Q: What are the requirements to become a branch partner?
A: The following are required in order to become a branch:
- 2+ Years documented origination experience
- Credit score above 620 (Sub 620 scores will be handled on a case by case basis)
- Must be able to meet financial requirements for a reserve operating account
- A physical commercial location
- Ability to lead, manage and train your staff
Q: Do you require reserves to operate a branch?
A: Yes. The reserve is determined based on numerous factors and done on a case-by-case basis.
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 charged 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 initial 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: 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: Who handles the compliance on my loans?
A: Compliance is a part of the fulfillment center's role.
Q: Can I sign a contract or lease on behalf of Abacus Financial?
A: No. All leases and monthly commitments must follow HUD's rules and regulations. The goal of our virtual platform is to reduce the amount of overhead incurred by most normal mortgage operations.
Q: As an Affiliate Branch, will I continue to do business under my own name?
A: Abacus Financial does not allow 'DBA's'.
Q: How does this arrangement benefit me as a Branch Partner?
A: Our platform allows you to concentrate on hiring originators, marketing, and spending your time on income producting tasks vs. running a business.
Q: How long does this process take for an independent office to become a Branch Partner?
A: The approval process usually takes 5 business days. Depending upon your branch concept; existing or newly formed, the time frame would be increased accordingly.
Q: How do I become an Branch Partner?
A: The application process is fairly simple. Email hr@abacusfinancial.com and request a phone interview. Once the phone interview is complete you will receive a branch application and letter of intent. From there it is just a matter of how quickly you complete the application and get it back to us.
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: Does Abacus Financial provide leads?
A: Due to the uniqueness of every market and those offices servcing that market, marketing is handled on a case by case basis. Abacus Financial has it's own organically lead generation website (www.getyourmortgagehere.com) which is capable of filtering leads down to specified zipcodes that your office may service.
Q: How many originators can I hire?
A: That's up to you. Our platform is designed to allow our branch offices to focus on origination. We are your virtual 'back office'.
Q: How does the company communicate with its Branch Partner offices?
A: As a virtual platform we utilize all types of electronic communications. However, we are only a phone call away, if needed.
Q: Is your pricing competitive?
A: Yes. We give full investor transparency resulting in true direct pricing with no padding of the rates or yield spread premium.
Q: Is Abacus Financial a banker or broker?
A: We offer both banker and broker relationships, your choice.
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: We process and close your loans. You are responsible to take the loan application, pull and review credit, structure, price and lock your loan, send the RESPA package out for signing including a list of required documents being returned to our Fulfillment Center. We do the rest! You Originate, We Process.
Q: Who do I use for Appraisal(FHA) and Title services?
A: You are free to use your business partners or ours.
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: Who handles the accounting, payroll, and expense management for Branch Partners?
A: We do! Since these are non-incoming producing tasks our fulfillment center will handle all of this for you.
Q: What paperwork do I have to submit for Human Resources, Payroll or other functions as an Branch Partner?
A: Prior to funding a loan the branch partner will receive a funding dispursement form to review and acknowledge. The form includes everything for the branch manager and originator to sign off on. That's it.
Q: How do I pay employees in my office?
A: That is up to you, you determine the appopriate compensation. We will assist you with different branch models. All payroll is direct deposit with originators being paid every Friday. For support staff pay day is every two weeks.
Q: How are branch expenses paid?
A: As a HUD licensed mortgagee all expenses must be paid by the corporate office out of your branch operating account.
Q: Will you take out any taxes for my branch?
A: That is up to you. We allow you and your originators to specify Federal and State withholding amounts.
Q: Can I have you pay miscellaneous bills before taxes for my branch?
A: We do allow for pre-tax expenses and encourage it, this is part of your Profit and Loss statement.
Q: What if some of my questions are not answered in the FAQ's section of the website?
A: Please give us a call. We would be happy to answer any additional questions you may have.