Mortgage Loan Originator agrees to commit to Full-time employment at United Mortgage, which is defined as working at least 40 hours per week and meeting with leadership monthly either in-person or virtually regarding their individualized success plan to ensure the Mortgage Loan Originator is pursuing full-time loan origination activities.
For all Lender-Paid loans: Increase to a total of 150 BPS for all loans. No structured tiers.
For all Borrower-Paid loans: Split of 50%/50% with a minimum of 100 BPS required to the branch for all loans.
For any Leads provided to you from United Mortgage, will be paid at 100 BPS for all loans.
The Mortgage Loan Originator shall be entitled to commissions processed the same day the loan is closed and fully funded via GUSTO, our payroll processing system. Depending on your bank, your direct deposit may take from 3 to 5 business days to reflect in your account.
The maximum total compensation paid by United Mortgage to the Mortgage Loan Originator for any closed loan, independently of the loan amount or the compensation received from the lender or borrower, is $20,000 per loan.
After 180 days of employment and meeting the applicable loan production requirements above, the employee will be eligible to enroll in the company’s health insurance plan through our provider, United Healthcare. This benefit is completely optional.
In addition, after 180 days of employment and meeting the applicable loan production requirements above, the employee will be eligible to enroll in the 401K Plan provided by Guideline. This benefit is also completely optional.
Any Mortgage Loan Originator closing an average of $1,500,000 per month for 3 consecutive months is eligible to become a Team Leader (Senior MLO) at United Mortgage. A Senior MLO is entitled to earn an additional 25 BPS or 0.25% from its Mortgage Loan Originators closed loans who are on his or her Team. This 25 BPS or 0.25% shall be paid the same day the Executive MLO loan(s) close and shall continue as long as the Executive MLO remains a qualified Senior MLO closing $1,500,000 on average per month individually. The Senior MLO team should not exceed more than 5 individuals (licensed and unlicensed) including any support staff. This Team Leader compensation structure applies for the Lender-Paid Compensation structure and the Borrower-Paid compensation structure paid from the lender or borrower to United Mortgage and will not exceed a total of 175 BPS or 1.75% combined to the Senior MLO and to the Executive MLO.
The mortgage industry is changing where MLOs are using third party processing companies and it's a smarter way to run your business. You have 3 different options:
1. Use Processor Assist Plus from UWM (charge to borrower).
2. Use a Third Party Processor like WeMLO (https://www.wemlo.io) (charge to borrower).
3. Process the loans yourself (no charge to borrower).
The Mortgage Loan Originator processes soft and hard credit pulls, as needed, and at the borrower’s authorization, consent, and expense for the purpose of pre-qualifying or pre-approving the borrower. Any upfront credit report fee associated with a soft and/or hard credit pulls will be the responsibility of the borrower and credited at closing. The Mortgage Loan Originator may pay for the borrower's soft and hard credit pulls at their expense and the Mortgage Loan Originator may be reimbursed at Closing.
Lender-Paid Compensation is most commonly used by Mortgage Loan Originators at United Mortgage. However, in certain circumstances, Borrower-Paid Compensation may be necessary, in order to close the loan and/or provide incentives/credits. Under Borrower-Paid Compensation, United Mortgage’s compensation must not fall below 100 BPS or 1%. Credits for the rate cost can be provided as long as the United Mortgage compensation is always received.
The Mortgage Loan Originator shall only use the United Mortgage approved software and cloud-base system for all loan processes, which is Blink+, our primary Loan Originating System (LOS). All borrower-related transaction and files shall be maintained in this designated LOS and Wholesaler Partner Lender sites only.
United Mortgage will provide a dedicated email address (Name@UnitedMtg.net), in addition to a dedicated personal webpage (UnitedMtg.net/name-last name) that includes the application link for the client-facing interaction. These two items (email and personal webpage) are required, as the only client-facing electronic communication and platform to be used by the Mortgage Loan Originator.
United Mortgage is currently licensed in North Carolina, South Carolina, Georgia and Florida. The Mortgage Loan Originator is required to only close loans in these states. The Mortgage Loan Originator is not entitled to compensation for referrals or closings from any other states outside of the states licensed by United Mortgage. The Mortgage Loan Originator must be licensed in any of those states in order to receive compensation for closed loans in any of those states.
United Mortgage of America, LLC
9820 Northcross Center Ct. Huntersville, NC 28078
Copyright © 2024 United Mortgage
Licensed in NC - All Rights Reserved
United Mortgage of America, LLC - NMLS #2591834