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| Subject | Question | Answer |
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Joining
LON
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What is
Loan Officer NetworX?
How do I enroll in to Loan Officer NetworX? |
Loan Officer NetworX is team of Loan Originators
united working for a common cause.
To apply at Loan Officer NetworX, you must fill out the online application found under “Enroll here”. You must have the referrer ID number from the person who invited you to apply. |
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Fees
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What are all the costs associated in becoming an Loan Officer with our lender? |
There is a current fee of $199.00 to get employed at our FDIC lender. This fee is non refundable unless our employer, the bank we work for denies you employment. If you are unemployable at our banking relationship you will receive a refund within 30 days of applying. You acknowledge and understand that you are responsible for fees pertaining to pre-licensing training, state licensing, education and continuing education if required by your state. |
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What does this fee cover?
|
This fee pays for your employment at our FDIC lender |
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Are there any recurring fees? |
Presently no fees are charged. Unless you have a authorized website provided by the lender or from LON |
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Experience |
Do I need to have experience to join LON?
|
Although we prefer to
hire Loan Originators with experience, we accept a limited number of
inexperienced people if they are highly motivated, have exceptional
people skills, and are willing to enroll in courses to learn the
loan originator business.
We have a scholarship program. We provide training through a variety of methods; printed materials, videos, schools, phone and video
conferences and personal mentoring.
|
|
Training |
How soon do I begin training,
and how long does it last?
|
You may begin training
immediately. Experienced mentors will train you on your first loans
and more. At
Loan Officer NetworX,
training is vital. Since the mortgage industry is continually
changing, training is ongoing and continuous.
Check our these courses Loan Officer School . |
|
Mortgage Brokers
|
I am already a mortgage broker. Why should
I join
Loan Officer NetworX?
|
If you apply and are accepted by Loan Officer NetworX, you will have the opportunity to write loans nationwide under our licenses. You will benefit from the competitive pricing of lenders already in place. You will have state of the art loan pricing engines along with other on-line tools for originating and managing agents, thus providing you the opportunity to expand your business nationwide using Loan Officer NetworX |
|
Quotas |
Are there production quota
requirements?
|
No personal production is required. |
|
Legal Issues
|
Can I still work for
my current mortgage broker and be a member of Loan Officer NetworX
?
|
No you cannot.
Loan Originators can only work for one lender at a time and once accepted by Loan Officer NetworX you will not be able to work for another lender or broker. |
|
Real Estate Agents |
Is it legal for me as a Real
Estate Agent to
originate loans?
|
Rules governing the role of Real Estate Agents vary from state to state. In many states performing a dual role is allowed if you disclose all of the roles you play in the loan transaction. Loan Officer NetworX does not offer legal advice. You must check the rules in the state before you originate loans. |
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Part Time or Full Time
|
Can I work this part time?
|
Many of our loan originators begin part
time. You don’t have to give up your current job security to get
started.
|
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Processing
|
Do I have to process my own
loans?
|
No, we have
processors available
to service your processing needs.
|
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Getting Paid
|
How do I get paid on a loan?
|
Loan Originators are paid on all the
points charged on each loan including Yield Spread Premiums "YSP".
Each loan transaction will yield you varying rates of commission
according to its pricing. As a Loan Originator your relationships will
be as an independent contractor
allowing you to sell loans nationwide under our license.
All commissions are paid by the lender direct to you. You must be approved to receive commissions as a Loan Originator. The Loan Officer NetworX is not a employer or lender. Loan Officer NetworX is an Association for Loan Officers nationwide managed by a associated National Lenders management team. Ask your hiring manager about specifics. |
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Licensing
|
Who do we work for?
|
We are employed by a lender,
we offer mentorship to loan officers nationwide.
Once accepted by Loan Officer NetworX you will be
an Employed Loan Originator working for yourself but not by yourself. You
will have the power of the Loan Officer NetworX team!
Loan Officer NetworX does not guarantee your
acceptance to be a Loan Originator. The lender has full control over who they
accept as Loan Originators
under their license. In the
event you are unemployable with LON your
license fee will be refunded.
All terms and conditions subject to change without notice.
To learn more call 209-586-4769
MY Ad Guy
can help!
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