Shore Virtual Loan Officer FAQ
Getting Started:
Q: How do I get started?
A: Click on Join Today 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 VLO 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 15 days.
Q: How Do I get paid?
A: Once your loan funds, you will fill out the commission draw form and email it to accounting@shoremortgage.com.
Q: When do I get paid?
A: VLO's are paid on a bi-weekly basis. 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 a VLO?
A: Two years documented experience, a mid Credit Score above 620, and no felony convictions.
Q: What are fees associated as a VLO?
A: We charge a flat $349.00 monthly fee.
Q: What exactly does the $349.00 monthly fee cover?
A: This fee covers payroll related expenses, accounting, and set up registrations.
Q: Do you charge a Compliance Fee?
A: It is our policy to audit the first two loans as a minimum of all new VLO's. We cover the Audit Fee of $125.00 per loan for the first two 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 VLOs and the costs associated will be absorbed by the VLO.
Q: How do I pull credit reports once I sign up with you?
A: Upon approval we will start up a account with Kroll for you 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.
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 ensure compliance.
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 ensure compliance.
Human Resources:
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 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.
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 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.
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: 770 S. Adams, Birmingham, Mi 48009.
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: 770 S. Adams, Birmingham, Mi 48009.
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.
