Frequently Asked Loan Questions - Mortgage Company Servicing Independent Loan Originators, Mortgages, Homes Loans, Loan Servicing Software, New York, Connecticut, Florida

An ILO is an Independent Loan Originator. ILO’s are experienced and licensed loan originators who do not want or need to be micromanaged. They thoroughly understand the entire loan process and constantly seek out to build more of their business. ILO’s appreciate the challenges they face and enjoy keeping most of their hard earned commissions.

2. Is GLM Mortgage Direct a Net Branch Company?

No. We are not a traditional Net Branch Company. You remain an Independent Contractor not as an employee, under the accountability of GLM Mortgage Company. We pay Commissions, 1099 not W2. We have no reserve requirements, or monthly maintenance fees.

3. How long after my loan funds will I get paid? *

After your completed loan file funds, commissions are paid with in 48 Hours.

4. How many investors are you currently approved to do business with?

GLM Mortgage Direct is currently approved with over 30 plus lenders and growing each month.

5. If I currently use a lender that is not on your list, can we get approved with them?

Yes, we are constantly adding new lenders to our approved list.

6. What type of loans will I have access to?

Besides all the basic Conventional FNMA, Alt A, Sub-Prime, Jumbo, Commercial, Construction loans, Multi-Family, we also offer Private Money Options.

7. What are the commission splits?

You receive 100% commission less the $775 transaction fee.

8. If I choose to, can I process my own loans?

No. We prefer you use your assigned processor. Why waste your valuable time processing? Also, This is a vital part our quality control system.

9. Are there any process fees?

On each loan transaction there is a $495.00 Process Fee charged to the borrower at closing which appears on the Good Faith Estimate.

10. Do I need to work in an office or can I work from home?

You choose. You can work from either your home or an office.

11. Are there any minimum production requirements?

Yes. 2 loans closed per month or 6 loans closed per quarter.

12. How do I stay informed as to lenders, programs and all other important information?

You will have direct access to all of GLM’s Investor websites and their account executives. As well as daily emails and correspondence.

13. Does the company provide marketing support?

Yes. We can assist you with your sales and marketing efforts. With over 15 year’s mortgage experience, we will offer our expertise for advertising and promotion. Whether its print ads, newsletters, flyers, and more.

14. Do you provide Processing Support?

Yes. You will be provided with your own assigned processor

15. Do you provide on-going support?

Yes. Since our success is dependent upon your success, we strive to provide you with the best possible support. GLM Mortgage along with its lender affiliates, provides its’ ILO’s with product, marketing, technology and sales support.

16. Is there a fee to join GLM?

Yes. An application fee of $300.00 for LO status without an office & $625 for a Loan Solicitation office (Branch) is collected at time of application.

17. What’s included in the application fee?

The “one time” ILO Application fee is collected to cover the costs of background checks and any required state licensing demands.