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Anchor Funding is a broker with over 41 lending partners and a mini-correspondent lender.
Kevin Lyons, Kevin has been originating loans since 1998, is a top originator and closes on average between $200 to $300 million per year.
On average 12-15 days.
Anchor Fundings’ main office is in San Diego, California
Anchor Funding was incorporated February 2000.
You will receive an email invite and text reminder of the date and time. Please feel free to ask questions during the webinar.
You can join any webinar any time. We welcome you!
Please feel free to email our support team anytime at info@anchorfunding.net any time, with any questions.
No, you do not have to have previous experience in order to join. If you have closed less than 6 transactions in the last 2 years, 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.
If you are 1099, you will be paid 100% commission minus a flat fee of $595. If you are W2, you will be paid 90% of the commission minus a flat fee of $595. Processing fees are $795 per transaction. On brokered transactions, if you use Anchor Fundings processors, the processing fee will be deducted after the $595 flat fee. For compliance, Anchor Fundings’ in-house processors are used on all banking loans at a cost $795 per loan charged to the borrower on the Loan Estimate. An additional $65 is deducted per loan on loans closed on the banking channel.
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.
There is no minimum number of loan officers and you will earn a pre-set split( BPS) off all loan officers on your team.
Yes you can, depending on your experience and state requirements and you will run your own P and L.
We will remove the $595 flat fee on your next funded loan for an experienced loan officer who joins Anchor Funding.
Processing fees are $795 per transaction. On brokered transactions, if you use Anchor Fundings processors, the processing fee will be deducted after the $595 flat fee. For compliance, Anchor Fundings’ in-house processors are used on all banking loans at a cost $795 per loan charged to the borrower on the Loan Estimate. An additional $65 is deducted per loan on loans closed on the banking channel. You are not charged for loans that do not close.
Yes, on brokered transactions you can use a 3rd party licensed independent processor or service. Independent processors usually charge between $795 to $995 per loan. For compliance, Anchors in-house processors are used on all banking loans and charge $795 per loan charged to the borrower on the Loan Estimate.
Once you have submitted and locked your file, Anchor Fundings’ disclosure desk will send out initial disclosures. Once your borrower/s sign the disclosures your processor will take over and do all the work needed, constantly communicating with you and your borrower/s taking your file to close. Anchor Funding only hires highly trained and seasoned processors, who get a bonus per file once the file closes.
Anchor Funding offers FREE training, and marketing support.
Kevin Lyons, a top originator for over 20 years and the CEO offers on-going training. Our lenders representatives are available to provide product training and help with scenarios. Anchor Fundings’ community of seasoned loan officers provide you with peer to per support. In addition, the underwriting desk is always available for questions and answers.
Anchor Funding uses web-based Encompass as a Point-of-Sale software, secure client doc upload platform, online 1003 and Loan Operating System. Your borrowers can do electronic loan applications and upload documents securely. Encompass is integrated with Optimal Blues pricing engine, you can run DU/LP, price loans and lock all in one platform. The Tech cost is $99 per month.
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. Our 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.
On occasion, lenders require a verification of employment whereby the work number or a third party verification system is used by employers which is paid by the loan officer. Anchor Funding does charge a one-time upfront fee of $100 in order for us to run a background check and cover other internal costs.
Credit vendors do not allow you to pull your own credit unless you are applying for your own home loan.
Most lenders and states do not allow for this. You should ask for another loan officer to be the originator on your loan.
Until your license is sponsored and approved by the state/s you are being sponsored for, you are not allowed to perform any licensing activities under Anchor Funding. Most states take a few days for licenses to transfer over.
Absolutely!
If the lender brings value to the table, i.e. offers product that helps everyone at Anchor Funding, absolutely.
Yes, you can depending on the state as long as its 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.
Is there a referral fee when I bring a client to Anchor Funding for a loan that I cannot originate because it’s a state I am not licensed in?
If you refer a loan to Anchor Funding, in order to receive a referral bonus of 30BPS of the net commission payable, you would need to be a W2 licensed loan officer with Anchor Funding. 1099 Loan Officers do not qualify for this bonus.
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 Detriot. Airfare, entertainment and hotel are covered by UWM.
Yes! You can close real estate transactions through our real estate division Anchor Properties. Anchor Funding only deducts 10% per transaction plus a $290 admin fee to cover Errors and Omissions and other expenses. You do have to be licensed with the California Department of Real Estate.