We appreciate your referral
Loan Factory appreciates your referrals
Policy When the Referrals are NOT Eligible
1. The referred loan officer attended our webinar or joined after 120 days from the referral date.
Reason: The loan officer should persuade the recruited loan officer to attend the webinar and join Loan Factory within 120 days.
2. The referred loan officer registered or attended our weekly webinar before the referral date.
Reason: The loan officer was recruited by Loan Factory before being recruited by the referring loan officer.
3. The referred loan officer joined Loan Factory in the past.
4. The referrer and referee loan officers are spouses.
5. The referred loan officer is a mortgage broker (owns a mortgage brokerage) or is with another broker (concurrently with Loan Factory).
6. The referred loan officer is a mortgage broker (owns a mortgage brokerage) or is with another broker (concurrently with Loan Factory).
A referred loan officer is not considered exclusive to Loan Factory. In other words, if the referred loan officer is simultaneously working with another mortgage company while being with Loan Factory, no referral bonus will be awarded.
The lump sum bonus will be paid 60 days after the referred loan officer joins Loan Factory.
Every Saturday, the system will automatically detect eligible bonuses from 60 days ago (refer to the policy above). It will then generate special commission requests for Accounting to review and approve the referral bonuses. These requests will include details such as the referring loan officer, the referred loan officer, the number of closed loans by the referred officer in the past 12 months, the bonus amount, and a note that the request was generated automatically, not manually.
BONUS FOR LOAN FACTORY LOAN OFFICERS:
| Production of the referred Loan Officer - preceding 12 months | One-time Bonus |
| New loan officer: 0 loan | $200 |
| 1-4 closed loans | $500 |
| 5-9 closed loans | $1,000 |
| 10-19 closed loans | $2,000 |
| 20-34 closed loans | $3,000 |
| 35-49 closed loans | $4,000 |
| 50+ closed loans | $5,000 |
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