Frequently Asked Questions

Chartered Bank FAQ

Q: Can I broker loans rather than bank them?
A: We recommend all loans are banked unless absolutely need to be brokered. You make more money as well as the bank makes more money if the loan is banked.

Q: Can I work from my own home or office, and can I write this off as an expense?
A: You will be working from your own home or office. The bank will be paying for all of your office expenses. You will be paying for your marketing however.

Q: Am I able to make overrides from Junior Loan Officers that I introduce to the bank?
A: Yes and No. To be qualified to be a sales manager and receive overrides, you must be walking in with a productive team beneath you as well as have the experience required at the discretion of the regional manager.

Q: Is any licensing or continuing education necessary to join?
A: The federal charter of the bank exempts you from licensing in all 50 states. There is no continuing education. Only requirement is a quick nmls registration.

Q: How long does it take to get fully set up, and what is the process?
A: Individual loan officers are usually a very quick setup…larger branches can take up to a week. 

Q: What does the background check look for?
A: The background check looks for any criminal acts in the past. Most minor charges such as DUIs will be looked past, but anything such as fraud or other major felonies will certainly generate a “fail” of the background test. Generally the bank requires a 600 score or compensating factors, but all apps will be looked at with good LOXs.

Q: Can I process my own loans or use a contract processor?
A: For compliance and efficiency reasons, all loan processing is done at our offices by bank-employed processors. Our processors will typically have a complete file submitted to underwriting within 24 hours of receipt. For larger branches that have existing processors in-house, the bank will employ them and they can be used.

Q: What originating software is used, and is it provided for free?
A  A robust LOS system called smart is used and is provided free of cost to all loan officers and branches.

Q: Who handles Branch expenses and payroll?
A: The bank has a fully functioning HR and accounting department to handle those functions.  Accounting bank will deduct from your branch P&L and make payments for recurring expenses such as rent, telephone, etc.  HR will deduct from your branch P&L to take care of your entire payroll.

Mortgage Banker FAQ

Q: Can I still come on board if I am not fully licensed?
A: The Banker allows for a short ramp up period for all loan officers who are in the process of getting licensed in their state.

Q: Can I broker loans rather than bank them?
A: Yes but we recommend all loans are banked unless absolutely need to be brokered. You make more money as well as the bank makes more money if the loan is banked.

Q: Can I work from my own home or office, and can I write this off as an expense?
A: You will be working from your own home or office. Office expenses will not be deducted or paid from commissions.

Q: Am I able to make overrides from Junior Loan Officers that I introduce to the bank?
A: Yes, you have the ability to build and manage a team.

Q: What does the background check look for?
A: The background check looks for any criminal acts in the past. Most minor charges such as DUIs will be looked past, but anything such as fraud or other major felonies will certainly generate a “fail” of the background test. There are no credit requirements…your state license is your ticket in.

Q: Can I process my own loans or use a contract processor?
A: For compliance and efficiency reasons, all loan processing is done at our offices by bank-employed processors. Our processors will typically have a complete file submitted to underwriting within 24 hours of receipt. For larger branches that have existing processors in-house, the bank will employ them and they can be used.

Q: What originating software is used, and is it provided for free?
A: Encompass 360 is used and is provided free of cost to all loan officers and branches.

For any Questions not listed here, feel free to use the Contact Us form or call us at 614-375-3262.