Team Policy at
At Loan Factory, we believe in the power of teamwork to achieve
our goals and deliver exceptional service to our clients. Our
team policy is designed to create a positive and productive work
environment where all team members can thrive.
Team Leader Requirements
|
Building Networks
To qualify, a loan officer must have a minimum of 2 years
of experience and close 3 loans with Loan Factory.
|
Servicing Clients
Team Member Requirements
1
Commission Sharing
Inexperienced loan officers will be paid 80% of the loan
commission on the first 3 transactions. However, if
working with a mentor (or a team leader), the commission
will be raised to 100% (before paying the flat fee, the
processing fee, and the override to the mentor (or a
team leader). The team member must agree to pay the
commission override to the team leader.
2
Commission Paying
When the team member has a transaction, the team leader
will be set as the Additional LO automatically (unless
the mentor does not have a license in the property state)
and eligible to earn the commission override. When a team
member requests a commission for a closed loan, the
commission override will be deducted from the commission
and paid to the team leader. Both team members and team
leaders will be paid at the same time.
Example: a team member agrees to pay the Team Leader 10% of the loan’s commission. If the commission is $4000 (after the flat admin fee and processing fee), the Team Leader earns $400, and the team member earns $3600.
Example: a team member agrees to pay the Team Leader 10% of the loan’s commission. If the commission is $4000 (after the flat admin fee and processing fee), the Team Leader earns $400, and the team member earns $3600.
3
Commitment
The team member is free to leave the team anytime.
However, the team leader will receive the override for all active transactions.
However, the team leader will receive the override for all active transactions.
4
Training Academy
Complete all the required classes at the academy: www.academy.loanfactory.com
Important Reminder
Licensing
Team leader and team member do not have to be licensed in the same state(s) for commission split.
However, if the team leader does not have a licensed, the team leader cannot earn more than 50% of the loan’s commission
Difference of Team vs. Mentorship
Teams offer a more stable environment for working together in
the long term.
Maximum Team Size
Each team can have a maximum of 1 Team Leader.
Guidelines for team Leader
Communication
Hold regular meetings and maintain open communication channels
within the team.
Performance and Accountability
Set clear goals, monitor performance, provide feedback, and
hold each other accountable.
Professional Development
Encourage training, mentorship, and career growth
opportunities.
Compliance
Adhere to company policies, legal requirements, and
regulations.
