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If you are 1099, you will be paid 100% commission minus a flat fee of $595. If you are W2, 10% Payroll tax is deducted after paying a flat fee of $595 on every closed loan. If W2, You can run your own P and L to offset expenses. An additional $295 is deducted on Mini-correspondent loans on 1099 and W2 Commissions
No, you do not have to have previous experience in order to join. If you have closed less than 2 transactions in the last 12 months, we will pair you up with a Concierge Loan Officer (CLO)on one of our amazing Loan Officer teams. Your CLO officer will help train and guide you. Your Concierge Loan Officer will be paid pre-set number of BPS per transaction.
Absolutely, we can introduce to as many loan officers as you like who can share their experiences with you.
Seven states and adding states monthly. Currently: CA, AZ, NM, CO, AL, FL and TX with many more pending approval.
Yes you can, depending on your experience and state requirements and you will run your own P and L.
1099 Compensation -You get paid $100 for each transaction that they close up to 30 transactions.
W2 Compensation- You get paid $100 minus a 10% payroll tax fee for each transaciton that they close up to 30 closed transactions
2 Ways:)
-Brokered loans-Processing fees are charged to the borrower on the Loan Estimate using one of our many licensed independant contract processors or use our In-House processors for $795 per brokered transaction deducted from the Commission. You can also self process. You choose:)
-Banking Loans-Anchor Funding's in-house processors are used on all banking loans at a cost $795 per loan charged to the borrower on the Loan Estimate.
You are not charged for loans that do not close.
Yes, Processing fees can be charged to the borrower on the Loan Estimate using one of our many licensed Independant Contract processors ( they don't get paid until you ae paid) or use our In-House processors for $795 per brokered transaction. When Anchor Funding, Inc's. in-house processors, the processing fee will be deducted after the $595 flat fee. For compliance, Anchor Funding's in-house processors are used on all banking loans at a cost $795 per loan charged to the borrower on the Loan Estimate.
Your processor will take over and do all the work needed, constantly communicating with you and your borrower(s), collecting conditions, taking your file to close. Anchor Funding only works with highly trained and seasoned processors
Anchor Funding offers FREE training, and FREE marketing support.
* We provide Free social media and email marketing.
* Our support team is always available for underwriting questions, pricing and scenario questions
* Anchor Funding's community of seasoned loan officers provide you with peer to peer support.
* Our lenders representatives are available to provide product training and help with scenarios.
* New originators are paired with a seasoned loan officer concierge on their first few loans.
* Kevin Lyons, a top originator for over 25 years and the CEO offers on-going training.
Anchor Funding uses ARRIVE. ARRIVE is the industry’s first integrated Loan Origination System (LOS), Point of Sale (POS), and Products and Pricing Engine (PPE) with a connected Lender Marketplace, built specifically for independent mortgage Brokers and non-Del correspondents Your borrowers can do electronic loan applications and upload documents securely. You can run DU/LP, price loans and lock all in one platform.
Take a look!
https://www.arive.com/about
You will be listed as a loan officer on Anchor Funding's website with a micro-website that has an online 1003 and contact info for your borrowers to complete. Anchor Funding can also help you set up a separate website for you at no charge. You will have to purchase a domain first. You can purchase a domain at GoDaddy.com. You only have to pay GoDaddy the annual fee around $20/year. The domain will need to have your full name as part of the address. i.e., www.yourname.com
It is very easy to do. Please use this link https://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/Loan-Officer-MU4-Filing.pdf as a guide on to how to join on NMLS. Once this is done, please allow Anchor Funding Inc to sponsor your license. Anchor Funding, Inc’s NMLS number is 236419
Anchor Funding then accepts your sponsorship, runs a background check and starts the onboarding process.
Yes, our on-boarding team will be happy to assist you.
Our on-boarding team will help you set up an account with our credit vendor, AAdvantage credit. There is no set-up fee. During your transactions, your cc will be charged credit fees automatically, and you will be reimbursed after the loan funds.
Most lenders and states do not allow for this. You should ask for another loan officer to be the originator on your loan.
Absolutely!
Absolutely!
Yes you can, depending upon the state, as long as it’s disclosed to both the lender and the client. Please notify our disclosure team before the loan is started so we can give you the relevant disclosures.
You can originate loans in all states Anchor Funding is licensed in.
We work with UWM, the #1 lender in the nation.
United Wholesale Mortgage offers a number of FREE loan officer training events. They are typically for 2 nights at UWM’s campus in Detroit. Airfare, entertainment and hotel are covered by UWM.