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THE LOAN FACTORY
Our dear friend and colleague at Gustan Cho Associates decided to make her new home in the mortgage industry at Loan Factory, a mortgage brokerage licensed in multiple states. Besides Loan Factory, Wendy Lahn also joined a second mortgage brokerage firm Loanworks. I did not realize that it was allowed to be licensed with more than one mortgage company but I guess I was wrong. Wendy is an attorney by education, a loan officer, and a real estate broker so I can have her explain the compliance end of being licensed with more than one mortgage broker.
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10 Replies
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Another thing about The Loan Factory is the loan officer only gets paid only if the loan closes in 30 days or less. If the loan goes above 30 days, I heard you only get paid half and if the loan goes past 45 days, you don’t get paid?
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I have heard nothing but great things about the Loan Factory from my trusted friends and colleagues who I have known for years. Most of the case scenarios I heared was things were chaotic at first but the company changed for the better. The owner is very open minded and understands the concerns of loan officers. The experience with Loan Factory. is getting better as time pass. The Loan Factory had so many people assigned to a file that me, that loan officer assistants, or staff did not know who or where the borrower’s file was before. However, like any company growing too big and too fast at the same time, chaotic is growing pains.
The Loan Factory used to completely missed a critical and obvious qualification factor which caused major complications and delays throughout the overall loan process. When the issue was brought to the attention of upper management, major changes for the better were made.
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This reply was modified 7 months ago by
Gustan.
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This reply was modified 7 months ago by
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I am a real estate agent in Columbus area in the state of Ohio. I have sold real estate for 23 years and I am currently studying to take the NMLS exam so I can become a dually licensed loan officer and real estate agent. I have done extensive research on Loan Factory as well as other mortgage companies. I have even researched Motto Mortgage which has a franchise mortgage broker model. I will be more than happy to share my research with all of you. The reviews on Loan Factory was mixed but at the end of the day, I am glad I am at Loan Factory.
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This reply was modified 7 months ago by Gustan.
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This reply was modified 7 months ago by
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Congratulations 🎊 to Wendy Lahn for starting at two mortgage companies at the same time. Can you please answer how a loan officer be employed by two mortgage companies?
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Question, if you have your own mortgage broker shop and are licensed in seven states, can you get sponsored in other states your own mortgage broker shop is not licensed in? Will a different mortgage company sponsor you even though you own your own mortgage broker shop? And if the other mortgage company were to hire and sponsor you, can you run the second mortgage company as a dba of your own mortgage shop?
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What type of business model does both Loanworks and Loan Factory have? I heard Loanworks is an arificial intelligence driven mortgage brokerage model. Are any of your mortgage broker sponsors correspondent lenders or just mortgage brokers.
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@Wendy GM Lahn, Esq., MBA, LL.M. So, I am licensed in 48 states and not licensed in New York and Massachusetts at NEXA Mortgage. So you mean to tell me that I can get sponsored by another mortgage company for Massachusetts and New York and be licensed and sponsored in 48 states with NEXA Mortgage. Therefore, I have two sponsoring mortgage companies with NMLS? @Tatiana is a fellow loan officer at NEXA Mortgage but has a major hurdle because Massachusetts is her home state and she is waiting for NEXA to get licensed in Massachusetts and New York. She loves NEXA but is handcuffed because all of her contacts is in Massachusetts and New York.
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You must have the permission of both employers, but yes it is possible to be licensed by multiple companies, representing different states in each.
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Can you own a mortgage broker company and get sponsored by another mortgage company for states I am not licensed in?