SNMC Retail Independent Loan Originator Program
Think about it. Not many viable mortgage jobs out there, and many that exist do not provide for a secure future with a multi state based mortgage banker that is owned by a publically traded insurance company.
The world has changed
Regulatory pressures and the investment community are changing how we do business. We do not know if the model of independent mortgage brokers will survive this market cycle. Through changes in RESPA, licensing and net worth requirements and other facets of the lending industry there is a clear signal from the regulators that they are predisposed to further regulate the industry. Many investors and MI companies have restricted or eliminated third party originations barring access to programs and funding sources from the brokerage community. If further restrictions are imposed will you be ready and thrive or be shut out? The answer is simple. The answer is Security National Mortgage Company.
Job Description
We are looking for the best of the best retail originators. We do not recruit whole offices, just individual Loan Originators who will work independently through the internet from their home offices, reporting through our Centralized Processing Facility and the local Wholesale Fulfillment Center (branch) system.
Action Plan
We can guide you forward with the tools, processes, products and support that will create a career filled with promise and rewards.
We can only advise you on the next step, but you must take the leap into the new world.
Build your business. Propel your life.
SNMC-Centralized Processing Facility
550 W. Cienega Ave, Suite H, San Dimas, CA 91773
T:888.584.4248 F:909.394.3121
Independent Loan Originators (ILO’s)
- SNMC Independent Loan Originators (ILO’s) enjoy industry leading support, features and benefits in several areas:
- No start up costs
- No “Monthly fees”
- Aggressive compensation package
- FHA direct endorsement lender offering FHA/VA
- Fannie Mae direct seller
- Reverse Mortgages
- Non-Conforming (Super Jumbos)
- Equity Lines
- Specialty Products (rehab, bridge, etc.)
- Commercial transactions
- National lender operating in 38 states
- Competitive pricing
- NO disclosure of YSP or rebate (in-house banked loans)
- Upward mobility for top producers
- Residual income from company paid “Thanks You Bonus” (TYB) program
- State-of-the-art web based LOS
- Automatic electronic loan status notifications
- E-fax (delivered right to your email)
- Free personal customized website and marketing materials
- Free database marketing to your business partners and clients
- Free online loan status (for your clients and referral sources such as realtors, etc.)
- Free welcome package with business cards and letterhead, etc.
- Free corporate email
- Free online video training
- Free professional performance coaching
- Discounted services from preferred partners (credit, DHL, UPS, etc.)
- Option to bank or broker loans
- Health and Life Insurance (qualification required)
Vision
We provide the Independent Loan Originator (ILO) with the training, tools and platform to succeed while offering an aggressive compensation package. The opportunity to be affiliated with a national HUD approved mortgage banker and the opportunity to build a team and receive residual income.
General Objective
Each Independent Loan Originator is responsible for the following:
- Originate residential mortgage products
- Complete the on-line application through our origination platform
- Present the SNMC application package to the prospective borrowers, collect the executed documents and transmit them to our Centralized Processing Facility
- Direct the processing staff as to the needs and timing of all transactions
- Collect conditions from the prospective borrowers as required
- Interact with all individuals party to the transaction, including prospective borrowers, real estate agents, title, escrow, etc., as required to complete the transaction
- Ensure all submissions are delivered to the Centralized Processing Facility (San Dimas Branch) ALL LOANS MUST BE PROCESSED BY THE CENTRALIZED PROCESSING FACILITY, BOTH BANKED [SNMC] OR BROKERED.
- Interface with SNMC Direct Management and Support staff as needed.
- Manage your pipeline.
Support—Processing
All loans will be processed and packaged at our Centralized Processing Facility in San Dimas, California. Each Originator will be assigned an in-house processor who will manage the loans from initial input through funding. All loans will be fully processed with AU findings prior to delivery for underwriting.
Support—Underwriting
All banked loans will be underwritten, doc’d and funded by the closest Wholesale Fulfillment Center (Branch) to the property. It is our expectation to receive 100% approval ratios on all files and a closing ratio on locked loans in excess of 95%.
All brokered loans will be prepared for and delivered to the appropriate investor for those products that are not available through Security National Mortgage Company.
Support-AE
Account Executives are there to help you with your banked pipeline, just as if you were a wholesale customer. They know how to make sure that your loans flow through the system.
People Support—Training
SNMC University has been created for training, marketing and personal coaching. We run regular training classes that cover :
- Initial Training
- Use of Email
- Processing Platform
- Marketing Platform
- Product Training
- And more!
Support—Virtual Environment
Our virtual environment is second to none. Each Independent Loan Originator (ILO) will have full access to the following:
- Free personal customized website and marketing materials
- Company Intranet site with access to all rates and product information
- State-of-the-art web based LOS
- Pipeline and production reports
- Capability to pull credit reports and run AU’s
- Imaging technology for all documents and conditions ‘paperless’
- Free online loan status (for your clients and Referral sources)
- Automatic electronic loan status notifications
- E-fax (delivered right to your email)
- Free corporate email
- Free online video training
Equipment Requirements
The following Equipment is a requirement to operate as an Independent Loan Originator:
- Minimum—PC based computer with a Pentium or better processor, 256k of Ram
- High Speed Internet with Microsoft Explorer 7.0 or better
- Anti Virus Software
- Microsoft Office [Word, Excel, Powerpoint] with adequate proficiency
- Adobe Acrobat
- Printer
- Fax/Scanner to upload documents
How is compliance handled?
As all submissions must be processed through the Centralized Processing Facility, all disclosures are issued through SNMC Direct. We run reports to ensure that all loans are compliant in all jurisdictions.
Why centralized processing?
We have reps and warrants to ensure that every loan is compliant and free of fraud and mis-rep. With centralized processing we can control all aspects of the loan package and ensure that adequate measures have been taken to meet or exceed the expectations set by SNMC policies and procedures, Senior Management and the Investment community. A centralized staff also allows us to moderate service related delivery challenges with load management when we have illness or market fluctuations.
May the Retail Originator submit a loan directly to an SNMC Wholesale Branch or other Investor?
All loans must be processed and submitted by the SNMC Direct Staff . There are no exceptions. Ever.
Who orders the appraisal, escrow, title etc.?
All requests for any documentation is managed and placed by the SNMC Direct processing staff. This includes (but not limited to) Verifications, Appraisals, Escrow, Title, etc..
Will I be able to see my loans within the processing platform?
You will have full access to all aspects of your application data. This includes reports, conversation logs, etc.. All files will also be viewable in each SNMC Branches web sites once they are transferred from the Processing Center electronically to the Wholesale Fulfillment Center for locking, final underwriting, docs and funding.
How are the loans locked?
We lock loans through the wholesale platform on the individual branch web sites. If the transaction is brokered, each submission will be handled in accordance with the individual investor. The processing staff is always available to help with any questions or support.
What are the standard fees for SNMC
Direct? SNMC LENDER FEE SCHEDULE (Minimum Fees to be Collected):
SNMC Products
$ 595.00 Processing
$ 495 Underwriting
$ 295.00 Admin
Reverse Mortgages
$ 295.00 Admin
Commercial (Silver Ridge Capital)
$ 595.00 Processing
$ 295.00 Admin ** Note
Brokered Loans
$ 595.00 Processing
Fees are to be collected on all loans. A partial or no fee loan may be funded, but 100% of any shortage in fees will first be subtracted from the gross earnings on the transaction before commission split is calculated.
Additional fees from a brokered loan maybe due and payable to the lender/investor in addition to those fees noted above. Loan Originator is responsible for all third party fees including but not limited to Investor/Lender charges, credit reports, appraisals, title reports, etc., and such fees shall be charged through the transaction or deducted from the Loan Originator commissions, regardless if the transaction closes or not.
**Silver Ridge may determine additional fees on a transaction by transaction basis. Silver Ridge is a division of Security National Mortgage Company and is a 'brick and mortar' organization primarily in the state of Utah.
Who trains the Independent Loan Originators?
All training is done by the SNMC Direct staff or by one of our vendors, typically through webinars available at various times through out the month.
Who pulls credit reports and DU’s?
Processing or management may pull a credit report or run a DU. Once the Loan Originator becomes proficient in the system, access may be granted.
How am I paid?
You are paid a percentage of all upfront points, discount points and rebate or SRP. This means banked or SNMC loans or any of the brokered loans, both residential and commercial. Compensation is paid as W-2 wages in accordance with HUD guidelines. See an SNMC representative for details.
I have been unemployed and do not want to lose my benefits. Can I still work for SNMC Direct?
In most states you may continue to receive your benefits as a part time employee. Please see your local EDD department for additional information.
Do you require a drug test?
Yes. An insurance company is considered a regulated entity and all employees of the parent and subsidiaries are required to be tested prior to being hired.
How are the SNMC loans funded?
The loans are ‘Net Funded’, meaning that all fees due and payable to SNMC Direct are not disbursed in closing and do not appear on the HUD (no disclosure of rebates). There are no additional lender fees beyond our usual fees, as the Wholesale Fulfillment Center is paid through our standard fees.
Action Plan
If you do not take control of your life, your circumstances will determine your successes.
We can guide you forward with the tools, processes, products and support that will create a career filled with promise and rewards.
We can only advise you on the next step, but you must take the leap into the new world.
Build your business. Propel your life.
Questions? Please Contact:
SNMC Sales Management
Jeff Nelson
C:949.632.1976
F:949.313.1210
Jeff.nelson@securitynational.com
Eric Daker
C:951-202-1728
F:909.394.3121
Eric.daker@securitynational.com
Web resources:
www.securitynational.com Company information
www.mortgage.securitynational.com Rates/States
www.snmclo.blogspot.com Overview/Training site
www.snmcpcl.blogspot.com Processing Software Training
www.snmcjobs.blogspot.com Jobs/Application
www.snmcdirect.net SNMC Direct intranet site
www.snmcdirect.com SNMC Direct borrower portal
Centralized Processing Facility
Tom Douroux- Branch Manager
Tom.douroux@securitynational.com
550 W. Cienega Ave, Suite H
San Dimas, CA 91773
T:888.584.4248
F:909.394.3121
