- They earn 1% for completing 6 tasks during the loan process. The 6 tasks are outlined in the contract that the borrower and all LO's must sign. The first task being the application.
- Bank staff is typically inundated with tasks and this will allow the Bank LO to still get paid on a file they normally would not have the time to complete
- The relationship allows FSB to be their guide
- No additional staff needed! We become their additional staff keeping their overhead low and still allow them to be seen as "doing the loan"
- More Income for their bank. They can make money on loans they previously may not do. No more letting the lead walk down to another bank!
- The LO from FSB will make first contact with the potential bank. They will outline the program (flyers are available - see section above to the right) and set up an appointment with the person in the bank who makes the decision to sign up.
- The LO will then contact one of the TPO Sales Team (Bob, Justin, or Josh) to attend the meeting with the decision makers and LO's. The Sales Team will help with the details of the deal and answer questions they may have the LO would not be aware of.
- The Bank will then sign the contracts. This part may take a month or several months. The LO will follow up as needed to check in with the bank so it does not become a cold lead.
- When the contract is signed and delivered to the LO or the TPO Sales Team member, the contract packet is delivered to Robert Anderson for the approval process. Upon approval a welcome email is delivered to the main contact with a request for training. The FSB LO who helped get the account is assigned as their LO and will be included in the training. It is very important to attend the training and understand your role as the LO. The LO has the potential to make this account a very big account or a very small account.
App+5 Information Packet - gives a great description of the program and why a bank would consider this route
Mortgage Origination Service Agreement - the contract that is to be signed on EVERY file that becomes a loan. Signatures are needed from the App5 LO, FSB LO and Borrowers.
App5 Flyer 1
TPO Products Flyer