Frequently Asked Questions
What is an Affiliate Branch?
Is Home Loan Consultants an Affiliate Branch Company?
How long after my loan funds will I get paid?*
If I currently use a lender that is not on your list, can we get approved with them?
What type of loans will I have access to?
Can I do FHA Loans with Home Loan Consultants?
What are the commission splits?
What are the Splits & Fees per transaction?
If I choose to, can I process my own loans?
Are there any transaction fees?
Are there any monthly maintenance fees?
Do you provide Errors & Omissions Insurance? If so how much is the protection?
What about loans that cancel or never close, will I still be protected under the E & O?
Can I choose to decline the Errors & Omissions Insurance?
What are the premiums for E & O Insurance?
Am I able to use my own name to perform under HLC's license?
Do I need to work in an office or can I work from home?
Can I have other Loan Officers/Originators work under my management?
Are there any minimum production requirements?
Will my commission split change if my production drops?
How do I stay informed as to lenders, programs and all other important information?
What other types of support are available through HLC?
Are there any mandatory office meetings?
Does Home Loan Consultants advertise or promote any of it's Affiliate Branches?
Does the company provide marketing support?
Will I have access to multi-state licensing?
Do you provide Processing Support?
Do you provide Escrow Services?
Do you provide Health / Medical Insurance?
Since you are a Banker, why is that I need a real estate license?
Can I do Real Estate Transactions through your company?
Do you provide on-going support?
Can you pay my commissions to my Corporation?
Am I required to submit my loans to HLC or can I broker to any lender I want?
Is there a fee to join HLC?
What's included in the application fee?
What is an Affiliate Branch?
An HLC Affiliate Branch is an independent individual, or team of Loan Agents, Originators, Brokers or Sales Agents working from either a commercial office space or from home. All HLC Loan Originators are qualified, experienced and licensed Sales Agents or Brokers who do not want or need to be micromanaged. HLC Affiliate Branches are able to set their own production goals and may submit only one loan per month. This independence and autonomy is rewarded with extremely high commission payouts that include 100% commission for loans submitted through the HLC Banking side. Affiliate Branch agents are able to enjoy the benefit of multi-state licensing while still maintaining the independence, control and direction of their own business.
Is Home Loan Consultants an Affiliate Branch Company?
HLC is a diverse company consisting of many components. Our Affiliate Branch Network is comprised of Independent Contractors acting as sales agents. Commissions are paid through a 1099, unless state licensing specifically prohibits that. When you open a branch with Home Loan Consultants, you are an Independent Contractor, not an employee. You enjoy the benefit of being your own boss and decide where you would like to submit your loans.
How long after my loan funds will I get paid?*
We employ an in-house accounting team and use state of the art technologies and are typically able to distribute commission payments within five days of closing your loan, provided all the required documentation has been submitted. We also offer the convenience of direct deposit.
If I currently use a lender that is not on your list, can we get approved with them?
We are constantly adding new lenders to our approved list and try to seek approval with lenders that offer a unique product, allowing us to provide a large variety of options. However, we encourage you to submit your loans through our banking line, so you can enjoy the benefit of a 100% commission payout. Since we partner with the top 5 investors in the nation, we can offer extremely competitive rates and products.
What type of loans will I have access to?
Besides all the basic Conventional A, Alt A, Sub-Prime, Commercial, Multi-Family, Construction and Land lending, we offer Reverse Mortgages as well as Private Money Lending.
Can I do FHA Loans with Home Loan Consultants?
Because of the extensive compliance regulations and restrictions set forth by HUD, we do not currently offer FHA Lending through the affiliate branch network. We provide access to many FHA look-a-like programs that offer better pricing, more flexible underwriting and substantially higher loan limits than what is currently offered with FHA.
What are the commission splits?
Commission splits start at 90% and go up from there. All loans submitted through our banking line offer 100% commission.
What are the Splits & Fees per transaction?
- BROKERED TRANSACTIONS = 90% Commission Splits. "NO ADMIN FEE"
- IN-HOUSE A Paper = 100% Commission Splits with No Operational Fee
- IN-HOUSE Alt A Paper = 100% Commission Splits with No Operational Fee
If I choose to, can I process my own loans?
Yes, if you have proven experience, you may process your own loans. A processors agreement is available in the “To apply” section of this website.
Are there any transaction fees?
There is No Broker Fee charged on any in-house Home Loan Consultants funded transaction.
Are there any monthly maintenance fees?
No. We do not charge any monthly maintenance fees.
Do you provide Errors & Omissions Insurance? If so how much is the protection?
Yes. We provide each Branch of Home Loan Consultants ILO with One Million Dollars of Professional Liability Protection Coverage.
What about loans that cancel or never close, will I still be protected under the E & O?
Yes; as long as you register each loan into our system, every loan will be insured. https://mortgage.askcredit.com/HLC/
Can I choose to decline the Errors & Omissions Insurance?
No. Each transaction that closes must be charged the Errors & Omissions fee.
What are the premiums for E & O Insurance?
$35 per loan deducted from processing fee.
Am I able to use my own name to perform under HLC's license?
Our licenses require all transactions be submitted in the name of Home Loan Consultants, Inc.
Do I need to work in an office or can I work from home?
You can work from either your home or an office, it's your choice.
Can I have other Loan Officers/Originators work under my management?
Yes. Home Loan Consultants strongly supports your decision to hire employees. In addition to increasing your source of revenue, you will have the ability to control and manage your own team; you will be responsible for all aspects of the employments process. Individuals hired and working for you will not be considered employees of Home Loan Consultants and will not be entitled to wages, insurance or benefits through HLC.
Are there any minimum production requirements?
You are required to submit at least 12 Loans annually.
Will my commission split change if my production drops?
It is possible after an annual review but very unlikely.
How do I stay informed as to lenders, programs and all other important information?
Home Loan Consultant’s employs a team of highly-skilled and knowledgeable people here to support you and the needs of your office, including an entire team to support our Broker relations. You will be given access to the HLC e-mail system and will receive regular updates on specials, industry news changes in rates and anything else that will help ensure the success of your office. At HLC, we understand that when you are successful, we are successful.
What other types of support are available through HLC?
In addition to our Broker Relations team, HLC offers you full-time support with departments including an entire Operations department, our own Escrow Company, and teams that handle Accounting, Information Technology, Compliance and Human Resources. If you have a problem, we are certain to have someone available to help you solve it.
Are there any mandatory office meetings?
No. However we do have a quarterly Branch Managers meeting.
Does Home Loan Consultants advertise or promote any of it's Affiliate Branches?
Yes. Once you become an active Loan Originator or Branch Manager, your contact information will be added to our general website, www.hlclending.com. You will receive additional referrals and business as customers visit the website.
Does the company provide marketing support?
Yes. We can provide you with access to sales and marketing materials that will help increase your level of success. Promote yourself with newsletters, flyers, post cards, websites, open house flyers and much, much more.
Will I have access to multi-state licensing?
Yes. Home Loan Consultants is currently licensed in 30 states and continues to grow. By working as an affiliate branch, you are able to take advantage of the benefits of being licensed in multiple states, without the cost and headache of individually licensing your business. Please refer to “States Licensed” tab for a current list of approved states.
Do you provide Processing Support?
Yes. As an approved Loan Agent/Originator you can access any one of our dozens of approved processors.
Do you provide Escrow Services?
Yes. Our HLC Escrow Division is an incredibly experienced and productive resource. LO's maintain additional and valuable control as well as deliver an extra level of quality service to their clients.
Do you provide Health / Medical Insurance?
Home Loan Consultants does not currently offer medical insurance to sales agents working as independent contractors. However, as an Associate member of CAMB (California Association of Mortgage Brokers) you can access quality group health insurance where you have guaranteed acceptance.
Since you are a Banker, why is that I need a real estate license?
Since you are not an employee of Home Loan Consultants and act as an Independent Contractor you are required to maintain a current and valid Salesperson or Mortgage Brokers License.
Can I do Real Estate Transactions through your company?
You cannot do real estate transaction if you are going to engage in government type loans.
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. Home Loan Consultants provides its Loan Agents with marketing, compliance, legal, accounting, technology and sales support.
Can you pay my commissions to my Corporation?
If you currently hold a valid Brokers License we can pay your Corporation regardless of the name of the Corporation. If you hold a Salespersons License we are restricted by State Law to only pay your Corporation where as the name of the Corporation does not reflect or include the following in its' name: Mortgage, Real Estate, Banking, Lender, Loan Broker, Home Loans, Home Lending, (any other name that appears to be a Brokerage or Banker.)
Am I required to submit my loans to HLC or can I broker to any lender I want?
You have the choice to broker out your loans to any lender on our approved lender list or you can fund in-house using HLC's Warehouse Lines.
Is there a fee to join HLC?
Yes. A processing fee of $75 is collected at time of application. If you are opening a commercial branch location and require CFL licensing, we require a branch fee of $300.00 to cover administrative costs and processing.
What's included in the application fee?
The Loan Agent/Originator Application fee is collected at the time of application to cover the costs of the credit and/or background checks and cost of processing the application. Once approved, Loan Agents go through advanced orientation, receive an email address and a username to logon to the HLC System, the LOS used by HLC.