Webinar by Thuan Nguyen: Why Loan Factory
90+
Number of Lenders
141+
Realtors and CPA/Insurance agents, want more income? Take a 20-hour class, pass the NMLS exam, and open new doors for yourself and your clients!
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 312 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 access to the most advanced all-in-one platform, MOSO.com
Unlock mortgage mastery with our comprehensive training academy and weekly expert-led live sessions.
We are licensed in 48 states (all except CT and NY)
Loan Factory is a mortgage broker (licensed in 48 states) and is also a correspondent lender (currently licensed in Arizona, California, Colorado, Florida, Texas, Tennessee, Illinois, and Utah).
Thuan Nguyen is the CEO. He was the number one Loan Officer in the US in 2021 and 2022 per Scotsman Guide rankings.
WE DARE YOU TO COMPARE.
Yes, that is correct. You are welcome to shop around for instant and real-time mortgage rates here: https://www.loanfactory.com/quote.
Simply check out a branch near you and you’ll likely see our 5-star rating. Collectively, we have nearly 7,000 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.
Loan Factory is headquartered in San Jose, California.
Loan Factory physical locations can be found here: https://www.loanfactory.com/branches
Loan Factory allows you to work from home in most states, 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, and Nevada. Loan Factory physical branch locations can be found here: https://www.loanfactory.com/branches
Most of our lenders are licensed nationwide and we have 200+ lenders on our list right now.
Conventional, FHA, VA, USDA, Jumbo, Construction, Non-QM, Reverse, Construction, HELOC/HELOAN, Private/Hard Money, Commercial, SBA/Business loans
No. Loan Factory specializes in mortgage loans. We do have access to some commercial and business/SBA loans.
You will be an Independent Loan Officer and are commission-only. Therefore, there are no healthcare, 401k, paid time off or holiday benefits provided.
No, you don't have to have previous experience to be sponsored by Loan Factory. However, you do need to have your license before you can onboard.
No, you must have an active MLO License in each state you want to originate in.
No, you must have an active MLO License in each state you want to originate in.
Certain states may allow some types of commercial or business-purpose loans to be originated without the state license; however; most states require a license for most mortgage loan types.
It is the responsibility of the LO
It depends on the state, ranging from $0-$130. Loan Factory will cover the sponsorship fee for the first 3 states, after that LO will need to cover.
You will receive 1099 compensation for most states. If you are licensed in these 13 states: GA (Georgia), IL (Illinois), ME (Maine) , MA (Massachusetts), MD (Maryland), 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. If you have 1 W2 state, all should be W2.
Yes, you do. Loan Factory can not sponsor your license until you grant Loan Factory an access on NMLS. However, if you are licensed in CO, ME, MN, TX and WA, you are not required to terminate the sponsorship with the current broker if you don't want to. In these 5 states, you are allowed to be sponsored by more than 1 broker.
It depends on the States and other factors, such as if you are the broker or an agent, 1099 or W2 employee, etc. Let us know your situation and we will check with our licensing department.
We have negotiated/discounted prices with Mortgage Educators and Compliance (MEC) for pre-licensure and continuing education courses; however, you must be onboarded with Loan Factory to receive the discounts: https://www.mortgage-education.com/CorporatePage.aspx?PageID=2935
An LO needs the SC DCA License.
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.
Yes, you can, as long as the state regulations allow. If you are allowed to represent both roles, there is a dual-capacity disclosure that must go out. Ensure you indicate your real estate license information in your profile so that this disclosure will generate.
There is an admin fee of $595 (or $895 on correspondent) and a processing fee of $500.
The admin fee cannot be charged to the borrower. The processing fee can only be charged on correspondent loans.
If you are 1099, you will receive 100% of the commission minus the admin fee and processing fee. If you are W2, you will receive 90% of the commission after the admin fee and processing fee are deducted. NO MENTORSHIP PROGRAM OR TEAM SPLIT REQUIRED.
Required to join a mentorship or a team. Commission (minus admin fee and processing fee) is split between mentor/team lead and the LO as per the agreement. LO is then paid as an experienced LO (100% if 1099, 90% if W2) on their share. If, however, LO did not join a mentorship or team, LO’s split is reduced to 80% to LO after the admin fee and processing fee are deducted.
Loan Officers are considered as experienced when they have closed at least 3 loans.
Yes, you can choose to do borrower paid or lender paid compensation on wholesale loans.
Broker's compensation on lender paid comp is determined between the Lender and Loan Factory, you can see these figures under each lender in our marketplace. Borrower paid comp can be less than the lender paid comp figures, up to the max limits, which is generally the max Lender Paid Comp dollar amount.
The pricing and process is mostly the same; however, there is more flexibility in how compensation and fees are structured on a correspondent loan versus wholesale, and Loan Factory is the lender on a correspondent loan, so we will fund the loan then sell it to the Investor.
Conventional, VA, some jumbo and some non-QM products, in the states where we are approved for correspondent.
No, they must be brokered/wholesale at this time.
There is no upfront application fee. However, you can opt to have the borrower pay for the credit report upfront, otherwise it is charged to the LO. In addition, most third party fees need be paid by the borrower or the LO before the cost is incurred, such as the appraisal fee.
Yes, there will be an option in their portal where the borrower can pay for and pull their credit report. Or you can pay for it yourself upfront and charge the borrower at closing.
$70 for a hard pull, or $12.50 per bureau for a soft pull. Rocket currently offers free Credit Reports, but these can be used for loans sent to Rocket only.
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.
We only have a $100 one-time payment for setting up your account with Loan Factory. We do not have monthly fees, junk fee or desk fee. Even our software is free.
Loan Factory offers live weekly trainings, conducted by the CEO and COO 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. There are also trainings available through our Academy. All of these are free.
Yes, borrower can fill it out themselves online, or you can take the application over the phone or in person and type it out for them, or you can even have AI complete the application using documents uploaded.
They will receive it to their email once the link has been sent. If they do not receive it, they should use the email address associated with their application and click "forgot password".
Once you are onboarded, you can refer other LOs to join Loan Factory, and you can earn a referral bonus. You can find more information here: https://www.loanfactory.com/refer/refer-a-loan-officer
You can go to https://www.loanfactory.com/refer/refer-a-borrower if you want to refer a borrower and you can see all the information there.
You can only receive a referral split if you are a W2 Loan Officer with Loan Factory.
No. If it is a loan referral from a Real Estate agent to an LO, a referral fee is forbidden.
No, we don't.
No. We do not have minimum production requirement.
No, we do not provide any equipment. We provide the software only.
Loan Factory does NOT allow DBAs. However, we allow you to use “Powered By” in connection with your existing business name or branding. For example: You can use and promote “ABC Mortgage - Powered by Loan Factory”.
Yes, you can. You just have to let us know, so we can research and vet the Lender and determine if there is a benefit to bring them onboard.
It depends on the product, typically 580 for FHA (though some lenders can accept as low as 500) or 620 for Conventional
Yes, most lenders require a three bureau credit pull: Experian, TransUnion and Equifax
All LOs should primarily generate their own leads. We do have company leads (except in California, Texas, Colorado, Florida, Hawaii, and Georgia), but these are on a first come first serve basis, subject to limited availability, and you will receive only a portion of the commission.
Yes. If you (or your team) have a high production, you can bring your own Loan Officer Assistant (LOA) with you to Loan Factory. However, all LOAs must be licensed and an employee of Loan Factory. You (or your team) will be charged for the compensation that Loan Factory pays the LOA. Additionally, Loan Factory will need to interview the LOA to ensure he/she is qualified for the position and can support both the company and you.
Yes, we have in-house processing. Or, you can choose to send your loans to a third party processing company, but they have to be approved for use by Loan Factory. Loans must be processed either in-house by a Loan Factory processor, or by an approved third party processor.
Loan Factory provides support including but not limited to webpage, mortgage platform, training, marketing, advertising and leads (if available), LO support department, UW support, and in-house Processing.
While nobody can guarantee a specific closing time frame, we have closed loans in under 2 weeks; however, to accomplish this everyone must do their part, the lender's turn times must be fast, borrower must provide conditions quickly, and there can be no hiccups. We can't control 3rd party conditions such as appraisal or insurance/title. On average it takes 3-4 weeks to close a loan.
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 recruiting team to provide you with the webinar recording link so that you can watch it.
You can contact the recruiter that you have been talking to, or email to recruiting@loanfactory.com at any time for any questions or concerns.
The recruiting 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
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.
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.
It depends on how long it takes for you to complete the HR tasks, and how long the sponsorship approval will take. The average turnaround time for completing the onboarding process is approximately 5-7 business days. Sponsorship approval varies depending on each state. It may take 2-3 days to a week for most states, other states such as CA might take 2-3 weeks.
You should inform them when you are ready to make the transition.
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 if you are 1099 or W2) will earn 80% of the broker's compensation on every closed transaction. The split is after deducting a flat fee of $595 ($895 if correspondent loans) and a $500 processing fee. 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.
You will receive 1099 compensation for most states. If you are licensed in these 13 states: GA (Georgia), IL (Illinois), ME (Maine) , MA (Massachusetts), MD (Maryland), 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 ($895 if correspondent loans) and a $500 processing fee, regardless of the loan amount.
W2 compensation: you will receive 90% of the commission on every closed transaction. The split is after deducting a flat fee of $595 ($895 if correspondent loans) and a $500 processing fee. Please note that you still have to pay all applicable payroll taxes yourself.
