1. What is an ILO?
An ILO is an Independent Loan Originator. ILO’s are experienced and licensed loan originators who do not want or need to be micromanaged. They thoroughly understand the loan process and constantly seek out to build more of their loan business. They enjoy keeping most of or in our case all of their hard earned commissions. ILO’s originate at their level of expectations and not of others while maintaining the control and direction of their business. ILO’s are responsible for all of their expenses as well as responsible for their origination efforts, direction of loan processing and loan product placement.
2. Is AmeriFund Lending Group a Net Branch Company?
No. We are not a Net Branch Company. We are both a Mortgage Banker and a Mortgage Broker licensed by the California Department of Real Estate. All of our originators are licensed and are independent contractors. Our LO’s do not receive salaries, overtime, vacation pay, medical or 401K’s. Only commissions.
3. I own a small brokerage shop with several loan agents, how can I benefit by being associated with AmeriFund Lending Group?
By bringing in your existing team you will have the ability to operate your branch as you currently do, only now you’ll receive 105% commission payouts.
4. How is it possible that you pay 105% Commissions?
It’s simple. Since we operate similar to a wholesale banker but only fund our loans exclusively for our ILO’s, we pay you what we would have to pay our wholesale representatives. Look at it this way, by becoming an AmeriFund Lending Group ILO, you’ll be getting a piece of the company.
5. Who do loan officers contact in regards to rate sheets, loan programs & pricing questions as well as the status of their loan(s)?
ILO’s can access lender programs, guidelines and current rate sheets directly from any of our 100 plus lenders / investors via email, online or fax. We encourage direct contact with your account representative, or lender contact in order to structure a potential deal or to check the status of your loan(s).
6. What type of loans will I be able to do?
As an ILO with AmeriFund Lending Group you will have access to originate hundreds of various loan programs. Some include: Conventional, Alt A, Sub-Prime, Portfolio, Commercial, Industrial, Multi-Family, Mixed Use, Construction, 2nds, HELOC’s, Private Money, Land Loans, as well as many other traditional and unique loan products.
7. Will I still be able to do FHA loans?
No. Due to extensive compliance regulations and intense restrictions set forth by HUD, we have decided to eliminate FHA products. However, we have access to aggressive FHA look-alike programs. These programs offer better pricing, more flexible underwriting and substantially higher loan limits than current FHA, all without government restrictions.
8. Where do I register my loans?
Go to myalg.com and sign in. You will find that inputting a loan is quick & easy from any location. Our support team will provide you with simple training on our website so that you can do what you do best, originate loans.
9. How soon after I close a file will I get paid?
Loans brokered to outside lenders will be paid their 90% commission splits within 24 hours of funding. On loans funded by AmeriFund Lending Group, you will receive your 90% Commission Split within 24 hours of funding. You will then receive the remaining 15% commission 60 days after the funding of the loan and after which you have completed two simple post closing required tasks. All Post Closing Bonuses are paid on the 1st of each month.
10. When and where do I turn in my files?
After a loan has funded or been cancelled, you or your processor will forward the file(s) to the Corporate office of AmeriFund Lending Group to be reviewed. All funded files must be submitted immediately after funding. All cancelled files must be submitted with 10 days.
11. How does the loan registration system work?
Once a loan has been registered into myalg.com, it is immediately date and time stamped with its own unique loan number. You can access your pipeline, view your past loan production, create custom reports, print or email documents, access rates & programs, contact other ILO’s for program recommendation and so much more. It also allows you to maintain contact with previous clients through your private client database.
12. How do I become an AmeriFund Lending Group mentor?
AmeriFund Lending Group’s Mentor program allows you the opportunity to receive ongoing overrides so you can enjoy an additional source of income. Contact us for more information regarding this program.
13. What if I want to share or split my commission with another loan officer?
You have the opportunity to team up with another ILO on any of your transactions. www.myalg.com allows for easy calculation of splits.
14. Which appraisers can I use for my loans?
You have access to all of the numerous licensed appraisers from our online appraiser list. You may also do business with an appraiser whom you have an established relationship with that is not currently on our list. We would simply review their credentials and once approved by AmeriFund Lending Group, we would add them to our appraiser list.
15. Are there any requirements for using an appraiser?
Confirm that the appraiser is currently licensed and is in good standing per lender requirements. Also, to ensure compliance, AmeriFund Lending Group will not disburse any third party fees. Appraisers should be paid directly by the applicant, directly from escrow at closing or by you. (Any appraisal ordered and not paid is the responsibility of the ILO)
16. Can I use any Credit Reporting Agency to order credit reports?
When ordering credit reports for your loan files, you must use a company approved credit agency. Our team will assist you with setting you up an account with one of our many approved credit companies.
17. How are credit reports paid?
Credit reports should be paid for at the time they are ordered. You can use your own credit card or one from the borrower. AmeriFund Lending Group’s support team will assist you in having your account set up.
18. What processing software should I use?
You have the option of using any acceptable commercial grade loan origination system that meets the approval of AmeriFund Lending Group. It is important to note that the ILO is responsible for properly paying for all required license fees. Ask our support team for recommendations regarding compatibility with in-house systems.
19. Can my processor install software at home to process loans for me?
Yes. You must purchase an additional software license for your processor to use at home. Your existing software site license covers use of the software at only one office location (defined as one postal address).
20. Must I be licensed to do business with AmeriFund Lending Group?
All ILO’s must posses a current and valid California Department of Real Estate Salespersons or Brokers License. All licenses must be in good standing with the DRE.
21. Where can I conduct business as an ILO?
You can run your business from either your home or from an outside office. As long as you have access to a phone, computer and fax, you’re in business.
22. Who will process my loans?
You can use your own loan processor (Once approved by ALG) or you’ll have access to our large pool of qualified and experienced Contract Loan Processors who are eager to work with you. And like you, they only get paid when the loan funds.
23. Can I process my own loans?
Yes. If you have the experience and have a proven track record of successfully processing loans, you may process your own loans.
24. What if I don’t fund any loans for any extended period of time, will my commission split change?
No. You receive your splits whether you close One loan or One Hundred Loans.
25. Do you pay for any Advertising or Marketing?
No. Since you are receiving the highest splits known in the industry and because you are an independent loan originator, you are responsible for all of your expenses.
