Mortgage Loan Originator compensation structure

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 RAM REALTY AND MORTGAGE Inc.  d/b/a THE BIG MORTGAGE

1)  100% Commission Minus Small Broker FLAT FEE

 Loan Officer receives 100% of their commission minus small flat fee. Mortgage Loan Originator (MLO) will pay flat fee for each loan file to Brokerage Company Ram Realty and Mortgage Inc. dba THE BIG MORTGAGE. Either you price a loan as Lender paid compensation or Borrower paid compensation, you as a Loan officer will pay flat fee for each loan you close successfully. 

Flat Fee to Brokerage             Loan Types

 $750 Per Loan                             Residential (1-4 Units)

 $990 Per Loan                             Commercial & Business

 $750 Per Loan                             Hard Money / Private Money

 $750 Per Loan                             HELOC / 2nd Loan

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

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

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 Ram Realty and Mortgage Inc. Close your deal whenever you have a client.

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

Any new loan officers who wants to join Ram Realty and Mortgage Inc. 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.

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 requirements.

FOR ANY QUESTIONS Email: broker@thebigmortgage.com   Phone/Text: (323)-955-4444