Membership Policy
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At Loan Factory, we are committed to fostering a supportive environment where every loan officer can thrive. Our mentorship program pairs new loan officers with experienced professionals to ensure they gain the skills and confidence needed for success.
VIEW MENTORSHIPMentor Requirements
To qualify as a mentor, a loan officer must have a minimum of 2 years of experience and close 3 loans with Loan Factory.
Be consistently available daily to assist other loan officers on our marketplace at www.moso.com
Mentee Requirements
- 1Commission Sharing
Inexperienced loan officers will be paid 80% of the loan commission on the first 3 transactions. However, if working with a mentor (or a team leader), the commission will be raised to 100% (before paying the flat fee, the processing fee, and the override to the mentor (or a team leader). The mentee must agree to pay the commission override to the mentor.
- 2Commission Paying
When the mentee has a transaction, the Mentor will be set as the Additional LO automatically (unless the mentor does not have a license in the property state) and eligible to earn the commission override. When a mentee requests a commission for a closed loan, the commission override will be deducted from the commission and paid to the mentor. Both mentee and mentor will be paid at the same time.
Example: a mentee agrees to pay the mentor 30% of the loan’s commission. If the commission is $4000 (after the flat admin fee and processing fee), the mentor earns $1200, and the mentee earns $2800.
- 3Commitment
The mentee is free to cancel the mentorship and work with another mentor until 3 transactions are closed.
- 4Training AcademyComplete all the required classes at the academy www.academy.loanfactory.com
Important Reminder
Mentors and mentees do not have to be licensed in the same state(s) for commission split.
However, if the mentor does not have a license, the mentor cannot earn more than 50% of the loan’s commission
Teams offer a more stable environment for working together in the long term.
Guidelines for mentor
- Collaboratively set clear, achievable goals for the mentorship period.
- Identify areas for improvement and development.
- Offer practical advice on loan processing, customer interactions, and compliance.
- Share best practices and personal experiences.
- Help the mentee develop problem-solving and decision-making skills.
- Schedule regular meetings (weekly or bi-weekly) to discuss progress.
- Recommended to hold office hours. You should go LIVE on our marketplace daily
- At the end of the mentorship period, provide a comprehensive evaluation with the mentee's strengths and areas for further improvement.
