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Compensation : There are 4 programs available.
Program 1 . The minimum work, minimum pay plan. A person takes a short application, gathering enough information for us to get someone pre-approved for a loan, plus helps obtain some documentation on the clients and review the feedback we received to that client. This complies with the governing body, RESPA, which indicates you must do 6 of the 14 steps involved in the loan process.This takes a total of 1- 2 hours and pays $500.00
Program 2. This plan requires taking more information from the client than program 1, plus this person in more involved in the loan process. This very much like basic training to become a full time Loan Officer, requiring more of your time spent working with the clients, gathering information, and more time bringing the loan to closure. This program takes about 3-4 hours of involvement and pays 15% to25% of the loan commission.
Program 3. This plan is really for people who are experienced in the total loan process, perhaps by working their way up through programs 1 and/or 2. This person has the ability to work independently, needing little to no assistance in taking a loan from the application process all the way through closing. Depending on the difficulty of the loan, this plan could involve several hours of work, and pays 40 to50% of the loan commission. It also allows you to bring on others, mentor them, and receive an overide off of them until they are qualified to move up to this level.
Program 4. A managerial and/or professional position, where a person not only has the ability to earn a higher commission on his or her own loans, but might be willing to recruit and train others at the lower levels of programs 1-3. This person works closely with the Branch Manager and reports directly to him concerning the people he or she is training. This could allow them to earn an over-ride from the people they are recruiting and training if they chose to do so. This program pays 65% of the commission, but is negotiable based on other ctiteria. Call for questions!
*All 4 programs are paid as W-2 Employees. Deductions will be witheld. **We must match those funds at approximately 12.9%, so in a 1099 environment, you could add that amount to your commission structure.
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