Is Finance of America Mortgage a lender or a broker? Finance of America Mortgage is primarily licensed as
a Mortgage Banker. For most loans Finance of America Mortgage Branches operate as a lender to submit
their loans. For those loans that cannot be supported by the in-house products,
the branches can submit to the Finance of America Mortgage approved lenders on a broker basis. All licensing
is subject to state and federal guidelines.
Do I have to
relinquish management control of my office? No. One of the benefits of being a Finance of America Mortgage
Branch is that managers maintain control of the branch operations. You run your
own office and make your own management decisions. We simply provide the operational
infra-structure and support to help you achieve your goals and make sure you do
so in a compliant manner.
Can I originate
loans in other states? Yes, providing the branch and the originator
are both properly licensed to support the business in the state. Our licensing department
will guide you through the process on a state by state basis. If the branch and/or
originator are not properly licensed, the loan may be referred to our State Desk
in which the referring source will receive a referral fee.
In addition, subject to the Finance of America Mortgage policies and procedures, if Finance of America does not
have the product to support the file, the branch may submit the loan to a lender
on the Finance of America Mortgage approved lender list. Thus, the Finance of America model provides a strong corporate
product support and alternative product variety through our lender relationships
to offer you the best of both worlds.
How often do
I get paid? Finance of America Mortgage payroll is processed on a semi-monthly
schedule. All employees must be paid W2 wages through payroll. Direct branch expenses
can be paid on a pre-tax basis. Administrative cost and insurance are debited from
the branch P&L. All loan CLOSINGS and commission checks received by the close of
business on the 1st thru the 15th are paid on the last day of the month. For loans
CLOSED and commission checks received from the 16th thru the end of the month, payroll
is paid on the 15th of the following month. The Branch Manager is paid once a month.
Is my branch
assigned a specific territory? No, Finance of America Mortgage does not assign specific
territories. The number of offices in each market is monitored to allow each branch
to achieve its full potential.
Can my branch
have more than one manager? Yes. Although there will only be one designated
branch manager in the system any others will be referred to as Co-Managers. All
managers will have lateral authority and may require a signed concurrence for certain
actions taken in the branch to protect the mutual interests.
Can I keep
my current business name or be allowed to use a DBA? As a rule, all branches must do business
as Finance of America Mortgage. Although, we understand that there may be circumstances that
require consideration, and in those cases, DBA’s may be permitted depending on mitigating
circumstances and approval by the executive committee.
Do you have
a compliance department? Yes, the Finance of America Mortgage Compliance Department
makes sure we are in compliance with all federal, state and local rules and regulations.
They also provide support for loan officer licensing, branch licensing, advertising
review and QC support.
Who sends out the Initial Loan Estimate The branch is responsible for sending out Initial Loan Estimate as well as state
specific disclosures within three days of taking the application and pulling a credit report.
How do I advertise? All advertising must receive a written
approval by the Marketing and Compliance Departments to ensure that all content
complies with Federal, State and Local Regulations.
Do I have
to keep a reserve account balance? Yes. It is required that branches maintain
cash reserves to cover at least 2 months payroll and fixed operations cost. This
reserve is funded through the branches initial loan closings income.
Does Finance of America Mortgage
have a minimum branch office requirement? Yes, Finance of America Mortgage requires that all branches
operate out of commercially zoned, professional office space. The branch must be
clearly identified to the public and be staffed and equipped to deal with customers
in a professional manner. Offices can be as small as an executive office suite.
of experience do I need? A minimum 3 years of full time experience
in leading a mortgage originations team with an expectation of at least $ 3,000,000
a month in loan closings. Exceptions will be considered, on a case by case basis,
to make room for those branches with growth potential doing $1,000,000 or more a
What are you
looking for in Branch Manager? Finance of America Mortgage is looking for mortgage professionals
who are honest and ethical, committed to their own success, and looking for a strong
direct lending partner to help them achieve their professional goals.
How do I get
started? If you have an existing relationship with
Finance of America Mortgage, just get in touch with your contact and ask about the Finance of America Retail Branching
opportunities. Their sponsorship of you as a prospective retail branch will strengthen
your request based on your history and existing relationship.
If you are new to Finance of America Mortgage, just complete the on-line “Request for Information”
found on this website and click submit. Based on your information, we will contact
you to discuss the opportunity and to answer any questions you may have about the
Finance of America Mortgage Retail Branch program. We will also discuss what your goals are and how
we can help you achieve them as a Finance of America Mortgage Retail Branch Partner?
The initial conversation is imperative to identify your current situation, goals
and plan for success. With a mutual decision to move forward, you will be sent a
complete package on how to become a Finance of America Mortgage branch for you to complete and submit.
Step 1 (Branch Manager Profile and Questionnaire, Confidentiality and NDA Agreement
and a Brief Broker History) and Step 2 (Sample Pro-Forma, Sample Equipment List
& Inventory and a 4506T Form). We will conduct a preliminary review based on the
phone conversation and this documentation. Explanations of these documents are provided
on their respective web pages.
Upon approval of this initial review, we will send you a request for detailed documentation
to complete and return. Upon receipt of these detailed documents, the review/approval
takes 7-10 working days for your package to be processed and background checks to
be done. Upon your approval the file is sent to the state to register or license
your branch location. Depending on the state, this part of the license processing
time may vary.