- 1. Welcome toL&G Mortgagebanc
2. L&G Mortgagebanc a company on the move
- Established in Arizona for almost a of a Century
- Billion dollar Originator
- Founder of theM P ower loan origination model in 1999.(MPower is the fastest growing agent centric model in country)
- Invested millions into IT technology*
* Inman Award for Excellence 3.
- These days you probably would not start your own mortgage business, it is just too much of a gamble!
- 60-65% of small mortgage brokers disappeared in 2007.
- Splits required by loan officers are exorbitant!
- Programs and rates are not competitive unless production volumes are significant!
- Early payment defaults and liabilities are prohibitive.
- Disclosures are damaging.
4. There is a better solution, become an L&G Team Member! L&G Mortgagebanc opens the door to a whole new way of originating more loansand building yourownbusiness without the risk and capital normally required. 5.
- Finally a model that provides you with all the pieces:
- Full variety of loan programs
- Full loan processing and execution of your loans by team of professionals
- Direct access to live underwriters
- Marketing program to originate more new business
- Recruiting Program to build your own business
6. L&G Operations
- Underwriting Coordinators
- Direct access 6 days a week
- Structure your loans and run findings they are the experts.
- Each U/C structures hundreds of loans a month and know the tricks to get your loan approved and with the best pricing.
- Our Underwriters are deal makers, not deal breakers.They have a creative approach to loan approvals, while still staying within the guidelines.
- This results in fast approvals and closings
- Higher level of support enables loanorigination with minimal effort
- No delaysWe are in full control of thetransaction from approval through funding
- Capable of closing loans in days
- More time to focus on getting new business,knowing your pipeline is being handled
- More efficient way of processing your loans
- Stay in touch with any updates
Centralized Processing 8.
- Marketing and Sales Support
- Your success is our success!
- Full training department that will work with you to implement our Loan Officer Model
- Coming soona Marketing System to gain Realtor business & increase your Customer retention, thereby increasing your fundings
9. Territory Manager support
- In addition to Corporate support you have a local territory manager to lean on for additional support.
- Additional benefits of a Territory manager may also include a local branch office for you to utilize
10. Build your business under the MPower Umbrella In essence when you join our team you benefit by being part of a syndicate of like minded entrepreneurial loan officers who enjoy the economies of scale of a large group such as better pricing, as well as a unique marketing program called MPower which will enable you to build your own business without any risk! 11. Programs and Guidelines Full selection of loan programs (including all FHA programs) all underwritten by creative, flexible, make sense underwriters.Competitive Rates! 12.
- Turn in an Application and let the team go to work
- You will have a full support team that will help:
- find the best home for the loans
- This leaves you to focus on the implementation of our unique MPower marketing model which will earn you more money and build your business.
In Summary 13. Knock the sox off the competition withour quick approvals and closings timeSame day loan approval and closings in as quick as 10 days on most loans! 14.
- Top splits-80/20 on the first loan every month, and then 90/10 on ALL remaining loans in any month
- Accounting fee of 4.5% on all commissions
- Will earn 40% of the total fees determined by them & L&G*
- origination fees (if applicable) and backend fees (YSP)
- if fees total $2700, commission will be $1080
- by closing 4 loans within 6 months
- Earn back end fees plus origination fees* +
- Earn a fee every time your team funds a loan
- Earn a bonus as a result of your teams
Loan Officer Fee Income *Origination fee is set by Loan Officer 16. Traditional Mortgage Broker L&G Mortgagebanc Rates Competitive Competitive Programs Good Variety Good Variety L/O Fees Back end plus Origination Fees Back end plus Origination Fees Residual Income Stream No Yes Support No Yes Marketing Plan No Yes 17.
- Eligibility requirements:
- Refer or sponsor a team of Full Time LOs and Part Time LOs
- Personally fund 2 loans per quarter
- Normal fees on personal loan production
- Participation Bonus - $400 per funding from 1 stline team
- Incentive bonus - $100 per funding from 2 ndline team
- (Loan Officer must be a full time employee to be eligible for total bonus package.
F/T Loan Officer Income formula 18. $72,000 + $38.400 + $38,800 = $149,200 1 year income Expectations: Each Loan Officer funds an average of 2 loans per monthEach Part Time L/O funds an average of 1 Loan per month A 1 year Snapshot Loan Officer 24 Loans x $3,000 = $72,000 2/month 3 Full Time L/Os 12 Loans ex. x 3 L/Os (36) x $400 = $14,400 (1/2 of assumptions) 10 Part Time L/Os 6 Loans ea. x 10 L/Os (60) x $400 = $24,000(1/2 of assumptions) 9 Full Time L/Os 12 Loans ex. x 9 L/Os (108) x $100 = $10,800 (1/2 of assumptions) 30 Part Time L/O s 6 Loans ea. x 30 L/Os (180) x $100 = $18,000 (1/2 of assumptions) 19. Benefits
20. Next Step 21. The process
- Fill out employee application and get it back to the person who referred you with the required documentation
- HR department does due diligence (credit report, background check, etc.)---up to 24 hours
- IT department sets you up into our system with personal website,
- e-mail etc.---up to 24 hours
- Training Dept. will schedule you for Loan Officer Orientation---48 hours after application received
- Loan Officer Orientationwithin 24 hours
- 1 stLoan Application successfully downloaded after Loan Officer Orientation is complete(a member from the training dept will be available to assist if necessary)
22. Welcome Aboard