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 as 100%. It's really much less than that, since their comp plan with the lenders may be 200 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 percent
What about setting compensation plans with each lender. How is that done? Our rates 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, Loan officer compensation, even possible fair lending violations and fined, if the amount varies too much between lenders. 150 is more than competitive. You should be able to beat most competitors on pricing. Now if you join us as a branch, we can set the branch up at a different comp plan. More or less than the 150 bps. Certain restriction can apply.
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. 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"
Iv'e done the math with my existing broker and I net out approx. the same amount as your flat fee of 645.00. My guess is your broker or correspondent lender has their commissions set at 2-3%, instead of our 1.5%. Your selling a higher cost loan to your borrowers. Under our arrangement, it should result in better pricing for your clients. Our strengths aren't just the best compensation plan. We have perfected the art of freeing up loan officers to focus on whats important-Sales and Customer Service.
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 do. 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 carries 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.
I still have loans in the pipeline with my existing company. Can I start with American Family, while still wrapping up with my current company? No, The DFI is clear about unlicensed activity. The fines can reach 25,000 per violation. You will need to wrap thing up completely before joining. Even if it costs you a loan or two, you will make it up with our superior compensation plan, lender network, and service.
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 2016.
I've seen recent advertisements where you also offer DBA's to branches? Yes, we have quite a few DBA's available for a Branch and loan officers that are interested in Getting their own name identity and brand. Ohana Lending/.com- VAHawaii/.com Lending Hawaii/.com , Etc.
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. We have some 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 20 emails, and phone calls daily 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. You must plan on giving them some volume. We don't want to add a lender for just a couple of loans.
Can we write FHA, USDA, VA, Commercial, and Hard Money loans? Yes
Can we write Reverse mortgages? Presently Yes. Our loan officers never really went in that direction though.
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
How does American Family pay borrower paid loans? Since the CFPB clarification on the rule in June 2013, we treat them the same as Lender paid- No difference.
What is the process to change over from my current MLOC? 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. We take it from there. Our DFI is notified. They work pretty quickly. Usually within a day or so. 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. You would then 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 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 695.00 to 795.00. 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, that's fine. It tells us your serious about your business. The processor would need to have a licensed processing company designation with NMLS-DFI. 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 can try, but in the last few years, unfortunately we don't carry too much clout, as we used to with lenders. Nobody does.
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. We paid another loan officer 123,000 May 2015. 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.
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 every couple of months 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. Presently we have about five in operation.
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. We will add you to our websites that have secure applications you can send to your customers. American Family lending & VA Hawaii .
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/ Credco or Both if you feel the need.
What about LOS? We provide you with a Calyx Point 9.2sp
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,
If your considering a change, give us a try. Our policy is, "What's ours is yours". We free you up, to concentrate on selling and making money. We give you the tools to excel in this business. We keep you up to date on compliance issues and future regulations. We have more than a few million dollar loan officers.
a Division of Hawaiian Marketing Services Inc
1888 Kalakaua Ave. Suite C312