#1 Loan Originator in the US 2021 & 2022
Source: Scotsman Guide
Are you facing challenges in acquiring new clients, processing loan applications, managing a demanding schedule, and ensuring client satisfaction? If so, I am excited to share with you the strategies that have helped me become the top Loan Originator in the United States for two consecutive years.
As a member of Loan Factory, you'll have access to the same cutting-edge technology, resources, processing systems, and marketing tools that have propelled my success. Additionally, I will be available to provide guidance and mentorship to help you achieve your goals.
I am eager to discuss how I can support you in becoming a successful Loan Originator. Let's connect and explore the possibilities together.Schedule 1-1 meeting
Realtors and CPA/Insurance agents, with your network and existing clients, you can have an additional stream of income while providing more excellent services. All you need to do is study a 20-hour class and pass the NMLS exam
We offer incredibly LOW rates and want the entire world to know about them! Most mortgage lenders are either unable or unwilling to display their rates.
Check our rates here at www.loanfactory.com
We have the BEST customer reviews compared to any mortgage companies out there on Google, with an average rating of 5-stars.
We have over 5409 5-star reviews. A PERFECT record.
We have developed our own proprietary platform that is UNMATCHED by any other mortgage companies on the market. Forget about using three or four different software tools to process your loan; we have it all in one place.
Visit moso.com now for additional information
We have a product and pricing engine in place to ensure that our clients get the best deal possible.
We provide tier-1 rates from wholesale lenders.
Many lenders offer no EPO.
Have an experienced assistant to work by your side and help you out with some tasks.
We can help you build your own website with www.yourname.com to help with marketing. Your website can show the pricing engine, take applications, post testimonials, etc.
Unlock mortgage mastery with our comprehensive training academy and weekly expert-led live sessions.
Loan Factory is now licensed in 48 states except Connecticut and New York.
Loan Factory is a mortgage broker (licensed in 48 states) and is also a correspondent lender (licensed in 4 states - California, Florida, Texas and Colorado).
Thuan Nguyen is the CEO. He is number one Loan Officer in the US in 2021 and 2022 per Scotsman Guide rankings.
Currently, Loan Factory has 8 physical locations throughout the country. They are California, Hawaii, Nevada, Arizona, Texas, Georgia and Florida.
Loan Factory is headquartered in San Jose, California.
No. Loan Factory focuses on doing mortgage loans only.
No. Loan Factory specializes in mortgage loans only.
Yes, that is correct. You are welcome to shop around for instant and real-time mortgage rates here: https://www.loanfactory.com/quote.
Loan Factory does NOT allow DBA. However, we allow you to use “Powered By” in connection with your existing business name or branding, and the legal name of your business is not changing. For example: You can use and promote “ABC Mortgage - Power by Loan Factory”.
WE DARE YOU TO COMPARE.
Our CEO is also the founder of MOSO. MOSO Platform is an all-in-one mortgage platform with CRM, POS, LOS, and many more features. Loan Factory uses only MOSO and no other software.
Normally, you'll need a Loan Origination System (LOS) to manage the lending process and your own business website to attract more prospective borrowers, a Customer Relationship Management (CRM) software to reap the benefits of a good communications specialist, without actually hiring one and a Point-of-Sale (POS) system which allows prospective borrower to complete 1003 applications, as well as upload and e-sign documents. However, at Loan Factory, we have our own proprietary technology that provides all of these features. You do not need to buy your own software.
Loan Factory uses our own proprietary technology platform MOSO to speed up the process, prevent problems that may happen, improve the process, train the staff faster, moving loans through an assembly-line manner, and improve communication. Moreover, most of the lenders that work with Loan Factory have dedicated resources to support Loan Factory.
Loan Factory will help set up a website for you at no charge. However, you will have to purchase a domain yourself first. You can look up and purchase a domain at GoDaddy.com. You only have to pay Go Daddy the annual fee around $18/year.
As your client, you should be aware when the client applies. If the client applies and you don't see it in your pipeline, then, you must show proof to Loan Factory that you were in contact/communication with the client prior to the loan application being submitted and our pipeline manager will reassign the loan to you.
Sure. If the demand is high, MOSO will implement different language website versions.
There is no need to have a separate mortgage calculator since most features do have automatic calculation such as rate quote/pricing, mortgage payment/amortization schedule, property tax/insurance estimation, debt-to-income ratio calculation, rental income calculation, commission split calculation, etc…
Loan Factory is working on a newsletter and MOSO will help release it soon.
Certainly. We can help you create and build the widget on the requested website.
Please refer to the State Licensing Requirements Page to see the requirements. Normally, you need to complete the pre-licensure education (20-hour course and possible state's elective hour), pass the SAFE MLO test, submit to a criminal background and credit check prior to submitting an application in NMLS. Review Professional Standards for more details on the Criminal Background Check, Testing, Education, and Credit Report process.
Please refer to this link for submitting individual forms on NMLS. Once completed, please grant access to Loan Factory (NMLS ID: 320841) to request sponsorship for your license.
Loan Factory must then accept sponsorship requests, run background checks, collect initial fees and perform the onboarding process.
Here is the summary of the onboarding process steps.
No, you don't have to have previous experience to be sponsored by Loan Factory. Loan Factory will train you.
Loan Factory allows you to work outside the offices and you are welcome to visit Loan Factory local branches for meeting purposes. However, this will also vary from state to state. If you plan to conduct business in a state with a brick and mortar requirement, working out of your home won't be an option. There are five states in the U.S. with a brick and mortar requirement: Arizona, Hawaii, Missouri, Nevada, and Texas.
Loan Factory Human Resources will help collect your credit card information and set up an account for you. Our credit vendor is Advantage Credit Company. There is no set-up fee. When you have a transaction, you will be charged to your credit card automatically and you will be reimbursed at closing.
Most states do not allow you to originate your own loans. However, every state and auditor has their own interpretation. At Loan Factory, when you are the borrower, you should ask another Loan Officer in the company to be the Loan Officer of the loan.
Loan Officers are considered as experienced when they closed at least 10 loans since 2021 or closed more than 3 loans within the last 12 months. If not, they are new Loan Officers and they must close at least 3 loans at Loan Factory to be switched to experienced.
Most of our lenders are licensed nationwide and we have 30+ lenders on our list right now.
Branch Managers who are also Loan Officers who bring in at least 5 Loan Officers (at the end of the quarter) and close at least 15 correspondent loans PER QUARTER with Rocket Pro TPO are eligible for a bonus of 8 bps for each closed loan with Rocket Pro TPO. The bonus will be paid out within 30 days after the end of the quarter, and it comes from Loan Factory's Rocket Pro TPO partner. Loan Factory plans to add more lenders and more states to the Correspondent channel.
Team Lead is when you recruit Loan Officers in your team and with your coach and support, Loan Officers in your team can learn and become productive. Branch Manager is when a branch office is involved and incur operational profits/expenses.
Absolutely, you do not have an obligation to stay with the team. Therefore, you can decide to leave the time anytime you wish.
Transition LOs can issue pre-approval. However, the file must be under Loan Officer Thuan Nguyen and you are not allowed to perform any licensing activities due to the fact that your license is not active under Loan Factory.
Licensing team from Loan Factory will guide you step by step on the sponsorship process.
Upon your webinar registration, our team will reach out to you to introduce about Loan Factory and answer any questions you may have. Please feel free to ask a lot of questions so that you can feel comfortable and confident joining Loan Factory.
The webinar is hosted weekly. You can always join the following week if you can make it this week. You may also request the Supporting team to provide you with the webinar recording link so that you can watch it.
You can email the Loan Officer Support Team at firstname.lastname@example.org at any time for any questions or concerns.
The Supporting team can help answer your questions. However, if you want to speak to the CEO Thuan Nguyen, we can certainly always accommodate you.
All basic information about being a Loan Officer at Loan Factory can be obtained from our main Loan Officer page - https://www.loanfactory.com/loan-officer.
Loan Factory welcome new and inexperienced Loan Officers. We can train you and give you advice to become successful just like other experienced Loan Officers.
There is no waiting period. We respect your time and decision. We encourage you to do research about our company and our Loan Officer program before you join to ensure that you are making the right decision.
Certainly. We can introduce you to our currently joined Loan Officers so that they can share with you their experience and feedback.
Simply check out a branch near you and you'll likely see a 5-star rating. Collectively, we've got nearly 6,000 reviews on Google at last glance. A good number of those reviews indicate that both the interest rate and closing costs were lower than expected, a testament to our strong pricing. Besides, we offer excellent services and that is how most of our customers are satisfied.
It varies depending on each state. It may take a week for some states and 2-3 weeks for other states.
We allow your new loan to be submitted and the Loan Officer will be Thuan Nguyen. You may not be allowed to change the Loan Officer back to your name during the loan process. Upon closing the first loan, you will be paid a sign-on bonus.
You are considered as Independent Loan Officers and are commission-only bases. Therefore, there is no healthcare, 401k and/or other benefits provided.
You are not entitled to full-time employment at Loan Factory and because you work in your own time, there is no time off/holidays paid.
Unfortunately, Loan Factory does not cover equipment expenses.
Absolutely yes! However, we encourage you to have the client fill out the application and upload documents online for conveniences.
Yes. You can request and we will consider signing up with the lender you request.
Loan Factory provides support including but not limited to your own dedicated Loan Officer Assistant (LOA), webpage, mortgage platform, training, marketing, advertising and leads (if available).
At Loan Factory, we provide you with a Loan Officer Assistant (LOA) for you at no cost. Your LOA will help you with everything you need to ease your job.
You can contact Loan Factory staff via text, email, phone call, or Google Chat.
Yes. If you (or your team) have a high production, you can have your own LOA. However, all LOAs must be an employee of Loan Factory. You (or your team) may be charged for the compensation that Loan Factory pays the LOA. We have to interview the LOA to make sure he/she is qualified for the position and we can recruit him/her to be an employee of Loan Factory who can support both the company and you.
No, you can not. You are required to use our in-house processing team to make sure we stay compliant.
No, you can not. LOAs and LPs are assigned randomly. However, you are encouraged to share feedback with the LOA manager and we can consider accommodating your request.
No, you can not, unless you have a valid reason.
As soon as you have an application opened, you will need to reach out to the client to introduce yourself, intake the application (complete 1003), get the documents completely uploaded to the system, review and evaluate the qualification of the file, discuss with the client about the rate/pricing and perform other licensing activities.
We understand you are busy and want to be involved at the minimum. We want to support Loan Officers like you. You may be classified as an Assisted Loan Officer. We can offer you a Loan Officer Assistant (LOA) to help you with almost all of the entire loan process. Your LOA must be licensed. The commission split for Assisted Loan Officers is 50% of the NET commission (Gross commission minus processing fee of $500).
Depending on the state, loan amount, how you negotiate with the client, and whether or not the client shops around with other lenders, the commission can be adjusted accordingly to help you secure the loan.
Of course you can help involve the loan process to move the loan forward smoothly. However, you should allow the Loan Processors to do their job so that you can have time to do marketing and also, to make sure the process can stay compliant. Our processors are very experienced; therefore, you should not be worried.
Yes, you can. However, depending on the state and if you are allowed to represent both roles, make sure you disclose to the lender and also to the client. Please inform our team before the loan is started and ask for the disclosure form as well.
You are allowed to originate as many states as Loan Factory has a license in. However, you have to pay for the licensing fee charged by each state. Loan Factory will pay for the sponsorship fee for you, up to 3 states.
It is best to refer the loan to the company. You are not allowed to perform any licensing tasks if you are not licensed where the loan originated.
If you are a W-2 Loan Officer and refer a loan to the company, you will receive a referral bonus of 50% of the NET commission (gross commission minus processing fee of $500). Please note this applied to W-2 Loan Officers only. 1099 Loan Officers won't qualify for this bonus. You must be classified as a W-2 Loan Officer if you want to have a license in 1 of the 12 W-2 states.
Since you are considered as a part-time Loan Officer, you do not need to buy surety bond (insurance) for your own. Loan Factory does have E&O and Surety Bond, the policy that can help cover for Loan Officers.
Absolutely! Loan Factory can sponsor your DRE license. However, since Loan Factory does not do real estate, you will not be able to perform real estate transactions unless you have another real estate broker/company to sponsor for your DRE license and Loan Factory will sponsor for your DFPI license.
You work with Loan Factory as an individual. We will pay to your name.
If you want to open an LLC, you can do that. but we will pay you as an individual.
If you want Loan Factory to pay to your LLC, your LLC must be licensed. An LLC is an entity and it can get the license (extremely difficult and costly).
The compensation structure is 100% commission for 1099 Loan Officers and 90% for W2 Loan Officers. Loan Officers receive a commission on the loans they originate. The commission amount differs depending on experience level and on the payroll structure (1099 vs. W2). For more details, please refer to the Loan Originator Compensation Agreement Addendum.
You can bring a Loan Officer coming onboard and be in your team. Loan Factory will send you $200 for referring a new/inexperienced Loan Officer and $500 for an experienced Loan Officer.
You are more than welcome to bring in Loan Officers to come onboard and as a team lead, you can coach and support your team members. There is no limit on the number of Loan Officers you recruit. The team leader who has at least 5 loan officers in his/her team at the end of the quarter and if the team closes at least 15 correspondent loans PER QUARTER with Rocket Pro TPO (loans closed with other lenders will not be counted toward the 15 minimum loans) are eligible for a bonus of 8 bps for each closed correspondent loan with Rocket Pro TPO. The bonus will be paid out within 30 days after the end of the quarter. Loan Factory is adding more lenders and more states to the Correspondent channel.
The policy does not require the Loan Officer to stay with any specific team. The Loan Officer can freely join and leave the team any time they wish.
Loan Officers receive 1099 at Loan Factory, except for Loan Officers licensed in these 12 states such as Georgia, Illinois, Maine, Massachusetts, Mississippi, Montana, Nevada, New Jersey, North Carolina, South Carolina, Vermont, and Rhode Island. Payment will be made upon completion of closing a loan and commission can be requested on Loan Factory system. Accounting department will be responsible for issuing the payment to Loan Officers.
Yes. From deal to deal, you can switch to borrower-paid compensation and lower the compensation (subject to the minimum and the target/maximum level).
It is our policy that the processing be paid for by the Loan Officers. The fee is $500 (for a wholesale loan) or $800 (for a correspondent loan). Processing is not charged if the loan is not closed.
Both. When a new loan is created, the Loan Officer's target compensation will be applied automatically if they choose not to change it. However, when an application is converted to a loan for submission by the processor, the Loan Officers must decide whether to send the loan to the Wholesale or Correspondent channel. If they choose Wholesale, the loan officer can select Lender-Paid Compensation (which cannot be changed) or switch to borrower-paid compensation and lower the compensation (subject to the minimum and the target/maximum level).
In the Correspondent channel, Loan Factory is currently licensed to do business with Rocket Pro TPO in California, Colorado, Texas, and Florida. We are adding more investors and more states. A Loan Officer can send the loan to the Correspondent channel if he/she wishes to. The Loan Officer will receive the same pricing as in the Wholesale channel, which is unusual as most other mortgage companies offer worse pricing (or higher costs) in the Correspondent channel. Please note that since it is more risky for the company and the cost is higher (than wholesale) due to additional fees such as VOE, Credit Refresh, Funding Fee, MERS fee, etc, the company decides to raise the processing fee to $800 (and will not charge any other fees when compared to wholesale loan). The Loan Officers can include this $800 processing fee in the Loan Estimate so that the borrower will pay for it.
You must select your target/maximum compensation level for every loan, which will also serve as your maximum compensation regardless of loan size or channel (Wholesale vs. Correspondent). The target/maximum compensation level will be saved to your profile and cannot be changed until the next quarter. To make changes to the compensation level, you must sign a new addendum to your compensation agreement and send it to HR at least three days before the end of the quarter.
New/inexperienced Loan Officers are those who closed 3 or less transactions in the past 12 months.
Since you are considered as a new or inexperienced Loan Officer, you will need a lot of help to handhold and training. Therefore, for the first 3 transactions, no matter if you are 1099 or W2, you will earn 50 bps on every closed transaction. The compensation will be set at 100 bps on each transaction. There will be a processing fee of $500 applied to every closed loan. There is no flat fee of $595 applied.
If you closed 3 or more loans within the past 12 months or if you closed more than 10 loans since 2021, you will be considered as an experienced Loan Officer.
For each closed loan, if you are 1099, you will be paid 100% of the commission minus a flat fee of $595 and processing fee of $500. If you are W2, you will be paid 90% of the commission minus a flat fee of $595 and processing fee of $500.
They are 2.5% for outside California and 2% for California.
They are Georgia, Illinois, Maine, Massachusetts, Mississippi, Montana, Nevada, New Jersey, North Carolina, South Carolina, Vermont, and Rhode Island.
No. If one you are licensed in one state requires W2, you will have to be a W2 Loan Officer for all states you are licensed in.
As soon as your loan is closed, you will have an option to request commission on Loan Factory portal. If you are a W2 Loan Officer, you will be paid bi-weekly. If you are a 1099 Loan Officer, the Accounting Department will send you an ACH payment 2 days after the commission is requested.
There are no other fees at all besides the admin fee of $595 and processing fee of $500 per transaction. There is no monthly fee charged either.
You may export those applications to MISMO 3.4 then upload them to our system.
You can actually refer a loan to Loan Factory or other Loan Officers at Loan Factory. However, you can only earn a referral fee if you are W2 and not 1099. The reason is the prohibition on compensated referrals under Section 8 of RESPA does not apply to referrals made by an employee to his/her employer.
From time to time, Loan Factory will purchase leads. These are company-provided leads. You can receive company-provided leads. You will be paid less compared to the self-generated leads. The compensation schedule can be found in the schedule A or the Loan Officer Compensation Addendum.
Yes, if the demand is high, Loan Factory can sign up to purchase leads and you will be charged for the leads you want to purchase.
Loan Factory offers in-house processing. For compliance and quality control, no outside loan processing is allowed.
Loan Factory offers a vital, well-trained processing team who can help manage compiling a consumer's information and financial data for submission to possible lenders as part of the application process and support you for a smooth entire process till closing of the loan. You should make sure the borrower submitted the complete 1003 and supporting documents. You should also make sure the loan can be approved and closed before converting the application into a loan for the processor to process your loan. You will also need to communicate with the borrower regularly to lock the rate and explain the fees.
You are responsible for managing the borrower relationship while originating a loan and performing licensing activities such as loan application intake, possible loan products/programs consultation, rate and term negotiations, loan qualification evaluations, loan restructuring and loan application rejections.
Loan Factory is offering live, weekly-basis training, conducted by the CEO to cover many topics. There will be other training sessions provided by the lenders and third parties to go over many other areas such as special loan programs, preliminary report, credit report. Besides, you can have an opportunity to attend All Access Event - a special on-site training provided by Rocket Pro.
You will be invited to attend the training by joining the zoom calls or meetings. There will also be a lot of pre-recorded videos for you to watch. In addition, you can subscribe to the Loan Factory Youtube channel to access more training videos.
Training recordings are all saved at our intranet loanfactory.net or you can request your LOA to send you the link.
All Access is a 1.5-day training experience hosted at the Rocket Pro TPO Detroit campus. All Access is an elite training session, where Rocket Pro TPO partners will learn from some of the most premier mortgage trainers and leaders in the country. Partners will attend a variety of platform AND sales classes, experience a custom-built tour that is tailored to mirror the TPO loan process, and hear from both senior leaders and special guests. Education is the primary focus and we want to help you build your business and skills during this slower time in the market.
Good news is Rocket will cover all airline travel, hotel expenses, food & entertainment during the 1.5 day event so you don't have to worry about it.
Your client must authorize you to do the hard-pull on the credit report before you can run AUS on our system.
If the file is urgent and you can not wait until Monday for your LOA to help, you can review the application/documents, evaluate the loan qualification, and calculate the debt ratio. If the loan is qualified, you can issue and email the pre-approval letter to the client right on the system. In the event you need urgent assistance, you can email the manager email@example.com or call her directly at 678-272-3979.
Yes you do. Once the loan is converted, a rate alert must be created. This is to help your clients view and monitor their rates on a daily basis so that they can consider locking. Loan Factory's goal is to be transparent in pricing and we want the client to be able to understand the market rates thoroughly before they decide to lock.
You should not lock the interest rate too soon. We are not a lender. Locking the rate too soon will cause so many problems: borrowers may ask us to relock if the market rates went down; borrowers will then likely drop the loan and go with another lender. Also, locking the rate too soon means we may not be able to close the loan before the rate lock expires. The system is smart enough to tell you when the loan is “eligible to lock”.
In the past, Loan Factory had the “Client For Life” policy. If the client is yours, the client will be forever your client. However, we have now removed it. If there is a current ACTIVE prospect or loan, the client must write a letter/email to indicate which Loan Officer he/she wants to work with. If the loan is submitted to the lender and approved, we will not allow change of Loan Officer unless there is an extreme situation that causes the client to be so mad with the existing Loan Officer. This involves 2 Loan Officers. Each loan officer has the right to talk to the client for his/her decision. Please respect the client's decision and not create a situation when two Loan Officers from Loan Factory fight over the client.
Unfortunately, you can not originate a loan under LLC. It must be under your name.
Correct, we work with Rocket Mortgage.
No. You can create a lead and nurture them until you can convert the lead to a prospect, then to a loan.
We have an agreement with all lenders we are going with that their Retail department will not solicit Loan Factory's clients.
Your Loan Officer Assistant (LOA) can help train you on how to read the rate sheet, as well to get familiar with using the system. Please feel free to reach out to you LOA for any thing you need to be assisted with.
Loan Factory's Marketing department will help you with all ideas, advice, designs, templates for your marketing campaigns. You should always submit your requests to the team at firstname.lastname@example.org for help.
You must always obtain approval from the Marketing team before you run any marketing campaigns. Failure to do so will result in reminding, warning actions or any other disciplinary actions.
We have a generable template in our system that you can generate on your own without going through Marketing. However, you still must get approval from Marketing team before you post.
Managing your compliance needs when originating loans is one of the most important aspects of your business. Maintaining compliance involves following all applicable state and federal rules, regulations and guidelines governing your business' processes, including the issuance of required disclosures throughout the loan process, the creation and use of marketing materials, the retention of records associated with your business and the initial licensing/annual licensing renewal process. Loan Factory has a Compliance Department that can help audit your activities and inform you if there is any violation.
In general, you should avoid using some superlatives like “the best”, “the most”, “the lowest (rate/cost)” unless you can back them up with evidence. Best is to have Marketing team review and approve your marketing.
There will be lenders out there battling it out and willing to make less money for business, you can beat them to help place your borrowers in the best product and pricing. However, there should not be “best rate” or “lowest rate” offer guaranteed.
Yes. In some company-wide marketing campaigns, you are required to to participate and we always have a meeting with everyone before we roll out.
All meetings will be scheduled based on PST time. Calendar will auto update the timezone to reflect everyone's locations.
Yes, MOSO is building it and will have it released soon.
As an Independent Loan Officer, you are not required to be in the office and can choose your own work hours.
There will be a one-time startup fee of $100 to cover expenses such as Background check, business cards, set up your own website (www.yourname.com), company email, NMLS sponsorship, and Google Apps for Work.
Loan Factory will cover the sponsorship fee up to 3 states. You will be paying the application fee for all states you want to be licensed in.
For the first 3 transactions, a BRAND NEW Loan Officer (no matter you are 1099 or W2) will earn 50 bps on every closed transaction. You are not a BRAND NEW Loan Officer if you close at least 3 loans in the past 12 months or at least 10 loans since 2021.
For transactions sent to the correspondent channel, the processing fee will be $800 due to the higher costs associated with such transactions.
You will receive 1099 compensation for most states. If you are licensed in these 12 states: GA (Georgia), IL (Illinois), ME (Maine) , MA (Massachusetts), MS (Mississippi), MT(Montana), NV (Nevada), NJ (New Jersey), NC (North Carolina), SC (South Carolina), RI (Rhode Island), VT (Vermont), you will receive W2 compensation. Due to compliance and simplicity, no Loan Officer can get paid both W-2 and 1099.
1099 compensation: you will get 100% commission on every closed transaction. Loan Factory will charge a flat fee of $595 (on top of processing fee $500), regardless of the loan amount.
W2 compensation: you will receive 90% of the commission on every closed transaction. Please note that you still have to pay all applicable payroll tax yourself.