New Associate Frequently Asked Questions (FAQs)
Q. Can I get paid on Mortgage transactions?
A. You will become a W2 employee of New Source Lending.
Q. How will I be paid?
A. You will become a W2 employee of New Source Lending.
Q. Do I have to work in New Source Lending’s office?
A. No, you will keep your own office and make your own hours.
Q. Is a lot of paperwork required to get started?
A. No, just fill out our Associate Application and we will get you started on the hiring process ASAP.
Q. I am not that experienced with mortgage loans. How will I be able to competently process and close mortgage loans?
A. With the support of NSL’s experienced processing and underwriting staff you will not have to worry about your clients not getting the quality service they deserve. We will provide support from application to funding. You will have the ability to determine the level of involvement with your loans.
Q. What is usually required that an associate do on a loan transaction?
A. Generally an associate would speak with their client and determine if they are in need of a loan. If they determine that they would be in the market for a loan, you would then submit a basic application on the NSL website. Then one of our experienced staff will work with you to obtain any loan program which would suit your customers' needs.
Q. I have a long standing relationship with many of my clients, how will I know they are getting the best loan for their needs?
A. You will have access to all rate sheets and programs available. In fact, you will choose, with your clients, the best program for their needs.
Q . How can I be sure my clients will not be charged excessive points and fees?
A. Again, you will be in charge of what points and fees will be charged to your clients. You will be able to choose your program and rate from our rate sheet. NSL will also require that our associates sign the final document order so both NSL and our associates can be sure that the rate and points that are being charged on transaction are consistent with what the customers expects.
Q. How long does a loan take to process?
A. Generally a loan will take about 30 days to process. Some loans close as quick as one week, others take much longer depending on the circumstances.
Q. When do I get paid?
A. You will get paid once the loan has funded and meets all federal and state compliance requirements
Q. Can I get paid as an Independent Contractor (1099)?
A. No, you are an employee of New Source Lending and New Source Lending is required to withhold payroll taxes.
Q. How much does it cost? Do I have to pay for anything?
A. No. You are applying for an Associate position. If accepted, you will be an employee of New Source Lending.
Do you still have unanswered questions?
Contact us at 1-866-239-3176 ext 5235.