Easy. As a Real Estate professional, you become a loan officer for our federally charted bank. Instead of referring your clients who need financing to an outside loan officer, “you” do the loan by introducing your client to your inside loan partner and get paid for it. This additional revenue can significantly boost your income.

You don’t have to. Because the rules are different for federally chartered banks than they are for other lending institutions, you don’t need to get or maintain an individual state lending license. The law states that loan officers who are the W2 employees of federally chartered institutions may originate loans under the license of the institution, and since it is a federal license, they may originate loans in all 50 states.

Actually, it’s not. It was only ever considered a conflict by HUD and only for FHA loans. But that changed in December of 2022 when HUD updated its “conflict” definition to exclude loan officers. Now, except for USDA, it’s no longer considered a conflict by any federal governing body or organization. Note: There is a disclosure sent with the initial disclosure package that lets the client know that you’ll get paid on both sides of the table and that they are not required to use you as the LO if they have a different preference. View the HUD Conflict of Interest Update Memo here.

That’s the beauty of the Dual Commissions (DC) program. With your “White Glove” loan concierge team, you don’t need to learn the loan production process. Your team will handle the loan from receiving the application all the way to closing. Your job description really doesn’t change. Right now, you refer your buyer to a loan officer and they handle the process. With DC, you’ll simply text or email your application link, refer them to your (inside) loan partner and your loan team will handle the process. It will work the same except with DC, you’ll get paid. 🎯👍 Of course, there are normal Agent tasks to complete, i.e., shopping for houses, uploading an executed contract, communicating with the client, and scheduling the closing.

DUAL Commissions Agents receive a payout of 50 basis points. For easy math, that’s $5,000 for each $1 Million in loan volume. Of course, it’s paid on whatever the actual loan amount is, so a $500,000 loan would be $2,500 and a $200,000 loan would be $1,000, etc. If you fund more than $1 Million in a calendar month, you’ll recieve an additional 10 bps on the entire volume. Also, you will be paid as a W2 employee because the rules that allow this program to work only apply to W2 employees. If you haven’t done so, download the Dual Commissions Stop Losing Money Calculator to run some different scenarios.

Absolutely not! You may be a DUAL Comissions Agent with any broker you choose. Your choice of broker has no bearing on your standing as an employee with the bank.

No. You will receive fully compliant W2 commssions directly from the bank because you would be a W2 employee of the bank.

As mentioned earlier, in addition to their own programs, the bank has either Correspondent Lending or Broker relationships with more than 100 other lending sources. If each had only 20 program (this is a low estimate) that means that you will have over 2,000 programs at your disposal, covering virtually any lending need including but not limited to Conventional, FHA VA, First Time Homebuyer, Down Payment Assistance, DSCR, ITIN, Lot Loans, Land Loans, Construction (including one time close), Reverse, 2nds, Fix ‘n Flip, Non-QM, Commercial, etc.

You will have broker pricing so yes, you will be extremely competitive

That would be unusual but if they have found a program that we can’t get, they are always free to use that program with whomever is offering it. Remember, we can’t compel them to use us. They are free to choose whomever they would like.

Neither. You will be covered by the bank’s E&O policy because you’ll be an employee. This won’t affect your current policy and you won’t need to buy a new one.

What about it? 😂 The DUAL Commissions program doesn’t change anything about RESPA. It will keep right on RESPA-ing. As a DUAL Commissions Agent, you are considered a dual-capacity employee. Section 8 of the RESPA code provides an exemption to dual-capacity employees. So even though it is still there, it has no effect on DUAL Commissions.

Certainly not! As a DUAL Commissions Agent, you are a full-fledged mortgage loan officer empowered to write mortgage loans for any purpose and in any state. This could be for 1st mortgages, 2nd or other subordinate mortgages, HELOCs, etc. These could be for purchases, refinances (Rate and Term or Cashout), debt consolidation...anything!

Yes. There is no round-robin pool of Loan Partners or Loan Officer Assistants. You will work with the same awesome team on all of your loans unless and until we all decide that some change needs to be made that will somehow improve the operation.

Let us know and we’ll assign someone else to you (who is not a jerk). 🙂👍

Nada. Zip. Zilch. Well actually there are some nominal costs but the bank pays those on your behalf so there are no out of pocket expenses for you to get set up.