Loan Coordinator FAQ's
FAQ - Does it cost to join the program?
Answer : No, just your time & effort
FAQ - When I create my Loan Coordinator account, what happens next?
Answer : You will receive a “Welcome Aboard” email with instructions to schedule a meet & greet call with a representative.
FAQ - Can Realtors participate in the program?
Answer : Yes, but only can be paid on loan transaction if they do not represent the buyer. (Refinance, Hard Money & Reverse Mortgage are ideal transactions)
FAQ - Does a Realtor have to hang their license to be a loan coordinator?
Answer : No, they can participate in the program as long as they do not represent the buyer
FAQ - Do you have to come to the office?
Answer : No, majority of the loan business is done online and over the phone. As long as you have a laptop or desktop you can conduct business.
FAQ - Do you need experience?
Answer : No, OJT will be provided
FAQ - Can we do loans in other states?
Answer : No, California only at this time.
FAQ - Does the program offer hourly salary?
Answer : No, this is OJT training and you earn as you learn (commission only)
FAQ - Are leads provided?
Answer : No, we have a back office with marketing training to help you generate leads.
FAQ - Does a Realtor have to hang their license to be a loan coordinator?
Answer : No, they can participate in the program as long as they do not represent the buyer
FAQ - How does a loan coordinator get paid?
Answer : When a loan funds & records than the LC will be paid based on the loan amount and LC commission level.
FAQ - Who will I work with?
Answer : You will work with an assigned loan officer for the OJT!
FAQ - Do I have to get a NMLS & Real Estate License?
Answer : Yes, if you would like to be an independent LO with AFMC you have to have a NMLS & Real Estate License? <br> NO, you can just maintain the position of a LC.
FAQ - I have a NMLS license but not a real estate license?
Answer : With only a NMLS license, you would be considered a loan coordinator and with a NMLS & Real Estate license you would have to be sponsor as a Loan Officer.