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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 Independent Contractor of Loan Officer NetworX? |
There is a one time License fee of $250.00 to use the Virtual Loan Officer™. A monthly subscription fee of $75.00 The use of this software is a LON TEAM requirement. 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 or as required by Loan Officer NetworX. We fully reimburse you for all your expenses when you qualify. Your sign up fees, monthly VLO and license fees can be fully reimbursed. Ask your hiring manager about our reimbursement program to see if you qualify |
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What does this fee cover?
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This fee pays for your user license for the Virtual Loan Officer™. It includes specialized training in the use of the VLO via live training and online videos. It provides a Etraxx for management of personal and team production. Document center for access to all client information all online in real time. |
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Are there any recurring fees? |
We use the Virtual Loan Officer™ it does cost $75 per month to use the VLO. As a user you will receive several benefits from using the VLO including Etraxx a tracking system for you and your team, it includes everything you need to do a paperless loan application for all loan types without using calculators or rate sheets. Once you apply for the Virtual Loan Officer™ you will be able to use the Virtual Loan Officer™ immediately. |
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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: weekly on-line training sessions, printed materials, videos, schools, phone and video
conferences and personal mentoring.
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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.
Buy any course at Loan Officer School and get full reimbursement through the LON reimbursement program. Ask your recruiter about this program. |
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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 and the Virtual Loan Officer™ |
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Quotas |
Are there production quota
requirements?
|
You are Independent Contractor and no personal production is required. |
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Legal Issues
|
Can I still work for my
current mortgage broker and use the
Virtual Loan Officer™
?
|
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?
|
This position is as an Independent Contracted Loan Originator.
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 Loan Officer NetworX. You must be approved to receive commissions as a Loan Originator. The Virtual Loan Officer™ is not a employer or lender. Loan Officer NetworX is an Association for Loan Officers Nationwide. Ask your hiring manager about specifics. |
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Licensing
|
Who do we work for?
|
We are employed by a lender,
we offer training
and mentorship to loan officers nationwide.
The
Virtual Loan Officer™
subscription is requirement to be a independent contractor with Loan Officer NetworX.
Once accepted by Loan Officer NetworX you
will be an Independent Loan Originator working for yourself but not by yourself.
You will have the power of the Loan Officer NetworX team and the
Virtual Loan Officer™
!
Loan Officer NetworX does not guarantee your
acceptance to be a Independent Loan Originator . Loan Officer
NetworX has full control over who they accept as Loan Originators and Brokers
under their license. In the
event you are unemployable with LON your
Virtual Loan Officer™
license fee will be refunded.
Loan Officer NetworX is an equal opportunity
employer.
All terms and conditions subject to change without notice.
To learn more call
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