Frequently Asked Questions

I'm concerned about asking my clients financial information…

As a real estate agent, financial advisor, tax professional, or insurance agent, you are assisting your clients with the largest financial transaction of their life. Your clients will appreciate that you take the time to understand their overall financial picture and you are therefore able to make recommendations about home prices, etc. You'll be able to serve your clients better by understanding their financial situation. For example, some clients might have a small down payment and think they are limited in the maximum home price they can afford, but once you see that they have great credit and sufficient income, you may be able to provide them with one of our zero downpayment programs and get them into the house that they really want.

I don't want to get bogged down processing loans…

A Certified Mortgage Counselor helps with the counseling and origination of the loan, but doesn't process the loan.  We are a full service mortgage company and we fully support the mortgage processing and closing. Most of the information needed to originate a loan is already known by you--the purchase contract, basic buyer information, price range, etc. By using our automated origination technology you or your client can complete the online application quickly and be on your way to a speedy loan approval in less time than it takes to meet with a traditional loan officer.

 I don't want unhappy clients because I can't get them approved…

We couldn't agree more! We've designed the LoanOfficerOnline system specifically for those clients that can be approved the same day using our automated origination technology.  While 75% of all borrowers are approved automatically, about 25% of borrowers are in need of a sub-prime, FHA, or another loan that requires a more traditional and longer approval process. We recommend you continue to work with your current loan officer (or one of our referral sources for these types of loans). Your clients will appreciate that, although you can't provide the loan for them, you've got other sources that will work hard to get them the loan they need.

 I'm not a computer expert, is this for me?

Our automated loan origination technology was designed for consumers to use on their own with no training.  LoanOfficerOnline provides Certified Mortgage Counselors excellent training materials to help you guide your clients through the loan origination process.

 I don't want to look inexperienced in front of my clients…

There is no need to worry if you don't know the answer to your client's mortgage questions. Training material,  including mortgage basics and website navigation, can be used as a resource to answer questions. Your Account Manager is a phone call away and is happy to help you and your client originate the loan.  

I'm busy and don't have time for something extra…

Since you may already spend time counseling about mortgages or "managing" transactions by following up with lenders, appraisers, etc., we think you'll find that you actually save time by being "plugged in" as part of the mortgage team. Furthermore, if you have an assistant, they can be trained to complete the mortgage origination steps for you. 

 Do you offer FHA loans?

FHA regulations currently require that the loan originator be an employee of the mortgage lender, therefore the origination of FHA loans is not currently practical with the LoanOfficerOnline program. We do have 3% down affordable home programs and zero down payment programs available through non-FHA programs.

Will my customers be concerned that I am making $750?

By eliminating the commissioned loan officer the customer saves money. We've eliminated loan origination fees and guarantee the lowest rates and fees or we'll pay your client $250 if they close with another mortgage company. Your clients will appreciate the money you save them and should fully expect that you would be compensated for the services you provide.

 What kind of training will I receive?

We have developed a self-paced Internet tutorial to instruct you on the use of our mortgage website. We also provide a self-paced Internet tutorial that covers mortgage origination basics.  Additionally, the website includes a library that can be used as a resource for both you and your clients. Whenever you have a question just call us!


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