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Frequently Asked Questions
Small Branch / Independent Broker

Q: Can I bank loans rather than broker them?
Q: Can I work from my own home or office, and can I write this off as an expense?
Q: Am I able to make overrides from Junior Loan Officers that I introduce to the bank?
Q: Is any licensing or continuing education necessary to join?
Q: How long does it take to get fully set up, and what is the process?
Q: What does the background check look for?
Q: Can I process my own loans or use a contract processor?
Q: What originating software is used, and is it provided for free?
 
Large Branch

Q: How long does it take to be fully set-up as a Branch and what is the process?
Q: Are any loans brokered or are all loans banked?
Q: What are the exact volume and liquidity requirements?
Q: What pricing engine do you use?
Q: Does the bank have any credit requirements for me to become a branch?
Q:  Who handles Branch expenses and payroll?
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Small Branch / Independent Broker FAQ

Q: Can I bank loans rather than broker them?
A: We recommend all loans are banked unless absolutely need to be brokered. You make more money as well as the bank makes more money if the loan is banked.


Q: Can I work from my own home or office, and can I write this off as an expense?
A: You will be working from your own home or office. Federal guidelines do not allow for the bank to pay your office expenses. We understand that many LO’s pay for marketing and those expenses can be reimbursed pre-tax as long as the marketing invoice comes from a company that the LO has ZERO ownership in.


Q: Am I able to make overrides from Junior Loan Officers that I introduce to the bank?
A: Yes. The way to do this is the LO needs to supply a marketing invoice from your company for the override. Please contact us for further clarity on this topic.


Q: Is any licensing or continuing education necessary to join?
A: The federal charter of the bank exempts you from licensing in all 50 states. There is no continuing education but your state might require you to register.


Q: How long does it take to get fully set up, and what is the process?
A: Usually 1 week if you have good credit, up to 2 weeks if the bank needs to review your LOX’s. You need to send in your completed employment back. 


Q: What does the background check look for?
A: The background check looks for any criminal acts in the past. Most minor charges such as DUIs will be looked past, but anything such as fraud or other major felonies will certainly generate a “fail” of the background test. Generally the bank requires a 600 score or compensating factors, but all apps will be looked at with good LOXs. NO outstanding liens or judgments.


Q: Can I process my own loans or use a contract processor?
A: For compliance and efficiency reasons, all loan processing is done at our offices by bank-employed processors. Our processors will typically have a complete file submitted to underwriting within 24 hours of receipt.

Q: What originating software is used, and is it provided for free?
A: Encompass is used. It is $295/seat/yr, but it is covered for you. Only startup costs are $225 total.
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Large Branch FAQ

Q: How long does it take to be fully set-up as a Branch and what is the process?
A: It usually takes about 30 days from beginning to end to be fully set up. As soon as we gather your information from the application, someone will contact you and schedule a demo for the pricing engine. If both parties want to move forward, you will be told of the next steps.

Q: Are any loans brokered or are all loans banked?
A: Primarily all loans are banked.  The bank maintains a handful of broker relationships for the rare occasion that in-house underwriting cannot close your file.

Q: What are the exact volume and liquidity requirements?
A: Your branch must be producing at least $5 million/month consistently over the most recent 6 months and the branch manager must have at least 2 months rent + utility reserves to become a branch.

Q: What pricing engine do you use?
A: The bank uses Marksman.

Q: Does the bank have any credit requirements for me to become a branch?
A: Yes, you must have satisfactory credit history.

Q:  Who handles Branch expenses and payroll?
A:  The bank has a fully functioning HR and accounting department to handle those functions.  Accounting bank will deduct from your branch P&L and make payments for recurring expenses such as rent, telephone, etc.  HR will deduct from your branch P&L to take care of your entire payroll.
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For any Questions not listed here, feel free to use the Contact Us form or call us at 614-375-3262.

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