First, you will have to refer to the State Licensing Requirements Page for the state you are going to apply for, complete the pre-licensure education and gather required documents which may need to be uploaded and sent to the state agency.

All state licensed MLOs and certain individuals as mandated by their state agency are required to pass the National SAFE MLO test, complete pre-licensure education, and submit to a criminal background and credit check prior to submitting an application in NMLS. Review Professional Standards for more details on the Criminal Background Check, Testing, Education, and Credit Report process.

Then, you are required to complete a 20-hour course and state's elective hour (if any). Our LOs are using MEC to take the class and here is the 20-hour class for your reference.

Please refer to this link for submitting individuals from on NMLS. Once completed, please grant access to Loan Factory (NMLS ID: 320841) to request sponsorship for your license.

Loan Factory must then accept sponsorship requests, run background checks, collect initial fees and perform the onboarding process.

Here is the summary of the onboarding process steps

No, you don't have to have previous experience to be sponsored by Loan Factory. Loan Factory will train you.

Loan Factory allows MLOs to work from home and MLOs are welcome to visit Loan Factory local branches for meeting purposes. However, this will also vary from state to state. If you plan to conduct business in a state with a brick and mortar requirement, working out of your home won’t be an option. There are five states in the U.S. with a brick and mortar requirement: Arizona, Hawaii, Missouri, Nevada, and Texas.

Loan Factory Human Resources will help collect your credit card information and set up an account for you. Our credit vendor is Advantage Credit Company. There is no set-up fee. When you have a transaction, you will be charged to your credit card automatically and you will be reimbursed at closing.

Most states do not allow MLOs to originate your own loans. However, every state and auditor has their own interpretation. At Loan Factory, when you are the borrower, you should ask another LO in the company to be the LO of the loan.

You’ll need a Loan Origination System (LOS) to manage the lending process and your own business website to attract more prospective borrowers, a Customer Relationship Management (CRM) software to reap the benefits of a good communications specialist, without actually hiring one and a Point-of-Sale (POS) system which allows prospective borrower to complete 1003 applications, as well as upload and e-sign documents. At Loan Factory, we have our own proprietary technology that provides all of these features. You do not need to buy your own software.

Loan Factory will help set up a website for you at no charge. However, you will have to purchase a domain yourself first. You can look up and purchase a domain at GoDaddy.com. You only have to pay Go Daddy the annual fee around $18/year.

From time to time, Loan Factory will purchase leads. These are company-provided leads. You can receive company-provided leads. You will be paid less compared to the self-generated leads. The compensation schedule can be found in the schedule A or the Loan Officer Compensation Addendum.

Loan Factory provides support including but not limited to your own dedicated webpage, mortgage platform, training, marketing, advertising and leads.

Loan Factory offers in-house processing. For compliance and quality control, no outside loan processing is allowed.

Yes, you can always have an assistant on your own but the assistant must be directly hired, paid and trained by you. Loan Factory will not be responsible for recruitment, training and paying your assistant. Loan Factory also will not allow the loan to be processed by your assistant due to compliance purposes.

Loan Factory offers a vital, well-trained processing team who can help manage compiling a consumer’s information and financial data for submission to possible lenders as part of the application process and support you for a smooth entire process till closing of the loan. You should make sure the borrower submitted the complete 1003 and supporting documents. You should also make sure the loan can be approved and closed before converting the application into a loan for the processor to process your loan. You will also need to communicate with the borrower regularly to lock the rate and explain the fees.

An MLO is responsible for managing the borrower relationship while originating a loan and performing licensing activities such as loan application intake, possible loan products/programs consultation, rate and term negotiations, loan qualification evaluations, loan restructuring and loan application rejections.

Managing your compliance needs when originating loans is one of the most important aspects of your business. Maintaining compliance involves following all applicable state and federal rules, regulations and guidelines governing your business’ processes, including the issuance of required disclosures throughout the loan process, the creation and use of marketing materials, the retention of records associated with your business and the initial licensing/annual licensing renewal process.

There will be lenders out there battling it out and willing to make less money for business, you can beat them to help place your borrowers in the best product and pricing. However, there should not be "best rate" or "lowest rate" offer guaranteed.

Our CEO is also the founder of MOSO. MOSO Platform is an all-in-one mortgage platform with CRM, POS, LOS, and many more features. Loan Factory uses only MOSO and no other software.

Loan Factory uses our own proprietary technology platform MOSO to speed up the process, prevent problems that may happen, improve the process, train the staff faster, moving loans through an assembly-line manner, and improve communication. Moreover, most of the lenders that work with Loan Factory have dedicated resources to support Loan Factory.

You are allowed to originate as many states as Loan Factory has a license in. However, you have to pay for the licensing fee charged by each state.

You can not originate loans in state(s) you are not licensed. It is best to refer the loan to another LO in the company. Of course, the company allows the loan to be transferred back to you if the loan has not reached the “Clear to Close” status.

Referral fee is not allowed as it is forbidden by state and federal laws.

The compensation structure is 100% commission. MLOs receive a commission on the loans they originate. The commission amount differs depending on experience level. If you bring in an MLO to join Loan Factory and provide training/support, you will earn an override (bonus) on all transactions that are closed by your downline MLOs. For more details, please refer to the Loan Originator Compensation Agreement Addendum

MLOs receive W2 at Loan Factory. Payment will be made upon completion of closing a loan and commission can be requested on Loan Factory system. Accounting department will be responsible for issuing the payment to MLOs.

Yes, but on an exceptional basis with a valid reason. We will not approve to switch to borrower-paid compensation so that you can win the transaction against a competitor. Please note that your compensation will be reduced significantly.

Rate Alert will be automatically turned off when the rate is locked. Unless there is a huge change in the rate (one locked), normally we don't recommend resubmitting the loan nor submit loan to multiple lenders.

We should not lock the interest rate too soon. We are not a lender. Locking the rate too soon will cause so many problems: borrowers may ask us to relock if the market rates went down; borrowers will then likely drop the loan and go with another lender. Also, locking the rate too soon means we may not be able to close the loan before the rate lock expires.

It is our policy that the processing be paid for by the MLOs (exception is Texas). The fee is $500 for the very first closed loan of the month. You won’t be charged the processing fee on the 2nd closed loan and after for any given month. Processing is not charged if the loan is not closed.

As your client, you should be aware when the client applies. If the client applies and you don't see it in your pipeline, then, you must show proof to Loan Factory that you were in contact/communication with the client prior to the loan application being submitted and our pipeline manager will reassign the loan to you.

Once a client is helped by you, that client will permanently belong to you. MOSO will help detect and inform you if your client is being helped by another Loan Officer at Loan Factory.

You can contact Loan Factory staff via email, phone call, or Google Hangout chat.