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.
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 Mortgage 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 Mortgage 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.
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.
How do I advertise? All advertising must receive a written
approval by the Marketing and/or Compliance Departments to ensure that all content
complies with Federal, State and Local Regulations. Please reach out to Marketing at Marketing East
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 Mortgage Retail Loan
Originator opportunities. Their sponsorship of you as a prospective retail loan
originator 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.