1. What is an ILO?

An ILO is an Independent Loan Originator. ILO’s are experienced and licensed loan originators who do not want or need to be micromanaged. They thoroughly understand the entire loan process and constantly seek out to build more of their business. ILO’s appreciate the challenges they face and enjoy keeping most or in our case all of their hard earned commissions. ILO’s produce at their level of expectations and not of others while maintaining the control and direction of their business.

2. How long after my loan funds will I get paid?*

After we receive your completed loan file and the original check/HUD-1, commissions are paid within 24 Hours.


3. How many lenders are you currently approved to do business with?

AmeriFund Lending Group is currently approved with over 75 lenders, and growing each month.


4. If I currently use a lender that is not on your list, can we get approved with them?

Yes, we are constantly adding new lenders to our approved list.


5. What type of loans will I have access to?

Besides all the basic Conventional A, Alt A, Sub-Prime, Commercial, Multi-Family, Construction and Land lending, we offer Reverse Mortgages as well as Private Money Lending.


6. Can I do FHA Loans with AmeriFund Lending Group?

AmeriFund Lending Group is licensed to originate FHA loans. Agents must contact the Compliance Department to see if they qualify to participate.


7. What are the commission splits?

Commission splits are 90% (non FHA).


8. What are the Splits & Fees per transaction?

BROKERED TRANSACTIONS = 90% Commission Splits with a $195.00 Operational Fee deducted (non FHA).

9. If I choose to, can I process my own loans?

Yes, if you have proven experience you may process your own (non FHA) loans. FHA loans must be processed by in house processing


10. Are there any transaction fees?

On each brokered transaction there is a $195.00 Operational Fee. For FHA and Reverse Mortgage Loans the fee is $350.00

11. Are there any monthly maintenance fees?

No. We do not charge any monthly maintenance fees.


12. Do you provide Errors & Omissions Insurance? If so how much is the protection?

Yes. We provide each ILO with One (1) Million Dollars of Professional Liability Protection Coverage.


13. What about loans that cancel or never close, will I still be protected under the E & O?

Yes. So long as you register each loan into our system, every loan will be insured.


14. Can I choose to decline the Errors & Omissions Insurance?

No. Each transaction that closes must be charged the Errors & Omissions fee.

15. What are the premiums for E & O Insurance?

On 1st / 2nds, the premium is $82.82. Piggyback loans are $88.47. HELOC’s are $42.92.


16. Am I able to use my own name to perform under ALG’s license?

All transactions must be done in the name of AmeriFund Lending Group.


17. Do I need to work in an office or can I work from home?

You choose. You can work from either your home or an office (based on state guidelines).


18. Can I have other ILO’s work under my management?

Yes. Many of our ILO’s act as a “Branch Managers” Our system allows you to effectively and properly manage your sales team while creating an additional source of revenue. For more details call.


19. Are there any minimum production requirements?

No.


20. Will my commission split change if my production drops?

No. Whether you close zero loans or 100, your splits still remain the same.


21. How do I stay informed as to  lenders, programs and all other important information?

By logging into ALG’s  powerful and proprietary business management system ILO’s can access lender  information, track production, view commission reports, place unique and  difficult loans, access forms and much, much more, all on-line.   


22. Are there any mandatory office meetings?  

No.    
 

23. Does the company advertise or promote any of its’ ILO’s?

Yes. Once an ILO becomes active with us we will add them along with their contact information on to our general website.  


24. Does the company provide marketing support?

Yes. AmeriFund Lending Group is licensed in many states and continues to add new states each month. Refer to our website for a current list of approved states. Each state has different guidelines for licensing.    


26. Do you provide Processing Support?

Yes. As an ILO you can access any one of our dozens of approved processors.  


27. Do you provide Escrow Services?

Yes. Our Escrow Division is an incredibly experienced and productive resource. ILO’s maintain additional and valuable control as well as deliver an extra level of quality service to their clients.    

28. Can I do Real Estate Transactions through your company?

Individuals who have a  proven track record and the experience selling real estate may act as a Sales Agent for ALG. For those who lack the required experience may still participate in our sales program by working with one of our seasoned and professional In-House “Realtors”. You’ll maintain control over your clients while having  the ability to earn additional commissions.    

29. Can you pay my commissions to my Corporation?

If you currently hold a  valid Brokers License we can pay your Corporation regardless of the name of  the Corporation. If you hold a Salespersons License we are restricted by  State Law to only pay your Corporation where as the name of the Corporation does not reflect or include the following in its’ name: Mortgage, Real Estate, Banking, Lender, Loan Broker, Home Loans, Home Lending, (any other  name that appears to be a Brokerage or Banker.)   


30. Am I required to submit my loans to ALG or can I broker to any lender I want?  

You have the choice to  broker out your loans to any lender on our approved lender list.