Frequently Asked Questions
Q: What states are you licensed in?
A: California, Colorado, Oregon, Washington, Wyoming and more to come soon. Let us know if you’ve been successful in a state we do not currently hold a license.
Q: Can I originate loans in other states?
A: Yes, one of the benefits of an MFG branch is the ability to originate loans in any of the states that we are licensed in. All you have to obtain is an MLO license through NMLS for that particular state.
Q: What are the fees MFG charges?
A: The only fee charged is a $495.00 Underwriting fee per loan. This fee can be charged to the borrower in box 1 of the GFE or taken from the YSP.
Q: How often do I get paid?
A: MFG payroll department processes payroll on a bi-monthly schedule. Any administrative cost (such as branch licensing) is paid from the branch operating budget.
Q: Do you offer direct deposit?
A: Yes, we offer direct deposit for your convenience.
Q: Does MFG offer benefits?
A: Yes, we offer health insurance.
Q: Will I be a W-2 Employee or 1099?
A: All MFG employees (Branch or Corporate) are W-2 employees. There are no 1099 employees.
Q: How are (MLO) loan officers compensated?
A: Loan officer commissions are determined by the Branch Manager and HR and paid through our payroll company as designated by MFG.
Q: Who determines staffing levels, compensation, etc?
A: The Branch Manager works with MFG’s HR department to make these decisions.
Q: Is my branch assigned a specific territory?
A: No, MFG does not assign specific territories. A limited number of branches in each market are maintained to allow each branch to achieve its full potential.
Q: Can my branch have more than one manager?
A: HUD and NMLS only allow one person to be the official branch manager. This does not affect compensation plans. If you have someone else that will work at a management level that is OK.
Q: Can I keep my current business name or do you allow me to use a DBA?
A: Yes, you can do business under your current business name and be a branch of MFG as a DBA of ours.
Q: What loan programs do you offer?
A: MFG is a full service Direct Correspondent Mortgage Lender providing FHA, VA, USDA, Conventional, Jumbo, Super Jumbo, and other programs.
Q. What is a Direct Correspondent Mortgage Lender?
A: MFG has its own funds that it lends to borrowers. However, because we do not service loans, once the loan is funded it is packaged and sold to one of our many investors. All loans are controlled in house at our Corporate Offices in Poway, CA. We underwrite, QC, Doc and Fund the loans ourselves under our delegation and authority as agreed upon by the investors purchasing the closed loans from us.
Q: Do you have to access LP and DO?
A: Yes, we fund loan programs for both Agencies.
Q: What training does MFG provide?
A: We provide live and recorded web based training to all employees on a regular basis to learn guidelines, policies, and procedures.
Q: Do you have a compliance department?
A: Yes, We have a compliance department ran by a California Attorney that makes sure we are in compliance with all federal, state and local rules and regulations.
Q: Do you have restrictions on the maximum points /fees charged?
A: Yes, fees are limited to the extent necessary to ensure that we do not make high cost loans or non QM loans as defined by federal, state or local regulations.
Q: Who sends out the Good Faith Estimates?
A: You are responsible for originating and disclosing. Depending on how your office is set up. Either your branch processor will generate disclosures or if you are using Corporate Processing our internal processing department will generate disclosures when you are ready to disclose.
Q: How do I advertise?
A: All advertising must receive a written approval by the compliance department to ensure that all content complies with Federal, State and Local Regulations.
Q: How are branch expenses paid?
A: Expenses such as rent, phones supplies, salaries, and commissions for branch employees, costs for health insurance, administrative cost and any other miscellaneous expenses related to running your office are paid by corporate. MFG must issue the check for the branches monthly expenses, which are paid by the accounting department from the branch bank account.
Q: Does the branch have to maintain a reserve account?
A: Yes, the branch must keep a cash reserve to cover a minimum of 2 months average of branch operating expenses. This is determined with the branch manager as part of the branch set up process.
Q: I have loans in my pipeline with my company, how do I handle these?
A: Anything that is doc’d out with another Lender you have to go ahead and close and fund with that Lender. All other active loans that are in process are to be transferred to MFG.
Q: Is there an application charge or set up fee to join MFG?
Q: Does MFG require a branch to have commercial office space?
A: An executive suite is acceptable for smaller branch operations. However, we prefer that all of our branches operate out of professional office spaces. Whether existing home offices or office buildings they need to be clearly identified to the public and be staffed and equipped to deal with clients in a professional businesslike manner.
Q: How long does it take to get approved as a new branch?
A: Upon completion of the branch application and agreement/employment package and other requested documentation, your application will be reviewed for approval within approximately 2-3 days.
Q: What type of loan software do you require?
A: MFG provides all Branches and its employees with: • Microsoft Outlook • Calyx Point Central Software for loan origination and processing • Nylx/Loan Logics for pricing and product eligibility
Q. What do I need to have to be able to do loans in these states?
Q. Can Borrower apply On-Line?
Q. What origination and processing software does MFG use?
Q. Who is responsible for the state and local MLO licensing fees?
Q. How do I know if my Branch and my actions are in compliance with all the new regulations?
Q. How do I pick my pricing and commissions for the Branch and the loan originator?
Q. Is Brokering Allowed?
Q. How are expenses submitted to the company?
Q. How soon will bills be paid and who is responsible for this?
Q. Who can I call when I have a question on a loan?
Q. Will PRMG get approved with additional lenders in order for the Branch to broker a loan?
Q. Who handles the processing of the loan?
Q. What are the commission splits I may offer to originators or take for myself as the Branch Manager?
Q. Does MFG handle all the payroll and employee tax reporting responsibilities for the Branch?
Q. Do you have available for the Branch and their originators Medical Insurance?
Q. How does a Branch determine their profitability?
Q: What do I need to become a Branch/Branch Manager?
A: You must have the following:
• Minimum 3 years recent history as a full-time mortgage originator with employee management experience
• Exhibit professionalism and ethics in your business dealings
• Experience budgeting and balancing
• Drive and enthusiasm for success
Q: What equipment is needed for a Branch Office?
• Business phone line with voicemail / answering service.
• Computer with MS Windows 7 or higher
• Internet Explorer 9 or higher
• Cable or DSL Internet Service
• Applicable office furniture
• Filing cabinets with the ability to be securely locked
Q: How do I get started?
A: Contact us to schedule a conference call