FAQ for Realtors™, Mortgage Brokers, Loan Officers and other professionals in the real estate industry

Questions on FHA Real Estate, Real Estate license, Mortgage Broker license transfers, Registered Mortgage Brokers, Mortgage Broker fees, Mortgage Training Manuals, etc.

Is it legal to become a Loan Officer while still operating as a Real Estate Agent or Broker?

A. Yes, with some restrictions. We operate under the Department of Corporations similar to most banks. The Loan Officer you see in most major banks is not personally licensed but instead falls under the Bank's Corporate License in that state. However, if the transaction is an FHA Real Estate Purchase/Sale you cannot act as both a Real Estate Agent and Loan Officer. In such cases you must relinquish the loan to the Managing Director for assignment within the branch.

Will I have to transfer my Real Estate Sales or Brokers license to Interactive Financial?

A. No. You will be authorized to originate loans under the Corporation's License within that state. You can keep your Real Estate License where you have it parked right now. We only ask that you notify us prior to any transfer of your RE license.

Are there any other licensing requirements?

A. Yes and No. Some states do not require any licensing requirements, only notification by the corporate office. These states are dwindling fast as new legislation is put into place in the various "free" states. Some states require a Registration Form be completed and submitted to the State's regulatory office. Some states have some sort of on-line educational course(s) prior to being authorized in that state. And finally, some states require you live there before you can be authorized to originate loans there.

In what state would I become licensed?

A. First in your own home state. There's nothing like marketing in your own back yard. If you have family or friends in other states you think would benefit from a career change or enhancement, we would encourage you to have them contact us.

What benefit would there be to referring potential agents to your company?

A. Our Branch Model includes the opportunity to become a Team Manager. With your help in training and managing a potential new LO, and your new experience in the Mortgage Industry, you will be eligible to add Override Commissions to your growing multiple streams of income.

In what States are you currently approved to originate loans?

A. We are currently operating in 30 States, but we will soon have our Registered Mortgage Banker designation which will allow us to originate in every state. View some of the top available Mortgage lenders we use to provide you and your clients the best mortgage rates.

How long have you been in Business?

A. The Managing Director, Jeff Kirkpatrick, has been in the Mortgage Industry for 31 years.

How many Investors work with you?

A. The company has aligned with over 150 of the nation's top lenders that will enable your ability to build a solid foundation of quality loan products and keep your business competitive and well positioned for new market trends, including reverse mortgages, commercial mortgages, and specialty programs.

What type of technology is available?

A. We have implemented a state-of-the-art, technologically advanced mortgage automation method that simplifies loan marketing, prequalification, origination, processing and closing to ensure loans are closed more quickly. Each Loan Officer will be provided with their own copy of the Calyx Point origination software and access to the Calyx Point Data Server where you will be able to view the progress of all of your loans. Further communication will come from our World Class Service Processing Center, LenderPros.

Is there a company Benefits package?

A. Yes. As full time employee, each team member of the Model Branch has access to full benefits including health and life insurance, 401k plan, direct deposit and much more.

What type of marketing support can I expect?

A. By working with a dedicated Model Branch Business Development Team from the corporate office, you will have constant communications to ensure success with an emphasis on sales and marketing strategies. Our tools and marketing relationships help you identify sales opportunities, articulate key features and benefits to your past, current and future clients.

From the Branch you can expect weekly on-line (go-to-meeting type) trainings on multiple topics of interest to new and experienced Loan Officers. You will be assigned to one of our experienced Mortgage Training Specialists for the first 5 loans. They will teach you all you will need to know from origination through processing and closing residential loans.

What other marketing opportunities can I expect?

A. Our staff of Estate Planners and Financial Experts will guide you through a client education process that will allow you to easily re-visit all of your old clients and develop new business with them. With proper licensing we can offer you an additional stream of income that will blow you away.

How do I get paid?

A. You get paid by Direct Deposit upon the close of each transaction. The file must first meet the requirements of the company's Compliance Department for payroll authorization. Compliance issues are kept to the minimum by the World Class Service of our LenderPros Processing Center. The company provides a Payroll Schedule posting specific dates for Compliance clearance of each file and the corresponding date of payroll disbursement. Fridays are paydays.

How much will I be paid?

A. Our Model Branch has developed a schedule of Promotions that allow you to not only see rapid increases to your personal production, but also allow you to build a team of your own as a Team Manager. This will not only allow you additional override commissions, but the opportunity for additional Team Promotions based on your teams production. You can build a business within our business.

Is the income paid W-2 or 1099?

A. All commission income is paid W-2 due to the restrictions of the Federal Housing Administration regulations.

How is the Employer paid matching taxes handled under the W-2 income system?

A. The Branch is responsible for the matching taxes as part of its service package to you. In our system, Commission Levels are paid on 80 percent of all Origination Fees (or Mortgage Broker Fees), and the Yield Spread Premium (Rebate Pricing paid by the lender, not the borrower). That 20 percent covers all the Branch Services such as Training, Branch Loan Fees to Interactive, Compliance Fees and Payroll Fees, including the matching taxes.

Call us Toll-free:866-558-7262
227 Rose Lane, Costa Mesa, CA 92627
Fax:714-242-1509
Email: info@cashforagents.com