Affiliate should have strong experience in mortgage-related industry and demonstrate competence in all aspects ranging from loan origination to loan closing.
Affiliate must have own processing capabilities.
Compensation
Brokered loans - affiliate is paid all fees at closing by the title company.
Correspondent loans - affiliate is paid by MMGI within 9 calendar days of funding/disbursement of the title company. MMGI will disburse to the affiliate even if the loan has not been purchased from the investor, provided that the affiliate has completed all responsibilities and followed proper procedures in the transaction.
Fee
$1,500.00 one-time license fee (includes training and set-up, operations and investor manual and licensing rights to use the MMGI name and set up with network of wholesale investors).
MONY Program
Experience
Affiliate should have some experience in mortgage related industry and demonstrate competence in pricing and locking loans.
Affiliate will use Broker Support Center to process loans. Loan specialist will still be responsible for the following: Prequalify loan applicant; take loan application; order credit report; email application to BSC; gather required documentation from applicant and overnight to BSC; price, lock and fax rate lock or float to BSC; order appraisal; clear any underwriting conditions; request survey and documents from local title company and coordinate and attend closing.
Compensation
Affiliate will price the loan from our special rate sheet located on this website. Compensation is capped at 2% premium while allowing for 1% origination fee. The compensation amount will be subject to the price quoted and locked by the affiliate. The affiliate will receive payment after MMGI receives disbursement from the title company/attorney.
Fee
$950.00 one time license fee (includes training and set up, training manual, licensing rights to use the MMGI name with network of wholesale investors.
Call us today at 800-324-0060
Megamerica Mortgage Group
TX Lending Lic.#100-9243
19210 Huebner Road, Suite 205
San Antonio, Texas 78258
