HighTechLending Associates

1. How is High Tech Lending Associates (HTLA) structured as a mortgage company?
HTLA operates as a Mortgage Marketing Company. The company is owned by four partners with a combined 116 years of experience in the mortgage industry. HTLA is not either a lender or broker, but has relationships with two Direct Lenders to provide Loan Officers and Real Estate Agents with mortgage loan programs.

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2. How is HTLA affiliated with lenders?
HTLA is aligned with two Lenders, High Tech Lending and Your Mortgage Source. We operate with both lenders as an Affiliate Branch office. These Lenders provide us the opportunity to offer their mortgage loan products in all 20 states at this time.

3. How can I become an associate of HTLA?
Go to our company website, www.hightechlendingassociates.com. Simply click on the “Join HTLA” button on the Home page. Follow the instructions to complete the Member Signup. During this process you will be asked to provide the code number of the person who has sponsored you to the company. Enter this code number in the Member Signup to ensure that you have joined the correct team.

4. What does it cost to join HTLA?
HTLA charges a one time membership fee of $125 when joining the company. This is paid via credit card during the signup process. This fee is used to cover the administrative costs of the company. However, we offer an incentive program that allows for this fee to be refunded. This requires that the Loan Officer personally close five (5) mortgage loans with either of our Lenders. When this is accomplished, we will refund your entire $125 membership fee.

Additionally, HTLA will charge an annual renewal fee of $50. This fee will be charged to your credit card on the anniversary date of joining HTLA.

5. What advances in technology does HTLA offer me to be more successful as a Loan Officer?
HTLA and our Lender Partners utilize some of the most sophisticated technology available today. One of the core strategies of HTLA is to provide a completely paperless transaction. This includes the ability to use an online interest rate and pricing engine to select loan programs, originate loan applications on your computer at the point of sale, immediately obtain credit reports, and to electronically submit the loan application for review by a Loan Coordinator and processing. The Lenders use Automated Underwriting Systems (AUS) to quickly underwrite the loans. Other services including appraisal and title also use online systems to facilitate much faster closings.

Additionally, all HTLA Loan Officers will automatically receive a replicated HTLA website immediately upon joining HTLA. There is no extra cost for this. You can personalize this website by adding your digital photograph and inserting your personal contact data and any other information about yourself.

HIRING QUESTIONS

6. Once I have joined HTLA, can I immediately begin originating mortgage loan applications?
Not immediately. With our both Lenders, each Loan Officer must first complete the Employment Application for that Lender, which is available for download from the Loan Officer Resources section of the HTLA website, along with instructions for completion and submission. After review by HTLA staff, his application will then be forwarded to the Lender for processing, a background check and hire. Once hired, the Loan Officer will be notified by the lender and provided with a username and password to access their website.

The Loan Officer must then immediately attend the online training for the Encompass Loan Origination System with High Tech Lending, or the Calyx Point Loan Origination System with Your Mortgage Source and receive the instruction necessary to originate loan applications. (See question #44 below for a review of the Encompass and Point LOS) Once this has been completed, the Loan Officer can begin originating loan applications.

7. What will be my hiring status? W-2 or 1099?
All Loan Officers will be hired by the Lender as a W-2 employee. As such, you are an employee of that Lender, not HTLA.

8. As a W-2 employee of a Lender, can I be hired as a Corporation, LLC or Partnership instead of as an individual?
No. W-2 employment requires that you be hired as an individual. You must provide your personal social security number when completing the employment application.

9. How long does the hiring process take?
With each Lender, it usually takes 3 – 5 business days once we have received your completed Employment Application. The Lender is required to conduct a criminal background check on all applicants. It can be shorter or longer depending on how long it takes to receive the background check.

For our Secondary Lender, see question #6 above regarding the hiring process.

10. Are there any costs associated with being hired by a lender?
Yes. Each Lender will charge a one time fee of $75 to pay for the costs of the background check. Loan Officers must pay this fee before they will be hired by the Lender. Procedures for this are available in the Loan Officer Resources section of the HTLA website.

11. Can I work at my other mortgage company and work with an HTLA Lender part time?
No, you cannot work for two different mortgage companies at the same time. This is the law in a majority of the states. You must resign from your current position at another mortgage company before you can be hired by either of our Lenders.

REAL ESTATE AGENTS & BROKERS

12. I am an active Real Estate Agent. Can I join HTLA and become a W-2 employee of a Lender and still maintain my real estate license with a real estate company at the same time?
Yes, with restrictions in some states. Because you are a W-2 employee of a Lender, you do not have to move or transfer your real estate license. You can continue to operate as a real estate agent and offer mortgages in states that allow dual capacity as a Loan Officer of a W-2 mortgage Lender. (See item #14 below.)

13. I am an active Real Estate Agent or Broker. Am I limited in what type of mortgage loans that I can originate?
Yes. You can only originate mortgage loan products that include Conventional, VA and Commercial loans. However, federal law prohibits an active real estate agent, regardless if you are an Agent or Broker, from originating FHA and Reverse Mortgages.

An active real estate agent or broker is allowed to receive an override on a FHA or Reverse Mortgage loan if that loan has been originated by an agent who is not an active real estate agent.

14. Can I act as the Real Estate Agent and the Loan Officer in the same transaction?
Dual capacity is allowed in 44 states. This means that you can act as the Real Estate Agent on the sale of a home and at the same time be the mortgage Loan Officer on and be compensated on both sides of the transaction. Most states require that this Dual Capacity relationship must be disclosed to your client in writing. You can refer to the Approved Lenders Information section of the HTLA website for a listing of these states.

15. I am an active Real Estate Agent or Broker. I understand that referral fees cannot be paid for mortgages. If I am not interested in originating a mortgage, is there still a legal way that I can find mortgage clients and be paid when they obtain a loan?
Yes. HTLA offers a fully RESPA compliant opportunity to Real Estate Agents and other Financial Services Professionals who as part of their core business often work with clients who are interested in obtaining a mortgage loan. These agents often do not want to become involved in the mortgage origination and management process.

However, these agents, hired as a W-2 employee of our Secondary Lender, can submit a borrower’s basic initial loan information through an online Worksheet that takes approximately 10 minutes to complete. After submission, the loan process is turned over to in-house experienced Loan Officers. The agent can track the loan process online, and then at the loan closing the agent will legally be paid a 20% commission on that loan, regardless if it is a Conventional or Government loan. No residual overrides are paid with this program.

TEAM BUILDING QUESTIONS

16. How do I know that I will receive credit for someone I recruit?
Anyone joining HTLA will need to complete the Member Signup on the HTLA website, located in the Join HTLA section. They will need to list you as their sponsor by inserting your HTLA code number in the proper section. This will protect you as their upline leader. If they fail to list you please keep your email chain showing that you were recruiting them before they signed up to join HTLA. We will gladly move that person to your team if you provide this supporting documentation.

17. If someone were to join HTLA after I spoke with them, how do you know that person is my recruit?
They must list your name as the sponsor when they complete the online Member Signup. It is your responsibility to follow up on this. If you follow up with them and they tell you they did not list you on the Member Signup for some reason (could not remember your last name, did not know your code number, etc.) we can correct that if you let us know. Please know that we never purposely take a recruit from you. Just provide with your email proof that you were communicating with them before they joined and you will be given the proper credit.

18. Can I recruit outside of my state?
Yes.

19. What marketing tools and resources are available to recruit and build my team? Can I hold Seminars and Business Presentations?
HTLA is preparing a Webinar PowerPoint Presentation that will be recorded and made available on a 24/7 basis on the HTLA website. You will be able to refer your prospects to these Webinars with the assurance that they will be viewing a quality presentation every time.

We will also make this PowerPoint available for download that you can use to make your own personal recruiting presentations. These presentations can be conducted in a one on one setting, a small group or larger type Seminars and Business Presentations.

HTLA senior management is also available to assist you with your team building efforts. We are available to conduct conference calls, three way phone calls, one on one phone calls and live Business Presentations.

20. What if I just want to recruit and I don’t have much personal production?
We desire to have every Loan Officer that joins HTLA to originate loans. Whether you want to primarily produce and / or recruit, that is fine. There are no minimum requirements for production or recruiting.

21. Can I recruit Builders and Loan Officers?
Yes, you can recruit both. We prefer whenever possible that experienced Loan Officers join HTLA, but we welcome builders to HTLA.

22. How do I receive residual payments for the production of my team?
Please see the HTLA Compensation Plan located on our website for details. Your team’s production is tracked by HTLA and you will be paid all eligible commissions when your team’s loans close.

23. If someone in my downline leaves HTLA, do I keep the remaining teammates they recruited?
Yes. In this case, downline teammates will automatically roll up to the next upline.

24. Can someone with little or no mortgage experience join HTLA? Do they start at a lower commission level?
While we strongly desire that Loan Officers with experience join HTLA, we do allow new and inexperienced associates to join us. These Loan Officers will start at the 50% commission level. They will be directed to utilize the Training Program offered by HTLA and our Lenders. Additionally, they will be assigned a Mentor / Trainer to assist them with closing their first five (5) closed loans. Their Team Leader is expected to provide additional support and guidance.

25. What kind of training is available to me and my teammates?
HTLA will offer several forms of training on an ongoing basis, including Live Webinars each week. Topics will include:

Encompass Loan Origination System
Calyx Point Loan Origination System
Mortgage Basics
FHA Loans
VA Loans
Reverse Mortgages
Understanding Rate Sheets

Additionally, our approved Lenders offer different levels of training, including weekly live Webinar training.

Additionally, our approved Lenders offer different levels of training, including weekly live Webex training for the Encompass Loan Origination System and a video library containing myriad topics.

COMPENSATION & BENEFITS

26. I am an experienced Loan Officer. At what commission level will I start?
Each Loan Officer that joins HTLA will be evaluated on a case by case basis. For those who are joining direct to the company, HTLA management will interview you and review your background and experience. A determination will be made and a commission level negotiated with you.

If you are joining HTLA on the team of another Loan Officer or Team Leader, we initially will allow your upline Senior Executive Loan Officer (SELO) to interview you to make this decision. Please refer to the HTLA Compensation Plan for Promotion Standards, especially as they apply to new and inexperienced Loan Officers.

27. Can we earn commissions on both Origination Fees and Yield Spread Premiums (Rebates)?
Yes. Commission is based on Total Revenue that we receive from the Lenders. This usually will include 100% of these net fees earned on a loan. Again, refer to the HTLA Compensation Plan for further details.

28. How is HTLA compensated when a loan closes?
Operating as a Branch of our Lenders, HTLA will receive a flat fee of $595 with each loan closed. This fee is deducted from the Total Revenue received from this Lender. The remaining balance is then paid to the field.

Operating as a Branch of our Secondary Lender, HTLA is compensated directly by the Lender on a percentage basis of the Total Revenue generated. This compensation does not lower the commission to the field.

29. Am I allowed to price my loans?
Yes. We allow our Loan Officers to price their loans. You have the discretion to charge Origination Fees and earn Yield Spread Premiums on the loans you originate. However:

You must always consider what is best for your borrower. We highly recommend that you price your loans competitively and fairly, and charge what is normally charged in the market. Predatory Lending Laws prohibit excessive charges.
The minimum that must be charged on any loan is $595. This is the fee that will be paid to HTLA. Loan Officers are prohibited from charging an amount less than this.

30. What happens if a downline teammate is promoted to my commission level?
At HTLA, once you reach the Loan Officer (LO – 70%) level, you qualify to earn Generational Overrides. This means that you will be paid on anyone you recruited directly or anyone within three “generations”. So, if you are at 70% and your direct teammate also is promoted to the 70% level, you always receive at least a 3% residual for first-generation, 2% for second-generation and 1% for third-generation teammates. Refer to the HTLA Compensation Plan for a complete explanation.

31. What is the schedule for payment of commissions?
All commissions are paid by the Lenders. They have established their commission payment schedules:

Both Lenders pay commissions to the Loan Officer two times a month, on the 15th and the last day of the month, using the following schedule:

Loan closes and funds:
1st – 15th - Commission paid on last day of that month.
16th – 31st – Commission paid on the 15th day of the following month.

32. Are health insurance and other benefits available?
No.

33. Is a 401k retirement plan available?
No.

MARKETING & ADVERTISING

34. What advertising am I allowed to create in regards to personal production and team building?
All advertising that pertains to any type of loan origination MUST first be approved by the applicable Lender. Any recruiting advertising MUST first be approved by HTLA management.

35. Where and when can I obtain business cards?
You will receive instructions for ordering business cards from the Lender that you join. You must first be hired as an employee of the Lender. Business cards MUST be ordered from the Lender and cannot be obtained from an outside vendor / printer. You will be responsible for the cost of your business cards. Refer to the Approved Lenders Information section regarding address and phone number requirements of the Lenders.

LICENSING

36. What licensing requirements are there to originate a loan in any particular state?
A Loan Officer is required to be licensed in the state that they will be originating a loan application. Refer to the Licensing Matrix located in the Loan Officer Resources section of the HTLA website that details the licensing requirements for all 50 states.

37. How do I transfer my existing state licenses to the new Lender?
The HTLA headquarters staff is available to assist the Loan Officer with this. You will not be able to originate loans in states that that require licenses until the transfer is processed by the state. (Exception: Please review the Out of State Program available from our Lenders for options to originate a loan in a particular state.)

38. Do you provide continuing education for maintaining my state license(s)?
You are responsible for maintaining your licenses, including continuing education requirements and any fees.

LOAN PRODUCTS & PROCEDURES

39. What loan products are available?
Through our Approved Lenders, we can offer Conventional, Government and Commercial loans.

40. Where can I find rate sheets and loan program lender guidelines?
With our Lenders, you will have access to their Rate and Pricing Engines, which will provide you with rates and loan program guidelines.

41. Can I broker out a loan?
Yes. Each of our Lenders provide the ability to Broker out loans to outside, approved Lenders.

42. Do I get my own username and password for HTLA and the Approved Lenders?
Yes. You will automatically receive your HTLA username and password at the time you join the company online. For the Lenders, they will provide you with usernames and passwords when you are hired after passing the background check.

LOAN COORDINATORS, PROCESSING & UNDERWRITING

43. What support is provided to assist me with my loan applications?
HTLA offers to our Loan Officers a unique and important resource to assist in the origination and closing of more loans efficiently, easier and faster, ALL AT NO COST TO THE LOAN OFFICER.

HTLA provides each Loan Officer with the availability of a highly experienced Loan Coordinator to assist them with Loan Application review, Loan Scenarios, Loan Pre-Qualification and Loan Approval through the Automated Underwriting System (AUS).

In addition, the management of HTLA has extensive operational experience that is available to every Loan Officer.

44. What Loan Origination System (LOS) do you use?
Our Lenders utilize the sophisticated and easy to use paperless Encompass LOS and the Calyx Point LOS. Loan Officers will have the capability to originate a loan application at the point of sale online and submit their files instantaneously.

There are no monthly fees for the use of these systems.

45. How are credit reports obtained? How are they paid?
With our Lenders, credit reports are pulled during the loan application process in Encompass or Point. It is simple, easy and paperless. The credit report MUST be paid for at the time the credit is obtained. Online functionality allows for the credit report to be paid using the borrower’s credit card during the application process.

46. Can I submit my own applications to an Automated Underwriting System before submission to processing?
Loan Officers with a minimum of 2 years experience can do this only with management approval after 2 loans have been submitted correctly. However, we strongly encourage all Loan Officers to first utilize the services of your Loan Coordinator to assist you. The LC will also have the capability to use the AUS also.

47. Can I process my own loans or hire my own processors?
Not at this time. With both Lenders, all Processing MUST be performed by our contractual processing unit, Loan Processing Solutions. Any agent that desires to request approval of another processor must contact HTLA management to initiate this request.

48. Who sends out the required disclosures to the borrower?
The Processor will prepare the disclosures and send them directly to the borrower. They will be provided with a return overnight envelop to return the signed disclosures to the Processor.

49. Do we have to disclose the Yield Spread Premium (YSP) on the Good Faith Estimate and final HUD1?
No. Both of our Lenders are Direct Lenders and not brokers. Regulatory law allows that the YSP does not have to be disclosed.

50. Can we use our own appraisers and what is the fee?
This is dependent on which Lender is being used. Please contact the processor for your loan to determine if an outside appraiser can be used.

Costs of appraisal vary from state to state and even from county to county. The Processor will be able to determine from the appraiser what the cost of each appraisal will be.

51. Who pays for the appraisal?
With our Lenders, all appraisals MUST be paid for by the borrower, eithr in advance, or at the time the appraisal is performed. In no case will an appraisal be allowed to be paid in escrow.

52. Who orders title and what title company is used?
The Processor will open title and escrow. If the Loan Officer has a desired company to use for this, they will need to advise the Processor with this information. However, with purchase transactions, often escrow has been opened with a title company by the realtor involved. If this occurs, the Processors will work with that title company.

53. Who locks the interest rate?
Typically, this will be done by our Lenders after they have an approval on the loan. They will be in communication with the Loan Officer and Loan Coordinator during this process to ensure that proper pricing is utilized.

54. What are underwriting turn times?
They will vary, but with our Lenders they provide 24 – 96 hour underwriting turn times. If an underwriter is having difficulty approving a file, they will first contact the Loan Officer and attempt to restructure the file. This process can add time, but the Underwriter will always attempt to find a way to approve your loan if possible.

Rush cases are possible, but are handled on a case by case basis that involves the Loan Coordinator and Branch Manager.

COMPLIANCE QUESTIONS

55. Do I need to have an office or brick and mortar establishment?
No, you can work from home if you desire.

56. Am I responsible if someone on my team commits fraud?
All fraud will be investigated and any parties involved will be subject to termination (as well as possible criminal penalties). You will not be held responsible if you were not aware of the fraud and you were not involved.

57. Who is available to assist me with Compliance issues or if I believe a possible compliance issue needs attention?
Both the management of HTLA, the Branch Manager and the Compliance Departments of our approved Lenders are available to assist you. We take Compliance seriously. If you believe that some form of possible fraud or other issue has occurred, you are required to report this to HTLA management and the Branch Manager immediately, and no longer than 24 hours after becoming aware of a possible violation or other issue.