general questions and answers
Who can take advantage of using the Loanology.Net System to add mortgage origination to their existing business?
It is a perfect match for real estate sales professionals and allows you to offer a true one-stop shopping experience to your buyers. It is also a great opportunity for financial advisor and insurance agents to expand their business and receive an additional source of income.
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What are the benefits to real estate agents of using Loanology.Net?
By adding Loan Origination Services to your existing business real estate agents can:
- Gain an advantage as a full service REALTOR by providing one-stop shopping
- Link home buying and home financing to help maintain buyer loyalty
- Receive an additional source of income on every transaction
- Learning about the mortgage process will help all your real estate transaction close with fewer problems
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What are the benefits to a financial advisor of using Loanology.Net?
By adding Loan Origination Services to your existing business financial advisor can:
- Expand your business by offering another service and value to your clients
- Include your client’s home and home equity in the big picture financing plans
- Receive an additional source of income
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What are the benefits to a insurance agents of using Loanology.Net?
By adding Loan Origination Services to your existing business insurance agents can:
- Expand your business by offering another service and value to your clients
- Cover the insured property properly by discussing the value of their homes
- Receive an additional source of income
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How much work is required to origination loans for my clients?
The Loanology.Net System is a simple, user-friendly online system that walks you step-by-step through the threshold requirements for payment for loan origination services. Since each borrower and loan situation is unique, the amount of work and time you need to spend will vary. With all the trends and changes in the industry and electronic capabilities, we have found that the financial rewards and customer goodwill is well worth the work and time invested.
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How much does it cost to join?
There is no cost to sign up for this program, however we require that you spend time going through our training and understanding your obligations to your clients and Loanology.Net.
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Is there an additional cost to my client for providing this service?
Absolutely not. There is no additional cost to your clients. In fact, we make it easier for clients because we group all of the standard fees (credit report, processing fee, courier and wire fees, document preparation fee, etc.) into one simple administration fee. In most cases, this administration fee is far less than the fees charged by most mortgage companies. Clients will also pay the loan origination fee, standard title, appraisal and underwriting fees which are paid at closing to the appropriate Service Provider.
If you would like to review our fees, we can fax you a sample Good Faith Estimate. Call toll free 877.260.1585.
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Do you really think clients want me to be a part of the loan origination process?
Absolutely, 78% of home buyers said they would prefer to get their mortgage through a trusted professional – someone they already have a loyal, professional relationship with.
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How do I sign up?
It’s easy. Simply call 877.260.1585 and talk to your Personal Loan Consultant. He or she will explain the procedure and fax or email you a “Sign Up Kit”. Before you can originate loans, we will need the following documents completed and signed:
-Independent Contractor’s Application & Agreement
-W-9 Request for Taxpayer Identification Number and Certification
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What support can I expect?
In addition to the added income you can earn using the Loanology.Net System, you will have access to many benefits and support tools.
- Personal Loan Consultant who will work closely with you to give you expert mortgage support for each and every loan situation.
- Hands-on Get Started training to help you get started and on-going support to help you streamline the process.
- Quick and honest answers to each loan application. Most decisions can be made in less than 24 hours.
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What are the education requirements?
You are required to go through the Get Started Training. The Get Started Training will give you a high level of confidence and familiarize with the Loanology.Net system. The training is with your Personal Loan Consultant and only takes about 20 minutes.
If you are doing business in a state that requires licensing you may have Continueing Education Requirements associated with your mortgage license.
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Do I need an individual mortgage originator license before I can originate mortgage loans through the Loanology.Net System?
You will be required to obtain whatever licensing is required by your state.
Some states, such as Colorado, do not require a license. However, other states have licensing and Continuing Education requirements. Please ask your Personal Loan Consultant regarding the requirement for the state you are doing business in.
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Why must I sign an independent contractor agreement?
It is a requirement that individuals originating mortgage loans be an employee or an independent contractor of a mortgage broker licensed in your state. We prefer the independent contractor status. As an independent contractor you are a commission sales person, paid a commission on each closed and funded loan. Loanology.Net calculates this payment based on the closed and funded loan amount.
This is an "at will" relationship and may be terminated at any time for any reason or no reason by either party.
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Are you sure that I can be compensated for performing loan origination services?
Yes, the 1996 reinterpretation of Section 8 of RESPA established the framework to determine when fees for origination services are justified under RESPA. Sufficient work must be performed to justify a fee. Loanology.Net ensures that you perform the threshold of work and provide the necessary disclosures required for compensation.
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How much can I earn?
Your compensation is 40 basis points (.40% of the closed loan amount) on closed and funded loans. This is $800 on a $200,000 loan amount. If you have at least one buyer/borrower a month, you could add thousands of extra dollars to your year-end bottom line.
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Can I solicit mortgage loans through advertisements, promotional and marketing materials?
Yes, however, prior to use Loanology.Net must approve all advertisements, promotional and marketing materials. Once an advertisement has been initially approved, you may re-distribute it as frequently as you would like provided that no changes are made to the approved materials and there is no change in your independent contractor status with Loanology.Net. Loanology.Net will not subsidize any advertising placement or marketing expense.
