Advisors Mortgage Group

How do I become an AMG Loan Officer?

Simply call one of our regional sales managers (see above). Because every AMG Loan Officer represents the company we will ask you to click on "Join AMG" above, complete application and send so we can ensure we are the right fit.

How long does it take to get up and running as an AMG Loan Officer?

As soon as you complete an application it will be processed immediately and an interview will be setup immediatley. Upon completetion of the interview a decision will be made within 24 hours if not same day. Upon hiring you will need to complete all necessary Department of Banking and Human Resources paperwork to ensure compliance.

Do you supply origination software?

Yes, Advisors is in the process of migrating over all loan officers to DataTrac

How does pricing work?

Loan officers have access to live pricing via NYLX. Because every loan is priced out to each specific loans variables Advisors pricing is EXTREMLY competitive.

How does the loan process work?

Every Loan Officer has the ability to bank/warehouse or broker loans.

- Banking/Warehousing - When a loan officer chooses to Bank a loan they will be responsible for originating the loan and collecting initial documents. Loan officer than will be submit the loan package to AMG Corporate headquarters for processing and underwriting. The processor will work with Loans Officer to get the loan ready for underwriting. When underwriting is completed, the loan officer will receive an underwriting decision with underwriting and closing conditions, if applicable. When all conditions are met the loan will be given a clear to close. The closing department will then work with loan officer to schedule the closing, send closing documents to the closing agent, and wire funds.

- Brokering - The loan officer will originate the loan and collect initial documents. Loan officer than will be submit the loan package to AMG Corporate headquarters for processing. The processor will work with loan officer to get the loan ready for underwriting and send file to investor of Loan Officers choice. After closing the remaining loan file will be submitted to our corporate headquarters in our stacking order and ensure all necessary documents are enclosed and archive the file.

How does processing work?

AMG Loan Officers must utilize in house processing and is at no cost on a banker loan or $400.00 on a broker loan.

What is the commission structure?

A flat fee is taken off the top of the commission of every loan which breaks down as follows:
- Broker Loans - Conventional & Alt-A - $595.00 (All 1^st Mortgages)
- Banker Convestional, FHA & Alt-A - $595.00
- Stand Alone 2^nd - $200.00 (Banker or Broker)
- Piggyback 2^nd - $100.00 (Banker or Broker)
- 5% of any Gross Commissions over $12,000.00 ($595 does not apply)
U No Hidden Fees!

What fees does Advisors Mortgage charge?

We charge a $775.00 origination fee (Formally Commitment & Tax Service) on all loans closing in Advisors Mortgage Group's name which is charged to the borrower directly at closing.

Why would I want to "Bank" a loan?

When a loan is closed in Advisors Mortgage Group, LLC name the yield spread is not disclosed on the HUD-1 settlement statement which allows you earn the maximum that each respective state allows on the front of the loan. For example, in New Jersey, mortgage Brokers are capped at 3.5% in total compensation. As a Banker on that very same loan in NJ you can make up to 4% on the back of the loan which is not disclosed on the HUD-1 settlement statement allowing you to charge up to 3.5% in total fees on the front for a total gross compensation of 7.5%. This could ultimately double your income!

Loans move much smoother. Have you had issues doing business as a broker with some of your lenders? When you "Bank" a loan with Advisors Mortgage everyone is on the same team and your loan is underwritten and closed by Advisor Mortgage employees with the same common goal - Closing Loans!

How are commissions distributed?

Commissions are distributed every Friday. Loans that fund Monday - Friday in Week 1 must clear compliance by Tuesday Week 2. A weekly commission repoprt will distributed on Wednesday of Week 2 and all loans that have cleared compliance will be paid commissions on Friday of Week 2. See Example

Who does compliance?

The Loan Officer is responsible to do a first level review of all files to ensure no fraud is being committed and that the files have all necessary documents. A second level review will be completed during the underwriting process on banker loans or during pre-cloing review on broker loans. 15% of all loans closed every month are audited by our internal quality control department.

We utilize multiple resources to further monitor for loan fraud and ensure loan compliance including Interthinx Reports and ComplianceKeeper software.

What other resources does AMG offer?

§Secondary Marketing Support
§Daily AMG Rate Sheet
§IT Support
§Full Benefits: Medical, Dental and 401K
§Continued Education
§Marketing Support
§Human Resources
§Accounting
§Payroll Services
§Compliance
§Auditing & Archiving
§State Licensing Assistance
§FRAUD Prevention