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| 1) Why should I choose Meridian Financial over another net branch company? [ TOP ] We are a flexible company that offers a very competitive pricing structure to our brokers while still offering them the support necessary to be a successful mortgage broker. |
| 2) How much experience do I need to become a broker for Meridian Financial? [ TOP ] You must have prior mortgage experience. |
| 3) Is Meridian Financial a good choice if I’m brand new? [ TOP ] You must have prior mortgage experience to join. |
| 4) How long does it take to get approved? [ TOP ] We start our investigative work promptly upon receipt of your application. It usually takes 2-3 days to get approved. |
| 5) Do I have to make a capital contribution or large deposit? [ TOP ] No. Unlike many other net branch companies we don’t have any costly startup fees or deposits. The only fee we charge is a $250 one-time fee for a background check & software license. |
| 6) How does your commission structure work? [ TOP ] You keep 100% of all fees collected both from the lender & the borrower. The only fee we charge is $395 per loan. |
| 7) How do I get paid? [ TOP ] When the loan closes you will send the completed file along with the check from the title company to our office. We will inspect the file the same day we receive it & write you a check. We will either mail you a check that day or if you have a Bank of America account we can deposit it directly into your account for you. |
| 8) Are there any other monthly fees? [ TOP ] No. We don’t charge any other fees than the $395 per loan. |
| 9) Can I set up & run my own branch? [ TOP ] Yes. You may set up your own branch & hire loan officers. Every branch manager decides how much compensation he provides for the loan officers beneath him. We offer the option of a flat monthly fee to our branch offices, or a flat fee per file program, please inquire for more details. |
| 10) Can I work out of my home? [ TOP ] Yes you may. |
| 11) Who processes my loans? [ TOP ] You are free to choose your own processor. We have an approved list of third party processors available upon request. |
| 12) Can I do my own advertising? [ TOP ] Yes, however you must comply with all federal, local, & state laws and you are responsible for all advertising expenses. |
| 13) Are there any quotas I must meet each month? [ TOP ] We do not have any monthly quotas. You are free to grow at a pace that is comfortable to you. |
| 14) Do you offer any company benefits? [ TOP ] At this time we do not offer any benefits. |
| 15) Can I receive a 1099? [ TOP ] Yes, we pay all of our brokers as 1099 subcontractors. |
| 16) How many lenders are you signed up with? [ TOP ] We are currently approved with over 100 lenders. Whether you prefer conventional, subprime, or construction we are approved with the top lenders in the industry. |
| 17) What happens if you are not signed up with a lender that I like to work with? [ TOP ] If you have a preferred lender that we’re not currently approved with we’re happy to sign up with them. |
| 18) Will I be able to originate loans in other states? [ TOP ] Yes. You are able to originate loans in all 50 states. |
| 19) Can I use Meridian Financial as a DBA? [ TOP ] Yes, however all of your loan applications will need to reference Meridian Financial as the lender. |