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Prospective VLO's, VPA's, VMA's

Q: Why come aboard with Virtual Lending?
A: Virtual Lending is among the most aggressive and fastest growing mortgage marketing companies in the industry. We give our "Virtual Employees" a complete "tool box", not just the tools, to do their job efficiently and successfully. You would become an active part of a nationwide organization of Virtual Lenders connected by our comprehensive virtual business network. When you join us, you will progress from your current situation as a broker in a local market to becoming a Virtual Lender in a national market able to offer a wide-ranging product line including conventional and sub-prime products. As a lender/broker in this highly competitive industry, you owe it to yourself to offer the most products in the largest possible market available to you. In this day of modern technology, you must be prepared to meet the needs of a more informed and aware borrower.

Q: When and how can I get started?
A: Practically immediately! Visit the Get Started Page for complete details. Upon receipt of your Application or Agreement (employment forms) available by visiting our registration page and/or clicking on any Sign-Up button which links you directly to our Sign Up section you will receive a call or email from a Virtual lending representative with in 24 hrs If you do not receive a response via phone or e-mail within 24 hours please contact us.

Q: What lenders can I broker loans to?
A: Our VLOs have access to over 100 national lenders which equates to thousands of different loan programs. With these products and availability, Virtual Lending VLOs can be assured that finding the right product for potential borrowers has never been easier. We also welcome recommendations for adding new lenders that are not already on our approved lender list.

Q: What states can I originate loans in?
A: Virtual Lending's Lender Affiliate does business in approximately 40 states.

Q: Do I need any licenses?
A: No. With the Virtual Lending program you do not need a corporate lender or broker license. EXCEPTION: However, various states require a second license to be held by individual loan officers (orginators). The good news is that we have multiple employment options. Two positions are for new unlicensed individuals. In addition we can assist you with your state licensing process if you wish to become a full time loan originator.

Q: What fees does Virtual Lending charge?
A: One of the many benefits of working with Virtual Lending is that we do not charge our VLO's to originate loans. However, typical lending fees include underwriting ($395-$495) and processing ($495-$595) which is charged to the borrower and is fully disclosed on the Good Faith Estimate. That is all.

Q: Can I advertise in the company name?
A: We allow VLO's to advertise with our corporate lender affiliate name. However, in order to monitor and streamline our corporate marketing focus VPA's must obtain written approval from our Marketing and Compliance department prior to placing any advertisements. E-mail content to admin@getyourmortgage.info; your proposed advertisement will be reviewed to ensure that it complies with our marketing standards, as well as all federal, state and local regulations.

Q: I’ve had some credit problems in my past. Is that a problem?
A: We hope you will manage your financial affairs, although we recognize situations do take place that can cause poor credit. We expect all of our affiliates, including our Virtual Loan Officers, to perform professionally, legally and responsibly. If you are able to maintain these standards, your credit issues will not prevent you from joining our team.

Q: Do you have volume requirements?
A: We do not have any volume or production requirements.

Q: Do you have an initial investment requirement?
A: We do not require an initial investment or require you to establish a reserve account.

Q: Do I need to establish an office?
A: You are free to work from your home office or any other location of your choosing.

Q: I'm a big producer. Are you able to pay me a higher commission? Can I get a better deal?
A: We pride ourselves in our commission structures and are willing to pay for production. Please contact Virtual Lending to discuss a customized compensation plan.

Q: Do I need to have experience in the mortgage industry to join your company?
A: No, however many of our Virtual Loan Advisors have gained considerable experience working at other mortgage companies before joining us to increase their compensation. We are equipped to offer the hands on attention that an inexperienced VLO's, VPA's and VMA's would require. However with our system and Processing department we will handle all compliance and disclosures.

Processing

Q: Do you offer processing?
A: Yes. VLO's are required to use our in-house processing team.

Q: What does the Processing department take care of?
A: Processing will lock the loan, order title and appraisal, order payoffs and gather documents to clear "stips".

Q: As a VLO can I hire processors to work for me?
A: VLO's are required to use our Processing team; we have an expert team of in-house Processors that will work diligently to close your loans.

Q: How long does it take to process a loan?
A: Although our Processing team has a rapid and proficient approach to closing loans, processing time varies depending on many factors. Of course, the cooperation of the borrower in supplying required documentation helps cut processing time. Loan type, such as "No Documentation" loans, require fewer documents and shorter processing time. Our technology edge allows for less error and no more lost documents in the processing stage. Outstanding documentation and "stips" are available for Processors and the Virtual Loan Officers. This keeps everyone involved and working toward the common goal of gathering outstanding documents from the borrower in a timely and efficient manner, shortening the time it takes for us to close a loan.

Q: What is the cost of credit reports?
A: There is no cost to employees. Virtual Lending will pay the following: Individual tri-merged: $12.00 Joint tri-merged: $17.00

Q: How do I pull a credit report?
A: Your personal loan coach will order credit after reviewing the details of the loan. We will bear the expense for you and import the liabilities from the credit report directly into the borrower’s 1003.

Q: How do I order appraisals?
A: Once you have the initial loan application and ALL signed documents from the borrower the Processing department may order the appraisal. We have a national network of appraisers or a qualified local appraiser may be used.

Q: How do I order Title?
A: Once you have the initial loan application and all signed documents from the borrower, the Processing department orders the title for you.

Q: Who handles the closings?
A: You may use our national company or any VLO, VMA or VPA may recommend a qualified closing attorney or title company local to the subject borrower location.

Q: How do I price a loan?
A: VLO's have the ability to give potential borrowers a choice of products that would suit their particular scenario. For convenience Virtual Lending will compare various loan programs to provide the most competitive pricing.

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Submitting Loans

Q: Can I still deal with the same Account Executive I'm used to using?
A: While we welcome recommendations for additions to our lender list, we require that you work with our existing lenders and contacts.

Q: Can you suggest what investor to submit my loan to?
A: Yes, our Product Manager can assist you with loan submissions that require special attention or circumstances. Email admin@getyourmortgage.info for more information or login to our Instant Messaging Board on the "contact us" page.

Q: How do I get lender rate sheets?
A: We match the best deals for your borrower based on their loan’s parameters. All of the adjustments, fees and costs are automatically calculated for you. you simply need to help us match your borrower with the best deal for their needs.

Q: Can I use my own e-mail address?
A: You may use your existing e-mail address. Very soon we will also be supplying email addresses for employees. If you need an email address at this time please contact us at admin@getyourmortgage.info and we will assist you.

Q: What origination software can I use?
A:We provide three options. You will be given access to a free fully operational loan origination system (LOS). You then can e-mail the .fnm file from the LOS to us to upload into our corporate system. You may also submit loan applications and lead information via fax or you can enter loan info on our network site www.callmortgagemike.com by creating a login and password and entering the data.

Q: Where do I send email?
A: Email admin@getyourmortgage.info for assistance.

Q: I forgot my Virtual Lending Password.
A: Simply go to our login screen and click "forgot password." Enter you e-mail adddress and you will automatically recieve your password via e-mail.

Q: Do I have to register ALL of my loans with Virtual Lending?
A: Yes, as a Virtual Loan Officer or employee you will forward LOS files, leads, or applications to Virtual Lending so the file can be submitted for review etc. In addition, we are REQUIRED to enter and track each loan or mortgage lead.

Compliance

Q: Who sends out the good faith estimate of closing costs?
A:Only a VLO is responsible for sending the good faith estimate of closing costs to the borrower in a timely manner. Our in-house staff will ensure proper disclosure for leads and prospects generated by our marketing team and can be available to assist VLO's as needed.

Q: Am I allowed to work for another mortgage company at the same time?
A: Only VPA's and VMA's employed by Virtual Lending are permitted to work for another company. As a general rule VLO's can only work for one mortgage company. This is applicable for states that require the individual loan officer to be licensed (in addition to working under our corporate mortgage license).

Q: Can I use my own company name.
A: VLO's (in all cases) and VPA's (in most cases) are required to use our lender affiliate name. VMA's are free to use their own DBA for marketing only. (does not include loan origination or loan officer advertising)

Expenses

Q: Who pays for credit reports?
A: Virtual Lending pays for all credit reports.

Q: Who pays for long distance telephone calls?
A: VLO's, VPA's and VMA's will pay for all of their own telephone calls. Our staff is available to assist with borrower contact if necessary.

Q: Do I have to set up a reserve account with you?
A: Virtual Lending does not require an initial investment or require you to establish a reserve account.

Q: Do you charge accounting fees?
A: Virtual Lending does not charge you any accounting fees.

Q: What equipment is required?
A: Each VLO, VMA and VPA must have a computer equipped with internet access, plus a cell phone or landline with long distance service.

Human Resources - Payroll

Q: What is Virtual Lending's compensation structure?
A: One of the many benefits of working with Virtual Lending is that we provide multiple options for licensed or unlicensed individuals and compensate based on level of experience, production, and involvement in the loan process. We provide all employees and those wishing to ultimately orginate loans for us with skills developement and licensing assistance in addition to a personal coach at no cost. Our plan is as follows:

VMA: $500 - $650 per qualified loan lead
VPA: $575 - $725 per file processed
VLO: 25% - 55% of net fees (includes coaching, submission and processing support)

Q: How often will I get paid?
A: Our technology enables our loans to be highly compliant, eliminating document deficiencies and allowing faster payments to Virtual Loan Officers. Pay is generally disbursed two weeks from funding or sooner providing the closing package is compliant. Our pay criteria also applies to VPA's and VMA's. To be compensated or paid commission on a loan, it must meet the following criteria:

Closed
Disbursed
Funded
Cleared

Q: Will I get a W-2 or a 1099?
A: Our Virtual Loan Marketers and Processors are hired as W-9 (1099) Contractors. Full time VLO's will be paid W-2 according to the law.

Q: Do you offer benefits?
A: Yes! We are proud to offer access to health insurance, dental insurance, and other benefits for full time VLO's only (call for qualification quidelines). You will be provided an outline of our benefit package after expressing interest at the time of hire. All benefit premiums are the responsibility of the Virtual Loan Officer.

Q: Do you offer advances/draws?
A: We do not offer advances or draws.

Q: Do you offer direct deposit?
A: No. Not at this time.