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
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 795.00 administrative fee. It doesn't matter what our individual comp plan is with each lender (typically 150 bps accross the board). You get the total broker commission, minus our 795.00 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
CFPB regulations require 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. More or less than the 150 bps. You can always charge less on borrower paid transactions.
I'm not sure what my compensation plan is with my existing broker. Iv'e done the math with my existing broker and I net out approx. the same amount as your flat fee of 795.00.
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, or charge 995.00. 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. If you exceed 3 months between closings, your next loan will be 995.00 on that loan. If the next loan is within the 3 months it's 795.00.
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 795.00.
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
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 just changed our fee to 795.00. That's up from 645.00 ( March 2006-October 2023) We don't expect it to increase for several years. If you can average a loan month, we can lower it back to the 645.00.
I've seen recent advertisements where you also offer DBA's to branches?
Yes, if you establish yourself or your team as being a consistant, quality producer, we can get your prefered DBA approved with the D.F.I.
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 Lenders and 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., 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 a lot of 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 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 10 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 either. 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 795.00 Example: total broker commission 11900.00. The loan officer of record receives 11105.00.
What happens if I need a lender that you don't currently have on your lender list?
This happens once in a while. 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. Presently we have over 40
lenders. That's probably 20 more than we need.
Can we write FHA, USDA, VA, Commercial, and Hard Money loans?
Can we write Reverse mortgages?
Yes. We have several lenders that can accomodate your reverse clients.
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 795.00
How does American Family pay borrower paid loans?
Since the CFPB clarification on the rule in June 2013, we treat borrower paid the same as Lender paid- No difference. The commission charged can be less than our normal lender paid 1.5 percent commission, but not more.
What is the process to change over from my current MLOC?
After you contact us, you will send us your resume. We'll do our due dilligence. Once we approve, 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 Hawaii 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.
I reside in another State. My M.L.O. license is from another State. 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
My current broker is giving me a difficult time obtaining my release, or not responding?
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
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 895.00 to 1195.00. You can interview and hire one of our licensed processors, Use a good contract processor, or 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, or an MLO licensed with our company. 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?
Yes, we will try our best to assist.
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 three or four dedicated loan officers each doing two or three loans per month, regardless of your overhead, that's a lot of money. We already have loan
officers doing that now! 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?
Yes, presently, It works quite well. Just tell us the agreed upon split prior to funding. Its inportant that both parties participate in the loan officer duties.
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 Waikiki 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 few months or so. Lunch and cocktails on the company. 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 several in operation.
Does American family provide Leads, or Benefits?
No, not really. The loan officers that come to us are well versed in loan origination and marketing. We're usually the last stop in their mortgage careers. We will add you to our website, that have secure applications you can send to your customers. American Family lending.com Here is a couple of links for Medical coverage;
UWM Mortgage Broker Health Insurance
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?
What about LOS?
We provide you with a Calyx Point 11.1sp
I don't have a lot of experience. Can I sign up anyway?
Yes. With the help of our processors, AE's and our company, you'll figure things out pretty quickly. 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, there is no limit to what you can accomplish.
Contact American Family Lending- (808)566-8101 firstname.lastname@example.org 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 helping your clients. We give you the tools to excel in this business. We keep you up to date on compliance issues and future regulations.
American Family Lending
a Division of Hawaiian Marketing Services Inc
1888 Kalakaua Ave. Suite C312
Honolulu HI 96815
AMERICAN FAMILY LENDING
1888 Kalakaua Avenue Suite C312
Honolulu, HI 96815
Phone: 808 566-8101
Fax 808 440-0384
Hours of Operation Monday through Friday 8am to 8pm
Saturday -Sundays by appointment.
Always please call ahead-(808)566-8101
Like us on Facebook and get 10% off your next order.