Q – How long does it take for me to be fully set up as a commissioned loan officer?
A – You will be able to start processing loans within 48-72 hours of your application.

Q – Why are there so many names? Evofi, Oak Hill, Step By Step?
A – Oak Hill Mortgage merged with Prime-Capital to form the largest west coast brokerage in the country, Evofi One (Evolution In Finance).  The name Evofi will appear on your applications and business cards.  Step By Step Financial is an exclusive web site designed specifically for loan officers working out of our Chandler branch.  The software, training, and access granted through the site is unlike any other and should be frequently used.  It is our way of making the loan officer’s in the Chandler branch’s lives much easier!

Q – Can I work from home, or do I have to come to the office?
A – You can work from home.  The computers, conference rooms and training areas in our office are optional and are at your disposal.

Q – Do I need to pay for my version of Calyx Point, Microsoft Outlook, the processing pipeline software, or anything else for that matter?
A – There are NO up front costs, although there is a $300 fee for these programs that will be taken out of your first loan with us.

Q – Are there any monthly fees?  What if I don’t close a loan next month?
A – There are no monthly fees.  If you don’t close a loan next month you don’t owe us anything.

Q – If there are no monthly fees, how do you guys make your money?
A – We collect a $995 processing fee per loan.  This fee is charged to your borrower on the “processing” line of the good faith estimate so that it does not come out of your pocket.

Q - Is there anything I need to pay for in regards to third party vendors?
A - Yes, you will need to pay for your own credit pulls. We are set up with Kroll Factual Data, the best credit service in the business!

Q - What happens if I invoice an appraisal and a borrower backs out of the loan?
A - All appraisers must be approved with us prior to submitting your loan for this very reason. We have a strict C.O.D policy. Should a borrower back out of a loan and the appraisal was invoiced, it is your responsibility to pay for the appraisal.

Q – What if I’m new to the business, will you guys train me?
A – We will train any candidate that shows they are serious about this business and has determination to be a great salesperson.

Q – Do I need to pay for training?
A – The training is offered for free.  We want you to learn to close loans properly and without committing fraud.  It’s very much a benefit to us to train all of our loan officers.

Q – Do I really make 100% commission?
A – Our commission structures vary depending on experience.  We start at 50% commission and range all the way to 100%.

Q - How do I know if I will get 100% commission?
A - We have a simple test on our loan officer web site that will determine your commission percentage.

Q – Can I be 1099?
A – Certain states such as AZ and CA strictly enforce W-2 pay structures unless you are a licensed broker.  This means that you will be taxed a “payroll match” tax on all of your checks.  The “payroll match” tax ranges from 7%-15% and will be taken out prior to state and federal taxes.

Q – Can I keep my current job and work for you part time?
A – Yes you can as long as it’s not another mortgage related job.  We know that while you train to become a loan officer you still need to pay your bills.

Q – Will I receive a base salary?
A – You will not receive a base salary.  This position is strictly commission based.

Q – How much can I expect to get paid per year?
A – That depends entirely on your ability as a salesperson and your determination.  Our loan officers can make as little as $1,000 per month working part time or as much as $20,000 per month working full time.  It all depends on you.

Q – After I close a loan, how fast can I get paid?
A – Our pay days are Wednesday and Friday and loans are usually processed for direct deposit within 4-6 business days.

Q - Do I receive referral bonuses for bringing my friends on board?
A - YES! You will receive a coupon worth $995 (A free loan) for every referral that closes 3 loans in 3 months, not bad right?

Q – Can I use your conference rooms to meet with my clients?
A – YES and we really encourage this practice.  As a matter of fact we have conference rooms throughout the valley that are at your disposal!

Q – How many lenders are you still licensed with now that so many have gone out of business?
A – We are still licensed with well over 100 lenders and are one of the few brokerages in the country that are ADDING more lenders.

Q - Do I need to keep any hard files for my clients or for the state banking department?
A - No, our pipeline management system is completely paperless. We keep loans in a secure encrypted online storage space for you that is available 24 hours a day.

Q - Do you provide me with leads?
A - We do not generally provide leads, but will teach you how to get referrals and occassionaly get farm lists from title companies. Those lists will be disctributed to loan officers who make the effort to come in to the office. We want you to make as much money as possible!