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Frequently Asked Questions!! 1) Do I need to pay any upfront fee's to use the LOS software system such as Calyx Point? Answer- We do not charge any upfront fee's! Everything is internet based, so you would just have to log in, and you will have access to our company's LOS System anytime, 24 hours 7 days a week!
2) Are there any upfront fee's to get started with Virtual Mortgage Group? Answer- We do not charge any upfront fee's! You need to bring at least 1 loan in your current pipeline to the company! You can buy custom business cards from us (Call for pricing), or we will provide free custom business cards after your 6th loan closes!
3) What are the commission splits? Answer- Virtual Mortgage Group™ charges a flat fee of only $599.00 for Real Estate Licensees and $999.00 for non-licensed mortgage marketing consultants out of your commission (points & Rebate) per loan transaction closed for the first 6 loans! Same Flat Fee regardless of the loan amount! If you close 6 or more loans for the month you will recieve a 100% commission split! Out of State Deals are on a different Commission Structure. All Mortgage Marketing Consultants will receive a 80% commission on out of state deals! You can make up to $1,505.00 on all loan modifications closed..
4) Are there any hard cost, and processing fee's charged to the borrower? Answer- We only charge a compliance, and administrative fee per loan transaction! We are not a Multi Level Marketing company! The processing fees can range from $395-600 depending on which processing program you choose! These cost are charged to the borrower, not the loan officer! You can pay the hard cost out of your commission if you would like to offer your borrower more incentive to work with you!
5) What makes this company different from the other company's offering 100% or a flat fee? Answer- VMG will not charge you a set up fee to get started!! VMG offers support, training, marketing tools, and a back office system that creates a complete operating mortgage brokerage right at your home, or anywhere in the world through the internet! Virtual Mortgage Group™ was created by loan officers for loan officers! Virtual Mortgage Group™ focuses on making the loan officer our clients and business partners! Virtual Mortgage Group™ believes that each and every loan officer should not live check to check and struggle for there next deal! Our Loan Officer Services is like no other! At Virtual Mortgage Group™ we can show you better than we can tell you!!! ITS NOT ABOUT THE SPLIT ONLY, ITS ABOUT THE SUPPORT WE OFFER TO THE VIRTUAL MORTGAGE PLANNER (Loan Officer)!!! Below is the front page of Virtual Mortgage Group's Back Office System for Loan Officers Only(Virtual Home Office)!!!!!
6) Does Virtual Mortgage Group provide leads? Answer - We provide you a list of companies that provide a variety of custom leads; warm and hot. Virtual Mortgage Group also provides different marketing tools that aid L.O.'s to generate loans in any type of market. Remember, it's not about how much commission you charge, it's about your volume and being able to keep stable and constant flow of business.
7) How would a loan officer* receive their paycheck? Answer- We recommend direct deposit, or we will mail your check to your home!! We pay out commission checks 48-72 Hours after recieving gross broker check or wire!! You must submit a commission invoice before you get paid! Beware of other mortgage companies saying they pay out in 24-48 hours. They use that as their marketing technic to recruit you, after your file goes through their compliance process, it might take 7-10 days for you to recieve your check after funding!! Most companies spend your commission check on the owner/broker and managers salary, and pay you when other mortgage loans closes. Here at Virtual Mortgage Group we do not spend any part of your commission, when we recieve the broker check from the lender, we will pay you that following friday!!!
8) I have a corporation, and or DBA! Can I operate under my business name? Answer- No, You must close loans and operate under Virtual Mortgage Group™.
9) Does Virtual Mortgage Group have a minimum loan quota? Answer- No
10) Do I receive a referral bonus if I refer a loan officer* to Virtual Mortgage Group? Answer- If you are not a Virtual Branch Director, you will get a one time referral fee (New Loan officer must close at least 3 loans and be with our company for 60 days before you are awarded a referral fee)!
11) How would I get rate sheets and price out my loans? Answer- We have rate sheets for all the wholesale lenders listed on the "Virtual Home Office" back office site!
12) Can I process my own loans?Answer- Due to Fraud, all Virtual Mortgage Group Loans must be processed by a VMG approved processor.
13) Can I choose my own appraisal, escrow and title company?Answer- Yes you can, We also have a long list of appraisal,escrow, and title companies to choose from (We make the process very convenient to the Virtual Mortgage Planner)!
14) Can I pick up the broker check from the closing agent or escrow company?Answer- Absolutely Not (No Exceptions)!
15) Why work from home? Answer- The mortgage industry is changing at a rapid pace, working from home will almost eliminate being laid off. You can save money on gas, and maintenance cost on your car! You can work out of your personal office too! Work at your own pace! Create your own hours! Less Stress! Be your own Boss! Freedom! ATTENTION: IN THE NEXT 2-5 YEARS THERE WILL BE 30,000 MORTGAGE PROFESSIONALS LAID OFF FROM THERE JOB!! APPLY WITH VIRTUAL MORTGAGE GROUP™ TODAY AND DON'T BE A STATISTIC!!
16) If I work from home, where can I meet my clients?Answer- You can meet your clients at their home, in our company lobby, at a restaurant of choice, at a coffee shop, etc, or you can set up a virtual office with a conference room for only $1-$300.00 per month in your personal name! Be creative!
17) What items and equipment do I need to have, to set up a complete home office? Answer- You will need a computer, high speed internet, office chair, 3 in 1 fax/printer/copier, computer desk, office supplies, cell phone or business phone, loan file racks, adobe acrobat/ flash media software installed in your computer, and a secluded space to work. You need to have or download Microsoft Word, Outlook, and Excel on your computer.
18) Does Virtual Mortgage Group™ offer full and part time positions?Answer- Yes!
19) Does Virtual Mortgage Group™ offer branch opportunities? Answer- Yes, Email ekinvestments@hotmail.com for more information
20) Can I make residual income from other loan officers that I refer to Virtual Mortgage Group™? Answer- We are not a Multi Level Marketing Company, but our top producing loan officers are given the option to become Virtual Branch Directors. Our Virtual Branch Directors can make residual income from every loan officer they recruit under there umbrella!
21) How can I become a "Virtual Branch Director"? Answer- You must be a real estate licensee. please email hr@virtualloanstore.com for more information.
22) What kind of loan programs do you offer at Virtual Mortgage Group?Answer- VMG offers many different loan programs to choose from, it depends on the lender of choice(We don't turn down any loan)!!! Virtual Mortgage Group™ offers commercial, construction, hard money, can close FHA Deals, Loan Modifications, Reverse Mortgages, and manufactured home loan programs also!
23) What benefits does Virtual Mortgage Group offer to the loan officer*? Answer- We offer, Calyx Point set up, Glossy Business cards, toll free e-fax numbers, email addresses, marketing materials, custom website, and much much more (Upon being hired you will receive all the forms, and materials you need to be a successful loan officer)!!! We offer the blueprint to success!! We have a custom back office system that will have all the tools for a complete virtual office! Trust us you will love this company!!
24) All loan officers must hang there license with Virtual Mortgage Group™ only!! Virtual Branch Directors must have a real estate salesperson license to build there own team!!
25) Can I close Mortgage Loans, and Real Estate transactions working with Virtual Mortgage Group? Answer- Yes you can! You must have an active Real Estate Salespersons license. We offer a flat fee for Real Estate Transactions also! Each Real Estate transaction must past compliance before you are issued a commission check!
26) Can I bring my team or build a team of virtual mortgage planners? Answer- Yes! You must have a real estate salespersons license or real estate broker license.
27) Can we close loans out of the state? Answer- YES YOU CAN!!! Virtual Mortgage Group™ can close loans in 18 States Throght our partnerships with other lenders!
28) When and how can I get started with Virtual Mortgage Group™? Answer- ASAP, go to www.virtualloanstore.com/mortgageplanners Only serious Loan Officer's* must apply for this position! Must be a team player!
29) What is the hiring process?Answer- We are a virtual mortgage company! Go to www.virtualloanstore.com/marketing and fill out the orientation Package! Due to the number of responses Virtual Mortgage Group does not conduct traditional interviews! You will be selected based on your experience on your resume and orientation package to start the process! When Virtual Mortgage Group™ selects you as a potential Loan Officer you will receive an email for complete loan officer set up.
29) Does Virtual Mortgage Group™ charge a set up fee? Answer- No! Watch out for the other mortgage companies trying to charge you a set up fee!
CLICK ON LINK BELOW TO APPLY TODAY! www.virtualloanstore.com/mortgageplanners
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