
I'm being solicited by a mainland mortgage broker offering a similar 100% flat fee. Why should I choose American Family over the mainland broker?. I think it's smoke and mirrors with the new loan officer compensation rules. Most appear reputable. Maybe 15 to 20% of our loan officers came from mainland brokers. The common complaints the loan officers cite are; A disconnect because of the mainland corporate location. The payroll frequency, and lack of local lender account reps. Our firm receives at least 30 emails, and phone calls a day from loan officers , or AE's needing support in one way or another. I would assume that the time zone, and logistical differences , and the fact that they are probably licensed in 20 or more States, take their toll on resolving problems timely. We are licensed and focus on Hawaii only. Our experience has been that most loan officers can't wait 20-30 days to get paid. We make every attempt possible to pay the loan officer the day of recording. It's usually within hours.
Are their any additional fees charged by American Family Lending? Administrative fee, Y.S.P., Broker fee, Processing Fee, Etc? No, the math is simple; After all fees are totaled up, we charge 645.00 Example: total broker commission 11900.00. The loan officer of record receives 11255.00.
What happens if I need a lender that you don't currently have on your lender list? This happens all the time. Just contact us with the Lender or AE information. Name, Number and Email address. Generally we will have them added within a few days. Sometimes you can still submit your loan package to the lender, prior to approval.
Can we write FHA, VA, Commercial, and Hard Money loans? Yes
Does the comp plan you charge the loan officer vary from one program to another VA or FHA? No, all are the same with us. It's just 645.00
What's the process to change over from my current broker? You will need to contact your current broker or go into your individual MU4 and remove your existing sponsorship. Then you will need to grant our firm 324325 access rights. Piece of cake! We can get you up and submitting loans within a few days.
My M.L.O. license is from the mainland. Can I still sign up with American Family Lending? There is no Hawaii State residency requirement for an M.L.O. You would need to take and pass the Hawaii State test though, and wait for approval from our Hawaii State D.F.I.
My current broker is giving me a difficult time obtaining my release? You can release yourself, by going into your MU4 and ending your existing sponsorship. I always recommend parting ways amicably. It's a small island and you may be colleagues again in the future.
How do I get set up to run Credit , DU, LP, Etc? We set you up with your own sub-accounts with user names and passwords. This way you can pre-qualify clients 24 hours a day. This process usually takes a few days to complete.
You indicate payment is received in twenty four hours of funding and recording. Are there any exceptions? Never, it's generally the same day, but never exceeds 24 hours! Even on the outer islands, it's always within 24 hours!
My current broker has us using their in house processor. Can you set me up with another processor, if it turns out I need help, or are I am too busy? Yes, we have several sources for processing, their fees range from 595.00 to 995.00. You can interview and hire one of our licensed processors. You can also bring your own. They would have to be licensed though.
I like to use my own processor, Is that alright? Absolutely! Some of our top loan officers have their own processors. Also, If you like to use a certain title company or appraiser, that's fine also. It tells us your serious about your business. Just forward our document stacking order to your processor.
What if we have a last minute problem with a lender or underwriter that's holding up funding, and need your assistance? We pride ourselves on being available. Just call us (808)566-8101, most issues are resolved very quickly once we get involved.
I'd like to open my own office. I have a group of loan officer friends/contacts that want to do the same. Would this be possible? Absolutely! If you get a group of four or five dedicated loan officers each doing two or three loans per month, that's real money. It can be ninety thousand dollars plus per month. Regardless of your overhead, that's a lot of money. We already have loan officers doing that now! We paid one group 152,000 in a 31 day period. We paid 1 loan officer 133,000 September 2012. If you are prepared to invest in yourself, we are prepared to invest in you also. We will help with the signup of loan officers working underneath you. We can also co-op certain expenses of the marketing and expansion of your team.
What if I want to hire loan officers myself to work underneath me, and mentor them. Can you sign them up and subtract 10,20,30,40% and you pay us both on the split? Presently, we have several mortgage loan originators doing just that. It works quite well. Just tell us the agreed upon split prior to funding.
Do I need to come to an office regularly, or show up for company meetings? Not unless you want to. Most of our successful loan officers don't have time for that. Their too busy speaking with clients, realtors or attending signings. If your busy submitting loans, we will be corresponding quite a bit. We have nice downtown conference and office rooms. If you need to meet clients or conduct sales and marketing seminars, it's always available. If the loan officer feels like it, we get together with lender AE's once a month or so. Lunch and cocktails on the company. Usually held at the Halekulani on Fridays. It's very pleasant.
I have an established D.B.A. that I have been using. Can I use it under your firm ? You are allowed to use a D.B.A, if filed properly under our Mortgage Broker license on file with the D.F.I. & Business registration division.
Does American family provide leads? No, not really. The loan officers that come to us are well versed in loan origination and marketing. We are the last stop in their mortgage careers.
Can I be set up with an American Family email address ? Yes, unless you prefer to use your own personal email address.
What credit reporting agencies will I be using at American Family Lending? You can use Equifax/Info one, Credco or Both if you feel the need.
I don't have a lot of experience. Can I sign up anyway? No, Get some and get back to us. There is a lot of money to be made for quality Mortgage professionals. It's very liberating having the knowledge to take a loan from origination to funding! Your finally in control of your own business. With our support, their is no limit to your income.
Contact American Family Lending- 808 566-8101 Jturner0001@aol.com, www.amfamlending.com, www.americanfamilylending.com, www.vahawaii.com, www.americanfamilyfinance.com,
Finally, one last point. American Family has never had a loan officer move on to a competitor. Since 2006, the only loan officers that have moved on, did so to start their own firm. A few others were released. Others had let their licenses expire. No one has ever left to find a better deal. The reason for this is, we have no equal when it comes to Lender relationships, Lender variety, Services, and M.L.O. Compensation plan. That's a pretty good record ! Also, we are the only mortgage loan origination company where the owner makes a fraction of what the loan officers do. Jim Turner