Q: What are the requirements as an Originating Partner?
A: The following requirements are needed in order to become a Partner with Abacus:
- Minimum 2yrs originating loans
- Average consistent monthly production of 2+ loans
- We do not allow part-time originators
- Ability to market, originate, analyze credit, structure, price, run A/U and lock your loans
- We process and underwrite all your loans allowing you to spend your time marketing and originating
- Your credit is important to us, we realize isolated circumstances do occur, please feel free to discuss
Q: When and how can I get started?
A: Upon receipt of your inquiry, a representative will contact you for a phone interview. We will help assist you in determining if our platform is a good fit for you. Once we are in agreement to move forward an Employment Application and a Letter of Intent will be delivered to you.
Q: Is there an Application Fee?
A: We charge an application fee of $99 which covers your background and credit check. Before we charge this fee to you, we will review your application to make sure that it is fully completed and determine if you are a fit for our platform. Once your application has passed our review department we will then charge the $99 fee.
Additionally, once your background check and credit report have been received and your employment application is fully approved, there is an additional fee of $250 which covers your business cards, software licensing, payroll set-up, and technology costs.
Q: Why a background and credit check?
A: To satisfy our investors and insurance carriers. We have a zero tolerance for Mortgage Fraud. We recognize situations do take place that can cause poor credit. We expect all of our Virtual Mortgage Partners to perform professionally, legally and responsibly. If you are able to maintain these standards, your credit issues will not prevent you from being accepted.
Q: Is this a Net Branch Platform?
A: No, This is a Virtual Mortgage Fulfillment Platform for Virtual Mortgage Partners that want to reward themselves for their self-generated business and be associated with a company which provides all the necessary tools without any unnecessary hassles. We offer all this without the costs and commitment of building your own. You originate, we process and close. If the state you are located in requires Bricks and Mortar then we must follow State Rules and Regulations. FHA approved Branches are available.
Q: What distinguishes the Abacus Financial Virtual Platform from all the others?
A: It is the only Virtual Platform that we know of that offers this type of business model. There are many 100% and Flat-Fee per file platforms available but none that offer complete back office support, technology and Direct Investor Pricing. You are rewarded for your self-generated business without the hassles of running an office.
Q: Can I advertise using the company name?
A: We ask that you obtain written approval from our Marketing department prior to placing any advertisements. Your request will be reviewed to ensure that it complies with our marketing standards, as well as all federal, state and local regulations.
Q: What lenders do you have?
A: We provide our Virtual Mortgage Partners both wholesale and correspondent investor relationships at Direct Investor Pricing. Our secondary marketing department reviews investors, programs and rates on a quarterly basis to keep you up to date with the best. We also welcome recommendations for adding new lenders that are unique to our list of approved investors.
Q: What kind of experience in the mortgage industry do I need to have?
A: Our Virtual Mortgage Platform requires our Virtual Mortgage Partners to have a minimum of two plus years originating mortgages working full time in the industry. To service your clients in a professional manner our Representatives are required to know how to interview and fully complete a 1003, educate the client in various loan program scenarios, lock in the requested loan program with the investor, and be able to consult you clients with the RESPA package and required supporting program documents. We are not able to offer guidance to the inexperienced.
Q: What equipment/hardware do I need in order to get started?
A: You can set up your office in your home, a commercial space or even in our exclusive mortgage company in a box (briefcase). Your office will need a computer, copier, printer, fax, scanner, phone and the ability to connect to the Internet (high speed only). Remember you are a Virtual Mortgage Partner and our system will show you how to originate your mortgages anywhere including meeting with your clients virtually.
Q: Once I am approved will any additional licensing be required of me?
A: There are additional licensing requirements depending on the states in which you originate. Each state has different requirements in doing business. We will guide you through this process.
Q: If I already have established a working relationship with an investor will I be able to work with them if they are not currently on the approved list?
A: We maintain relationships with an extensive number of lenders that are reviewed on a quarterly basis which offers nearly all products available in the market, delivering lower pricing, product niches, and service. Your requests are always welcomed and reviewed.
Q: Can I do business in more than just my home state?
A: Yes! You can choose to do business in any and all of the states in which we are currently licensed. If individual loan officer licensing or education is required to do business in a particular state, all fees associated with obtaining this licensing will by the responsibility of the individual. We will actively assist you in meeting these requirements.
Q: How do I pull a credit report?
A: Part of your set-up will include a sub-account for pulling credit either inside or outside of our origination platform. Our credit reporting system offers "what if" credit score scenarios, flat fee pricing for all states, unlimited re-pulls and reissues, virtual access to the reports so you can help your clients with credit score issues. You can even review the credit report online with an underwriter or your clients.
Q: Who do I use for Title services?
A: You are free to use your business partners or ours.
Q: Does Abacus Financial offer access to automated underwriting systems?
A: You can send your loan directly to our fulfillment department or you can use our preferred method of origination and it will be sent directly by your clients to us. We offer both paper and paperless transfer. Our on-line training and orientation class will review our virtual mortgage fulfillment process.
Q: Can I process my own loans?
A: As a Virtual Mortgage Partner, you are required to use our Fulfillment Center. We process and close all loans per your instructions. Our platform is designed for you to market, originate and build your business, while not spending time on non-income producing tasks.
Q: How do I know what is happening with my loans?
A: We have an online proprietary loan status reporting system. All parties involved in your file are informed according to their involvement and on a need to know basis. Emails are sent automatically and passwords assigned to access this module. You, your client(s) and realtor(s) will be informed without having to place a phone call.
Q: What does the Processing Center take care of?
A: Your are responsible to take the loan application, pull and review your clients credit, structure, price and lock your loan, send your clients the RESPA package for signing including a list of required documents being returned to our Fulfillment Center. We do the rest! You Originate, We Process and Close your loans!
A: As a licensed HUD/FHA office you are required to be an exclusively employed W-2 paid employee. We do allow you to determine your Federal and State withholding tax.
Q: How do I get paid?
A: Paydays are every Friday. For loans Closed, Disbursed, Funded and received by Friday at 12:00(noon) MST your money will be sent by direct deposit on the following Friday. Any checks received after the established deadline will be funded on the following Friday.
Q: Advances and or draws?
A: We do not offer advances and or draws.
Q: Do you offer Direct Deposit?
A: All income is paid Direct Deposit. In addition, we offer our Virtual Partners online access to their Weekly Profit & Loss Statement