How is your payroll handled? Do we deposit title company checks?

No your cannot deposit checks from funded loan nor application fees. As a Branch Manager Partner, 100% of your portion of commissions, minus any applicable costs or fees, are paid directly to you. You can designate branch expenses to be paid from your funds before taking them as income.

You must not deposit checks from funded loans or customer checks for application fees, etc. . Any checks made to REGAL must be turned into the Regal corporate office.

• All closed loans must be submit to our corporate office with the check with all applicable documents. A Closed Loan File Breakdown Checklist is provided listing all required documents.
• If you collect application fees they should be made payable to Regal Home Lending and must be submitted to the corporate office with all RESPA disclosures, so that the file can be registered.
• You cannot escrow or have payable 3rd party fees to Regal Home Lending. You must reconcile the HUD-1 prior to closing and insure that all funds are properly disbursed to the 3rd party entity and not to Regal Home Lending.
• You must register all loans within 3 days of the application date, even if no fees were collected.
   

Can we open a branch expenses account for paying utilities, rent, phone, supplies, courier, credit reports, etc.?

You cannot open a bank account in the name of REGAL or anything like unto it. You can form a company, that you own, for mortgage services; however it cannot be in the name of REGAL or the branch name, nor can it be represented as the licensed mortgage entity. This mortgage service company can then open a bank account in it's name for the purpose of providing mortgage services and paying it's expenses. Your branch account is maintained by you and this mortgage service company can submit invoices, for services rendered, to be paid from your funds on the CSS (commission settlement sheet). The proceeds for each loan is reconciled separately on the CSS.

Can we originate government loans? Must we have Regal Home Lending process our government loans? Can we process non government loans.

Yes, as an Associate Partner of Regal Home Lending, you can originate government loans but we must process government loans unless you or your processor can demonstration extensive knowledge of government loan processing. Your processor will need to be interviewed before we allow he/she to process government loans. There is a $175 compliance review fee charged for each loan not processed by Regal Home Lending's processors.

What are your cutoff times for submitting requests for commission payments on closed loans?

Once the file has cleared compliance review, the CSS (commission settlement statement) is prepared and sent to the accounting department to prepare for payment or payroll. This time is calculated from the date that we have received all necessary documents needed to process the file and pass a compliance review. You may expedite this process by assuring that all documents are submitted with the check according to our Closed Loan File Breakdown.

What are your transaction or admin. fees? 

·     All Loans (conventional and government) ~ $395 + 10% of the overage (overage is defined as the total receipts from the funded loan over $4,500).
Example: Total commission of $5,000. Transaction fee $395 + $50 overage = a $445 transaction fee.

Payroll Administrative Fee ~ Commission splits/admin fees are based on Associate being paid 1099 payments where allowed by law . There is a different commission split/admin fee for W-2 employees. This difference is based on an additional admin fee of 12% on the payroll portion of the employee's pay. This "12% Administrative Fee" for W-2 employees, will only be charged on the payroll portion of the commissions due employee and not on any expense portion of employees pay when requested by employee at time of disbursement: employee is allowed to pay business expenses from his/her commissions when a vendor's legitimate business expense invoice is provided and a requested from employee is made at the time of disbursement of employees pay.

Do you underwrite commercial loans?

You are allowed to broker commercial loans through several approved commercial brokers as listed in our broker portfolio.

Please provide us with a chain of command or corporate contact list.

The internal contact list is provided on the associate support web site. All associates are given a password to access this web site at  www.RegalAdmin.com/login .

Will we be able to call directly to the appropriate contacts once we're signed up with Regal Home Lending or will we have to go through the voice mail system?

Certainly you'll be able to contact any of our department heads or corporate administrative employees at any time! We delight in supporting our valued Associates and Branch Partners.

Describe your background check.

The background check is a criminal background check at the federal and state level. It is performed on every associate or administrative employee except licensed mortgage brokers that have previously been screened by the state.

How are LP, DU, credit report fees handled?

We ask that you sign up with these agencies under your own account.

Do you operate on a central networking system?

Most all our tools are web-based products designed to give you access from anywhere. Our primary originating software is Calyx Point and Calyx Webcaster and our associate support website is www.RegalAdmin.com/login .

Are loan officer checks physically cut or directly deposited?

We can only direct deposit payroll wages/commissions. Payroll are those funds paid on a W-2 basis.

How much loan origination experience do you require?

We can accommodate all levels of experience, but experience does not always equal success. Successful loan officers have two common key elements, "Discipline & Salesmanship." Some people are natural salespersons, while others have to learn it. Salesmanship is easy to learn and practice once you know the steps.

Salesmanship: making the prospect aware that they need a product or service and that you can provide the product or service to fill their needs or "perceived needs."

Discipline: is to want success enough to have a stick-to-it attitude or a good "Work Ethic."

Can benefits be waived?

We have a 90 day waiting period and it is available only to those that qualify as full-time employees through our payroll service provider. If you qualify and accept the insurance, then you will be required to keep two months premium on deposit. If you decline, then you will have to wait until an open enrollment before you can apply.

What is your procedure to approve new lenders?

If there is an investor you'd like to use that isn't on our list of 100+ lenders, we'll gladly assist you. We only ask that you request only those lenders that offer a unique product not already covered by our current lenders. Keep in mind that many lenders will terminate the relationship if a certain volume is not maintained. All lenders must be 1st approved before any loans are submitted to a lender.

Are there any setup, startup fees; required reserves; net worth requirements?

Our start up costs are nominal. There is a $75 application fee for each Associate or employee. Naturally, certain states have Branch and/or Loan Officer licensing requirements which can be an additional cost of operation.  We have a nominal "reserve requirement" which must be kept on deposited for Associates.

Is there a monthly quota of closed loans?

There are no minimums at Regal Home Lending, Inc. We do encourage our Branches to close three (3) loans a month, although it is not required. We encouraged Loan Originators to close at least one (1) loan a month, although it is not required. If we see that a Branch or Loan Originator is not originating any loans, we will contact them so that we can assist then with information that can help with, marketing, selecting lender program, etc. which will facilitate in the production of loans.

Does Regal Home Lending underwrite loans?

Regal Home Lending does not currently underwrite any loans, however we are in the process of becoming a mortgage banker sometime in the near future. at such time you will have a choice of brokering to other lenders or using in-house underwriting.