Who is Loan Republic Financial?
Is Loan Republic a mortgage banker or broker?
What is the profile of the ideal candidate for your program?
What is the 'wiki'?
How do I sign up?
How long does it take?
How do you review my qualifications?
How do I switch my license over to you?
When should I tell my current broker I am leaving?
What are your fees?
Is there monthly fee or any other fees other than outlined above?
Why do you only charge $395?
How often do you process payroll?
Do you pay w-2 or 1099?
Can you pay my corporation or LLC instead of me directly?
Do you offer health care, dental plans, or similar benefits?
Which lenders are you approved with?
Can I keep working with my local account executive?
How do I access rate sheets?
What kind of loans can I do?
Which states are you licensed?
Can I do business in states that I am not licensed under your license?
Can I sell real estate and originate loans if allowed by my state license authority?
Can I sell real estate and originate loans if allowed by my state license authority?
What are your fees?
Can I use my own company name?
Can I operate a satellite office with loan officers under me?
Can I work from home?
If I don't use my own company name do you have letterhead and business cards I can use?
Do you have to review or receive a copy of my advertising materials?
Can I process my loans?
If I process my own loans, where do I get the lender contact and login info?
Do you have in-house processors I can use?
Which origination software can I use?
Which credit vendor can I use?
What company name / address do I put on the 1003, MLOA, etc?
Are there any special disclosures?
Where do I send my closed loan file so I can get paid?
Q:
Who is Loan Republic Financial?
A:
Q:
Is Loan Republic a mortgage banker or broker?
A: Loan Republic is licensed as both a banker and broker in California, and as a broker in all other licensed states.
Q:
What is the profile of the ideal candidate for your program?
A: We evaluate each candidate on many criteria weighted heavily on the following three: 1) Experience - The independent Loan Originator Program is for experienced Loan Offices only.
Q:
What is the 'wiki'?
A: All loan officers are authorized to a password-protected section of our internet to access rate sheets, lender contacts, lender website passwords, compliance updates, loan closing process, loan files, etc. This private internet site is called the wiki.
Q:
How do I sign up?
A: Sign up is easy: 1)Read this FAQ 2)Sign up online 3)Print and scan/fax the contract to us 4)Wait for our welcome email. It's that simple!
Q:
How long does it take?
A: You can be up and running in five business days.
Q:
How do you review my qualifications?
A: We review your application you submit online - if there is a match for our program we initiate a criminal and sex offender background investigation to further inform our hiring decision.
Q:
How do I switch my license over to you?
A: Specific instructions for each state are included in your welcome email.
Q:
When should I tell my current broker I am leaving?
A: Analyze your pipeline to time your departure immediately following a flurry of fundings. We have found there is really never a prefect time to move offices.
Q:
What are your fees?
A: 1st trust deed: $395. Piggyback 2nd trust deed: $95, Stand alone 2nd trust deed: $295.
Q:
Is there monthly fee or any other fees other than outlined above?
A: None.
Q:
Why do you only charge $395?
A: We all know a mortgage company that submits a very large number of quality transactions commands priority service and discount rates from our lending partners. Pooling all of our transactions together achieves this goal benefiting your business as well as ours. The $395 covers our costs of administrating the Independent Loan Officer Program.
Q:
How often do you process payroll?
A: We process payroll DAILY. If we receive the broker check by 10am AND you have successfully completed the closing process on the wiki, your commission will be wired directly to your bank account by 10am the following day.
Q:
Do you pay w-2 or 1099?
A: All states except California: W-2. California: 1099 (No if FHA)
Q:
Can you pay my corporation or LLC instead of me directly?
A: Yes. (No if FHA)
Q:
Do you offer health care, dental plans, or similar benefits?
A: No.
Q:
Which lenders are you approved with?
A: We have a long list of investors and volume discounts from many.
Q:
Can I keep working with my local account executive?
A: Yes.
Q:
How do I access rate sheets?
A: From our list server and on the wiki.
Q:
What kind of loans can I do?
A: All types, including private money and commercial.
Q:
Which states are you licensed?
A: See the state list under the licensing link at the bottom of this page.
Q:
Can I do business in states that I am not licensed under your license?
A: No.
Q:
Can I sell real estate and originate loans if allowed by my state license authority?
A: Yes.
Q:
Can I sell real estate and originate loans if allowed by my state license authority?
A: Yes.
Q:
What are your fees?
A: $395 flat fee per file except FHA/VA.
Q:
Can I use my own company name?
A: Yes.
Q:
Can I operate a satellite office with loan officers under me?
A: Yes.
Q:
Can I work from home?
A: Yes. Note if you work from home your address will be published as a place of business by most states. If you plan to transact FHA business from home, there are several more requirements outlined on the wiki.
Q:
If I don't use my own company name do you have letterhead and business cards I can use?
A: Yes, on the wiki.
Q:
Do you have to review or receive a copy of my advertising materials?
A: Yes, you may upload all proofs to the wiki under 'tools' --> 'upload marketing proof'
Q:
Can I process my loans?
A: Yes.
Q:
If I process my own loans, where do I get the lender contact and login info?
A: Everything is on the wiki.
Q:
Do you have in-house processors I can use?
A: Yes. See their fee schedule on the wiki.
Q:
Which origination software can I use?
A: You can use any software you like as long as it exports to a fannie mae file (required for closing your loan). Loan Ace is easy to use and free.
Q:
Which credit vendor can I use?
A: You can use any vendor you like as long as our name appears on the report. For your convenience, we have corporate accounts with Advantage, Credco, and Factual Data and we can set you up with an account.
Q:
What company name / address do I put on the 1003, MLOA, etc?
A: Either: 1) Loan Republic Financial 2)Your own company's name 3)Alias company name
Q:
Are there any special disclosures?
A: Yes - all loans must include a proprietary disclosure available on the wiki.
Q:
Where do I send my closed loan file so I can get paid?
A: Your processor will upload or fax a correctly stacked copy of your closed loan to the wiki.
Q:
A:
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