The “Competition”

How much is the Monthly Fee?

You can choose one of two plans:

You must pay $495/month (ouch!) in fees, until they decide to increase it because business slows.

They also deduct and an additional
$495/closed file.

$35/month
and
$275/closed file

$0/month
and
$475/closed file

Do I have a choice about processing?

You can choose to process yourself or choose any Contract Processor you like.

You must use company or affiliated processors only.

What are the sign up fees?

$50

$195 (ouch again!)

To whom can I broker my loans?

You can choose from hundreds of wholesale lenders.

You must use the company loan products only.

Will you sign up new lenders?

You can choose to have a loan placed with a specific lender with whom we are not currently approved. We will complete their broker package and sign up in 24-hours if you have a valid loan which you wish to submit to the new lender.

You must give them a couple of weeks. They might get back to you in that time frame to advise you that they don’t want to sign up with that lender because they already have similar lenders with similar products.

What are the minimum production requirements?

You can choose to close as few or as many loans as you would like. We have NO production quotas at Innovative Mortgage.

You must close a minimum of 2-loans/month or they are not interested in you.

How quickly can I sign up?

You can sign up in 24-hours or less. You can fax in the forms provided on the website. We guarantee to have you up and running within 24-hours of receiving your paperwork.

You must wait to be completely signed up in 2-3 days, but it could take longer. They do an extensive background check and credit report.

Do you pay 1099
or W-2?

You can be compensated 1099 or W-2. Innovative Mortgage Pays Licensed Loan Associates 1099 on all Non-FHA loans and W-2 for FHA loans.

Non-licensed associates are paid W-2 for all transactions.

You must be paid 1099 on everything until the State and Federal government audit them and fine them thousands of dollars for non-compliance. They will shut them down and you will be left in the lurch with loans waiting to close.

How quickly do I get paid?

You can choose to be paid within 24-hours of closing via an ACH Direct Deposit. Our compliance/Quality Control is straight forward and
easy to follow.

You must wait 1-2 weeks to be paid. Their compliance policies are constantly changing and becoming more tedious. Don’t hold your breath on getting paid quickly.