fbpx

Mortgage Loan Originator Success Starts Here

Providing modern MLO with the tools they need to exceed their career goals.

NMLS Licensed Mortgage Loan Originator

Northeastern Realty LLC (NMLS ID#2179146 ) is looking for a licensed mortgage loan originator to join our team. The applicant can work remotely from home. We are set up with approximately 20 wholesale lenders, and concentrate on residential conventional, government and commercial loans. Commission compensation will be determined based on experience and current book of clients/volume. If you are a producer we will beat your current compensation plan, and give you the flexibility you need while you work on your own schedule.

YOUR DUTIES

1. Involved in marketing, promotion, and business development activities to build relationships with real estate agents, attorneys, financial advisors, or potential referral sources

2. Provide applicants with information regarding the loan process to include potential options

3. Counsel customers regarding any credit concerns or needs

4. Obtain complete loan applications and supporting documentation necessary for processing

5. Maintain communications with the client until closing is complete

TOP BENEFITS

1. Your personal digital mortgage application, or P.O.S., makes it easy for your borrowers to follow each step of the loan process and easy to keep track of each lead.

2. Your personal loan scenario desk makes it easy for you to dend out scenarios to the mortgage lenders of your choice in one click. Responses from lenders will be sent directly to you.

3. Your borrower portal makes it easy for your borrower has real-time, secure access that allows them to send you a message, upload documents, see their mortgage loan status and important events, and more.

4. Your lead bucket is everything you need to manage lead generation.

5. Fully transparent insight relating to your loans in processing, with real-time updates.

6. Wholesale brokered transactions typically compensated within 1-2 weeks after funding.

7. Full DU/LP privileges.

8. Credit report privileges.

9. No caps

10. Wholesale rates

YOUR REQUIREMENTS

1. High school diploma or equivalent required; College education preferred

2. Must maintain a current, active NMLS License

3. Must meet all State of Florida, Massachusetts, Rhode Island requirements for continuing education and training

4. Comprehensive knowledge of the state and federal guidelines

5. Ability to exercise independent judgment and analytical skills

6. Ability to communicate effectively, professionally and maintaining the company’s customer service standards

7. Ability to organize and prioritize workload to meet deadlines

TRAINING/MARKETING

LOS Training

CRM Training

Mentorship Training

Co-marketing with Realtors

SUPPORT

Broker Support

Technical Support

Compliance Support

Licensing Support

TOP FREQUENTLY ASKED QUESTIONS

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.

 

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.

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.

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.

Is Northeastern Realty a mortgage broker or a real estate broker?

Northeastern Realty is both!

How competitive are the interest rates?

Extremely competitive! It’s that simple. Our Mortgage Loan Originators benefit from direct wholesale pricing on brokered transactions.

How do I obtain borrower credit reports?

Our Mortgage Loan Originators have four credit vendor options to choose from. Most credit vendors provide a point-of-sale portal where borrowers can authorize and pay for their credit reports and receive a copy. This approach spares our Mortgage Loan Originator from credit report expenses and streamlines obtaining consumer tri-merged reports.

Does Northeastern Realty provide marketing support?

Yes, Northeastern Realty provides the following marketing support. Northeastern Realty management will review marketing for compliance and provide enhancement suggestions. Most of Northeastern Realty’s  wholesale lenders provide CRM and brandable marketing materials such as emails, flyers, social media content, and more. These types of marketing media are provided at no cost to our Mortgage Loan Originator (MLO).

Does MLO pay E&O insurance?

Yes, it’s just $40 per transaction with a max of $500 annually.

Is there a commission cap?

No.

How much are the royalty or franchise fees?

Zip. Zero.

Share This