Shore Affilate FAQ
Getting Started:
Q: How do I get started?
A: Click on Join Our Team to begin the application process or simply call one of our representatives to walk you through the process at 866-903-8953 (ask for the Affiliate Team). We will begin the application process by preparing the necessary documents and diligently working towards approving your application.
Q: How long will it take to become approved?
A: The typical turn time from start to finish is less than 30 days.
Q: How does my staff get paid?
A: Using our Corporate Attendance On Demand system. All you need to do is monitor your Branch payroll for accuracy.
Q: How are branch expenses paid?
A: Semi-monthly through our Accounting Department. Invoices should be emailed to Shore Affiliate Payables, with an expense cover sheet. Branch expenses are paid from your branch operating account.
Q: When do I get paid?
A: The Operations staff is paid using our Attendance On Demand system on a bi-weekly basis. The Sales staff is paid once a month on the 15th. However, a Branch Manager can issue a check more often should he/she require as long as athe minimum account balance is maintained. Commissions can be paid using our Commission Request Form. It is recommended that the loan has been funded and cleared through Post Closing before any commissions are advanced.
Q: What are the requirements to become an Affiliate of your company?
A: Two years documented experience, a mid Credit Score above 620, no felony convictions, and financial requirements must be met.
Q: What fees are associated with a branch?
A: We charge a monthly flat fee of $1500.00 to cover use of our website, IT Support, Originating Software, Licensing & Marketing Team Support and Payroll Department. We also have a monthly flat fee of $295.00 to cover payroll and accounting support.
Q: Do you charge a Compliance Fee?
A: It is our policy to audit the first five loans as a minimum of all new offices, loan officers, processors, and underwriters. We will assess the Operating account an Audit Fee of $125.00 per loan for the first five closed loans.
Q: What other loan related fees do you charge?
A: We will charge a $795.00 underwriting fee ($695.00 FHA Streamlines) and a $17.00 Flood Cert Fee on each closed loan.
Q: Can I use other lenders?
A: No, not at this time.
Q: Who handles the compliance on my loans?
A: All staff including Loan Officers must follow all State and Federal Laws as they relate to our industry. Upon submission to underwriting the Sr. Underwriter will confirm that all laws and regulations were followed. Additionally the Quality Control department will audit loans originated by your office for compliance as well.
Q: How are leads generated?
A: We do not provide any leads. This responsibility is the Branch Manager's and costs associated will be absorbed by the branch affiliate.
Q: How do I pull credit reports once I sign up with you?
A: Upon approval we will start up a branch account with Kroll from which you will to be able to pull credit reports. You can either pull directly from Kroll or from Kroll via our VLO system which is preferred as it brings the credit into Destiny automatically.
Q: What origination system will I be using?
A: Our company utilizes Integra's Destiny system for processing and closing and our VLO system for originations.
Accounting:
Q: How do I add funds to the branch account?
A: You may send a check to the Accounting Department for posting or use our electronic check or credit card systems. Electronic check deposits are subject to a 5 business day hold.
Q: How do I submit invoices for payment or for reimbursement?
A: We have an expense request form. Simply follow the instructions and forward it to the Affiliate Payables Account Department for processing using the specific email address noted on the form.
Q: When do I have to have expenses in to get them paid?
A: Expenses must be received by the 1st to be paid by the 15th and by the 15th to be paid by the 31st.
Q: Can the expenses paid to vendors be sent to my branch so I can distribute them?
A: No, all expenses should be paid via the Accounting Department. We must operate the Branch as an extension of Shore Financial Services, Inc. Failure to do so is a violation of HUD mandates and could jeopardize our licensing.
Q: Can I pay my own invoices and expenses and seek reimbursement afterward?
A: No, all expenses should be paid via the Accounting Department. We must operate Affiliate Branches as an extension of Shore Financial Services, Inc. Failure to do so is a violation of HUD mandates and could jeopardize our licensing.
Q: What is the minimum balance I must maintain in my account?
A: You must always maintain a minimum of $2,500.00 as a operating reserve. This balance will be considered your operating reserve and will not be used in the calculation of any payroll. The funds in this account are for covering and paying branch related expenses should at any time the account go below the minimum amount with day to day operations.
Q: What happens to the operating reserve account should my relationship with Shore Financial Services, Inc. be dissolved?
A: The monies remaining in the account will be available to pay any subsequent bills or can be W2'd to the branch manager upon a 90 day waiting period.
Q: What is the Hold Back Account and how are the monies in the account accumulated?
A:From Branch revenues we will create a Hold Back Account of $5,000.00. This account is separate from the Operating Account and at the sole discretion of Shore Financial Services, Inc. These monies act as protection for the company in the event of a buyback or re-capture fee caused by a loan originated by the branch and its Loan Officers.
The Hold Back Account will be created at a rate of $500.00 per month for the first 10 months. These monies will not be included in the Branch Manager's compensation. Should the Branch Manager terminate prior to the reserves being met, Shore Financial Services, Inc. will retain the total amount of reserves. Should the Branch Manager terminate after the reserves are met, any funds remaining in the account after 12 months from termination will be returned to the Branch Manager.
Q: What happens when the relationship with Shore is terminated?
A: This varies depending on account.
A: You may send a check to the Accounting Department for posting or use our electronic check or credit card systems. Electronic check deposits are subject to a 5 business day hold.
Q: How do I submit invoices for payment or for reimbursement?
A: We have an expense request form. Simply follow the instructions and forward it to the Affiliate Payables Account Department for processing using the specific email address noted on the form.
Q: When do I have to have expenses in to get them paid?
A: Expenses must be received by the 1st to be paid by the 15th and by the 15th to be paid by the 31st.
Q: Can the expenses paid to vendors be sent to my branch so I can distribute them?
A: No, all expenses should be paid via the Accounting Department. We must operate the Branch as an extension of Shore Financial Services, Inc. Failure to do so is a violation of HUD mandates and could jeopardize our licensing.
Q: Can I pay my own invoices and expenses and seek reimbursement afterward?
A: No, all expenses should be paid via the Accounting Department. We must operate Affiliate Branches as an extension of Shore Financial Services, Inc. Failure to do so is a violation of HUD mandates and could jeopardize our licensing.
Q: What is the minimum balance I must maintain in my account?
A: You must always maintain a minimum of $2,500.00 as a operating reserve. This balance will be considered your operating reserve and will not be used in the calculation of any payroll. The funds in this account are for covering and paying branch related expenses should at any time the account go below the minimum amount with day to day operations.
Q: What happens to the operating reserve account should my relationship with Shore Financial Services, Inc. be dissolved?
A: The monies remaining in the account will be available to pay any subsequent bills or can be W2'd to the branch manager upon a 90 day waiting period.
Q: What is the Hold Back Account and how are the monies in the account accumulated?
A:From Branch revenues we will create a Hold Back Account of $5,000.00. This account is separate from the Operating Account and at the sole discretion of Shore Financial Services, Inc. These monies act as protection for the company in the event of a buyback or re-capture fee caused by a loan originated by the branch and its Loan Officers.
The Hold Back Account will be created at a rate of $500.00 per month for the first 10 months. These monies will not be included in the Branch Manager's compensation. Should the Branch Manager terminate prior to the reserves being met, Shore Financial Services, Inc. will retain the total amount of reserves. Should the Branch Manager terminate after the reserves are met, any funds remaining in the account after 12 months from termination will be returned to the Branch Manager.
Q: What happens when the relationship with Shore is terminated?
A: This varies depending on account.
Compliance:
Q: Who handles the compliance on my loans?
A: All new employees are trained on all aspects of state specific and federal compliance prior to allowing any employee to originate or process for our company.
Q: Who will audit my files for compliance?
A: Our corporate Quality Control Dept. will conduct all audits in order to insure compliance.
Q: Will I receive results of the audit?
A: Your Branch report will be provided to the Branch Manager on a monthly basis.
A: All new employees are trained on all aspects of state specific and federal compliance prior to allowing any employee to originate or process for our company.
Q: Who will audit my files for compliance?
A: Our corporate Quality Control Dept. will conduct all audits in order to insure compliance.
Q: Will I receive results of the audit?
A: Your Branch report will be provided to the Branch Manager on a monthly basis.
Human Resources:
Q: What is the turn time for hire once a complete new hire application package is received by corporate?
A: Five business days.
Q: How do I change my personal information?
A: Print out the necessary form from our system, complete it and forward it to the HR Dept.
Q: How do I change my exemptions on my Federal and or State W4?
A: Print out the W4 form, complete it and return it to the HR Department.
Q: Will I have a Shore Financial Services, Inc. email account?
A: Yes.
Q: Does my paycheck get mailed to the branch office address or my home address?
A: If you do not utilize direct deposit then your check will be mailed to your home.
Q: How do I sign up for direct deposit?
A: Complete the necessary forms and forward to our HR Department.
Q: Do Telemarketers have to be approved employees of Shore Financial Services, Inc.?
A: Yes, all employees must be approved by the corporate office.
A: Five business days.
Q: How do I change my personal information?
A: Print out the necessary form from our system, complete it and forward it to the HR Dept.
Q: How do I change my exemptions on my Federal and or State W4?
A: Print out the W4 form, complete it and return it to the HR Department.
Q: Will I have a Shore Financial Services, Inc. email account?
A: Yes.
Q: Does my paycheck get mailed to the branch office address or my home address?
A: If you do not utilize direct deposit then your check will be mailed to your home.
Q: How do I sign up for direct deposit?
A: Complete the necessary forms and forward to our HR Department.
Q: Do Telemarketers have to be approved employees of Shore Financial Services, Inc.?
A: Yes, all employees must be approved by the corporate office.
Licensing:
Q: What States can I originate in?
A: We are licensed in 32 States; however you must be a licensed originator in that state (if required) in order to originate in that state.
Q: Who do I contact for questions regarding State Licensing?
A: You would contact the Shore Financial Services, Inc. Licensing Team.
Q: How do I apply for State Licensing?
A: By going through our corporate Licensing Team.
Q: Where do I send my application once I have completed it?
A: Most States are now NMLA and we will be handling this on your behalf.
Q: What States can I originate in?
A: Upon approval you will be authorized to originate in your home state. You can also apply to originate in any state Shore Financial Services, Inc. is licensed in.
Q: Can I email or fax my licensing application?
A: No, if the State is still a paper licensing State then we would be responsible to handle this on your behalf and will need the originals.
Q: Can I submit my own application to the state?
A: No, you must use our Corporate Licensing Team.
Q: How do I know when my application has been submitted?
A: Our Corporate Licensing Team will notify you once we submit your application. Our Corporate Licensing Team will notify you upon receiving feedback from the State.
Q: How long does it take for the state to approve my application?
A: Once proper notices are given and received from the Secretary of State office, licensing could take anywhere from 30 days to 120 as the regulator controls this part of the process and varies from State to State.
Q: Can I contact the state for status?
A: Absolutely not, all correspondence must be made using our Corporate Licensing Team.
Q: Will Shore Financial Services, Inc. update me of the status of my licensing application?
A: Yes, as soon as we receive information from the State.
Q: Can I originate in my applying state while my license is pending?
A: No.
Q: How will I know when my license is approved?
A: We will notify you and give the appropriate access.
Q: Will I get my original license?
A: Most States on the NMLS do not issue paper licenses anymore, therefore, you would get a screen print out showing your approval(s). If there is a paper License you will be provided with a copy and the original will be retained at the corporate office.
Q: What address do I put on my loan documents?
A: The address of the branch office in which you are working out of.
Q: Does my loan originator license number have to be on all loan applications?
A: Yes, the NMLS ID number and State Licenses Numbers, as applicable.
Q: Do I have to manually type in my loan originator license for every loan?
A: No, it will automatically populate once corporate enters it in the system.
Q: Can I work for multiple Brokers as a loan originator?
A: No, and the NMLS only allows you to be sponsored by one company at any time.
Q: Who handles my annual license renewal?
A: Our Corporate Licensing Team.
Q: Who do I contact to surrender my state license?
A: Our Corporate Licensing Team.
Q: Does Shore use a nation wide mortgage licensing system (NMLS)?
A: Yes.
Q: Can I apply in multi-states at one time?
A: Yes, our Corporate Licensing Team would handle this on your behalf.
Q: Do I have to be licensed in my home state, before branching out to other states?
A: No, if multiple licenses are applied for, the approvals are given, business can begin immediately in those states.
A: We are licensed in 32 States; however you must be a licensed originator in that state (if required) in order to originate in that state.
Q: Who do I contact for questions regarding State Licensing?
A: You would contact the Shore Financial Services, Inc. Licensing Team.
Q: How do I apply for State Licensing?
A: By going through our corporate Licensing Team.
Q: Where do I send my application once I have completed it?
A: Most States are now NMLA and we will be handling this on your behalf.
Q: What States can I originate in?
A: Upon approval you will be authorized to originate in your home state. You can also apply to originate in any state Shore Financial Services, Inc. is licensed in.
Q: Can I email or fax my licensing application?
A: No, if the State is still a paper licensing State then we would be responsible to handle this on your behalf and will need the originals.
Q: Can I submit my own application to the state?
A: No, you must use our Corporate Licensing Team.
Q: How do I know when my application has been submitted?
A: Our Corporate Licensing Team will notify you once we submit your application. Our Corporate Licensing Team will notify you upon receiving feedback from the State.
Q: How long does it take for the state to approve my application?
A: Once proper notices are given and received from the Secretary of State office, licensing could take anywhere from 30 days to 120 as the regulator controls this part of the process and varies from State to State.
Q: Can I contact the state for status?
A: Absolutely not, all correspondence must be made using our Corporate Licensing Team.
Q: Will Shore Financial Services, Inc. update me of the status of my licensing application?
A: Yes, as soon as we receive information from the State.
Q: Can I originate in my applying state while my license is pending?
A: No.
Q: How will I know when my license is approved?
A: We will notify you and give the appropriate access.
Q: Will I get my original license?
A: Most States on the NMLS do not issue paper licenses anymore, therefore, you would get a screen print out showing your approval(s). If there is a paper License you will be provided with a copy and the original will be retained at the corporate office.
Q: What address do I put on my loan documents?
A: The address of the branch office in which you are working out of.
Q: Does my loan originator license number have to be on all loan applications?
A: Yes, the NMLS ID number and State Licenses Numbers, as applicable.
Q: Do I have to manually type in my loan originator license for every loan?
A: No, it will automatically populate once corporate enters it in the system.
Q: Can I work for multiple Brokers as a loan originator?
A: No, and the NMLS only allows you to be sponsored by one company at any time.
Q: Who handles my annual license renewal?
A: Our Corporate Licensing Team.
Q: Who do I contact to surrender my state license?
A: Our Corporate Licensing Team.
Q: Does Shore use a nation wide mortgage licensing system (NMLS)?
A: Yes.
Q: Can I apply in multi-states at one time?
A: Yes, our Corporate Licensing Team would handle this on your behalf.
Q: Do I have to be licensed in my home state, before branching out to other states?
A: No, if multiple licenses are applied for, the approvals are given, business can begin immediately in those states.
