Mortgage Loan Originator compensation structure

Compensation Structure FOR MLO

Hello, Mortgage Loan Originator - You are considered as a Self-employed Independent contractor (1099 Employee) of the company. The loan officer will be compensated as described below for each completely closed and funded loan on behalf of THE BIG MORTGAGE.

1) 100% Commission Minus Small Broker FEE

Loan Officer receives 100% of their commission minus broker fee. Mortgage Loan Originator (MLO) will pay 10% or $750 (whichever is higher) for each loan file to Brokerage Company THE BIG MORTGAGE.

2) 50/50 COMPENSATION SPLIT - FIRST TWO LOANS:

For the first two loans, the compensation split will be 50/50 percent. After MLO closed TWO Loans successfully, you become eligible to receive compensation as mentioned in No. 1 above.

3) LOAN PROCESSING FEE:

The Big Mortgage do not have in-house loan processing service, therefore, MLO do not have to pay any processing fees to the brokerage. MLO have full control of their loan files. MLO's are free to process the loan files themselves.

3) THIRD PARTY FEES - LOAN OFFICER RESPONSIBILITY:

The Big Mortgage may provide the mortgage loan originator with services in exchange for payment such as, but not limited to, origination software, marketing tools, Email subscription, and expedited compensation. Payment is due immediately once services are rendered. Payments rendered for such services, including monthly dues and origination software, are non-refundable. The pro-rata payments rendered for such services are also Non-Refundable. The loan originator will not receive any pro-rata refund of any dues or fees paid to the company for such services. Any fees paid by the company on behalf of Loan officer become due immediately. Mortgage Loan Originator is responsible to pay any applicable third parties service fees and dues on a timely manner if you use/will use or hire/subscribe any third party company’s services. The Company is not responsible or liable to pay such third parties service fees. For example- Email, credit Report fee, Calyx POS, third party marketing services, CRM services, third party loan processor, Point-of-sale system (POS's) and similar other services or fees.

4) NO MINIMUM LOAN CLOSING REQUIREMENTS:

There is no minimum Loan production requirements each month to work with THE BIG MORTGAGE. However, in order to maintain your sponsorship with The Big Mortgage, MLO must close at least TWO loans in a year. Otherwise, MLO have to pay $250 annual fee to maintain sponsorship with THE BIG MORTGAGE .

5) ONE-TIME ADMIN FEE: $99 NON-REFUNDABLE:

Any MLO who wants to join THE BIG MORTGAGE he/she must pay one-time non-refundable admin fee.

6) NMLS SPONSORSHIP FEE:

The Big Mortgage will pay nmls sponsorship fee only for ONE state. If you want to get licensed in more than one states and need sponsorship, Loan Officer is responsible to pay applicable nmls sponsorship fee, if applicable.

NOTE: Fees and Terms may change anytime without prior notice.

IMPORTANT: To be eligible for compensation the loan originator must fully comply with RESPA, TILA, TRID, HOEPA, the Fair Housing Act, and ECOA and must satisfy the brokerage compliance requirements.

FOR ANY QUESTIONS Email: broker@thebigmortgage.com

Phone/Text: (323)-955-4444

ZERO TOLERANCE FRAUD POLICY

ATTENTION: All independent contractors brokering loans or brokering real estate transactions with RAM REALTY AND MORTGAGE Inc. d/b/a THE BIG MORTGAGE d/b/a THE BIG BROKERS, Please read this carefully.

We does not tolerate and permit mortgage fraud, intentional misrepresentation, loan modifications, equity purchase transactions or engagement of straw buyers in any way, shape or form amongst other types of fraud as well. If Ram Realty and Mortgage Inc. discovers that you have engaged in the fraud activities, you will forfeit your entire loan commission, Real Estate Commission and be terminated from doing business with Ram Realty and Mortgage Inc. and potentially be reported to state and/or federal authorities.

Some of the activities that include but may not be limited to mortgage fraud, intentional misrepresentation, loan modifications, equity purchase transactions or engagement of straw buyers are:

Falsifying any type of financial statement
Identity Theft of buyer/seller/borrower or of other persons
falsifying any type of tax statement/return or schedule(s)
Falsifying employment
Failure in disclosing familial relationships with any party to a real estate related transaction
Falsifying occupancy status
Intentionally misleading/misrepresenting buyer and list agents in purchase transactions
Falsifying pre approvals
Misrepresenting terms and conditions of a loan to a borrower(s)
Fraud/misrepresentation in inducing a borrower to attain a mortgage
Engaging in any type of loan modification activity
Engaging in equity purchases transactions
Equity stripping/Excessive Flipping
Procuring a straw buyer and/or borrower
Falsifying credit reports
Submitting pre-qualification and or pre-approval letters without the express written consent of the Broker of Record for Ram Realty and Mortgage Inc. to any borrower, buyer’s agent or listing agent.

THE BIG MORTGAGE nmls#2459536

Main Office: 26035 Moulton Parkway Apt 70, Laguna Hills, CA 92653

Unauthorized copying, distribution and / or use of contents or images will result in immediate litigation.

Disclaimer:

The content in this website is for educational purpose only. This is not a commitment to lend a loan. Actual rates, payments, savings, loan terms, APR, and qualification requirements will vary based on individual borrower circumstances, credit, income, property type, property value, loan-to-value ratio, loan program, market conditions, and other factors. Refinancing or financing may involve closing costs and other fees. Please consult with a qualified mortgage professional to determine whether refinancing/financing is appropriate for your circumstances. All loans are subject to credit approval and underwriting guidelines. Rates and terms are subject to change without notice. Rates cannot be guaranteed until it is locked.

Ram Realty and Mortgage Inc. dba THE BIG MORTGAGE dba the Big brokers.

Disclaimer: This is not a commitment to make a loan. All approvals are subject to underwriting guidelines & Lender approval. Loans subject to borrower qualifications, property evaluation and credit approval. Rates and terms subject to change based on market conditions and borrower eligibility. For details please consult with licensed Loan Officers/Brokers. Equal Housing Opportunity.