How competitive are the interest rates?
Extremely competitive! It’s that simple. Our Mortgage Loan Originators benefit from direct wholesale pricing on brokered transactions.
Does Northeastern Realty have good processing capacity?
Yes. Northeastern Realty offers in-house processing and also has an extensive list of company-approved contract loan processors. That means plenty of processing capacity to efficiently process your loans. Loan processors are only compensated when your loan closes. Processing fees range from $600-1,000 depending on the service level desired and in most cases are paid directly by the consumer as as part of the lender fee and Northeastern Realty compensates the processor directly.
Am I an employee or an independent contractor?
Northeastern Realty’s Mortgage Loan Originators (MLO), where permitted, operate and are compensated as 1099 independent contractors. Mortgage Loan Originators determine their hours of work, manner of obtaining business, the type of business they wish to originate, the lenders/investors they wish to originate through and the method of originating loans. Mortgage Loan Originators observe industry compliance and legal requirements to comply with federal and state regulations. Because Mortgage Loan Originators are 1099 contractors they have greater flexibility to deduct business expenses. Northeastern Realty’s Mortgage Loan Originators (MLO) compensate loan on a commission split arrangement.
How quickly will I receive my commission on funded transactions?
Pretty darn fast! Funds are disbursed within 3-business days of Northeastern Realty receiving the title documents and title funds.
What is Northeastern Realty’s mortgage loan origination platform?
Wemlo is Northeastern Realty’s current mortgage loan origination platform. This platform is web based which enables Mortgage Loan Originators originators to work anywhere anytime. The platform is all inclusive streamlining online applications, document requests, eDisclosures, and document storage in a digitally secure environment all in one central location.