Loan Officer FAQs

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  • 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.

  • Which States is Finance of America Mortgage currently licensed?
    Finance of America Mortgage is licensed in all 50 states and Washington, DC.

  • What are my options to submit loans as a Finance of America Mortgage Retail Branch Partner?
    The expectation is that most loans (90+%) will be submitted to Finance of America Mortgage and the branch will have access to products and guidelines online, as well as direct communication with the secondary market department for support.

    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.

  • Do you offer direct deposit?
    Yes, Finance of America Mortgage offers and recommends direct deposit for branch efficiency and convenience.

  • Will I be a W2 employee or 1099?
    All Finance of America Mortgage personnel are W2 employees.

  • How are the loan officers compensated?
    Loan officer compensations are determined by the Branch Managers and paid through semi monthly payroll based upon their production and compensation plans.

  • Who determines staffing levels, compensation, etc?
    The branch manager is responsible for these decisions in consultation with the corporate office: Branch staffing and compensation is fully vested in the Branch Manager.

  • 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 I process loans in my branch?
    As a branch manager, you may process loans in your branch, hire your own processor or use properly licensed contract processors.

  • Do you have access to LP and DO?
    Yes, we will provide you direction on how to get set up.

  • Does Finance of America Mortgage offer access to DU?
    Yes, we will provide you direction on how to get set up

  • Is Finance of America Mortgage HUD Approved?
    Yes, Finance of America Mortgage’s Retail Branch Program meets all regulatory requirements and conforms to the HUD mortgagee letter 00-15, regarding branch arrangements.

  • 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.

  • Do you have restrictions on the maximum points and fee charged?
    Yes, fees are limited to ensure that we do not make high cost loans as defined by federal, state and/or local regulations.

  • Who sends out the Good Faith Estimates of closing costs?
    The branch is responsible for sending out Good Faith Estimates as well as state specific disclosures within three days of taking the application and pulling a credit report.

  • Do you offer email addresses identifying the company?
    Yes, each branch will be issued a FinanceofAmerica.com email address with Finance of America Mortgage’ signature block.

  • 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

  • Do you offer accounting and legal services?
    Yes, we have a certified, seasoned, professional staff handling all accounting services at the corporate office, in addition to a legal team to support the branches.

  • 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.