Frequently Asked Questions?


How do I get started?
How fast will I get approve?
What if I want to terminate the agreement?
Are you a direct lender?
Can I originate Commercial / FHA or Out of State Loan?
Can I use any lender I want?
Do I need any type of license like a DRE, or state license or pay for any license fee?
Are there production guidelines set for NWM's Branches?
How are loan officers compensated?
What are the monthly cost?
How is branch revenue accounted for?
As a net branch manager or operator, do I need any reserve?
Am I a 1099 or W2 Employee?
Are there any other fees associated with using New World Mortgage's warehouse line?
Can I hire employees under myself?
Can I originate out of state without a license?
Can I sign a lease or contract for the company?
Can I use a DBA?
Does New World Mortgage have a compliance Department?
Do you offer accounting services?
Who determines staffing levels, compensation, etc?
How do I advertise as a Net Branch?
How is payroll handled?
How long has New World Mortgage been in business?
How are loans handled in my pipeline with my former company?
Is New World Mortgage a Banker or Broker?
What do I do with the file after the loan has been closed?
What if I want my own website?



Q: How do I get started?

A: Complete the Online Application above.



Q: How fast will I get approve?

A: After the completion of the application, it will be reviewed within minutes.  If approved, we
will send you a Welcome package via email in 24 hours with everything you need.



Q: What if I want to terminate the agreement?

A: Either party, NWM or the branch manager, can terminate the agreement at any time.



Q: Are you a direct lender?

A: Yes



Q: Can I originate Commercial / FHA or Out of State Loan?

A: Yes



Q: Can I use any lender I want?

A: Yes, but they must be approved with us.  If they are not on our list, just ask them to send us a broker's package.



Q: Do I need any type of license like a DRE, or state license or pay for any license fee?

A: No



Q: Are there production guidelines set for NWM's Branches?

A: NWM does not set production guidelines, leaving you to grow at your own pace.



Q: How are loan officers compensated?

A: Loan officer commissions are determined by the branch manager and paid through payroll.



Q: What are the monthly cost?

A: There are no monthly cost, set up fees, administrative fees or background check fees to join.



Q: How is branch revenue accounted for?

A: The branch receives 100% of all origination fees, yield spread premium, and all fees collected minus the $895 per file fee, unless it was an in-house file, than we would waive it.



Q: As a net branch manager or operator, do I need any reserve?

A: No



Q: Am I a 1099 or W2 Employee?

A: W2.  However, we can  pay a corporation up to 80% and 20% as a W2



Q: Are there any other fees associated with using New World Mortgage's warehouse line?

A: No, the only fees you pay are the regular lender's fee like underwriting, doc prep and other such fees as you would expect to place a loan with any other lender.



Q: Can I hire employees under myself?

A: Yes, but you must provide the proper documents including all tax forms from our HR Department.



Q: Can I originate out of state without a license?

A: Yes, that is one of the many benefits to join NWM.



Q: Can I sign a lease or contract for the company?

A: You cannot sign on any documents or place a utility in the company's name New World Mortgage except to lock rates, and to place our name in the appraisal, 1008, and 1003.  You should also place your own name under interviewer's name.



Q: Can I use a DBA?

A: Yes, we can pay a majority of the profit to your doing business as and the rest to you as a W2.



Q: Does New World Mortgage have a compliance Department?

A: Yes, we make sure we are in compliance with all federal, state and local rules and regulations.



Q: Do you offer accounting services?

A: Yes, for payroll purposes only.  The net branch must do all other accountings.



Q: Who determines staffing levels, compensation, etc?

A: The Net Branch Manager is responsible.



Q: How do I advertise as a Net Branch?

A: New World Mortgage must approve all content to ensure it complies with federal, state, and local regulations.



Q: How is payroll handled?

A: We process payroll on a bi-weekly schedule.



Q: How long has New World Mortgage been in business?

A: Since 2001



Q: How are loans handled in my pipeline with my former company?

A: That depends on your agreement with the former company.



Q: Is New World Mortgage a Banker or Broker?

A: Both



Q: What do I do with the file after the loan has been closed?

A: If the loan was not processed by New World Mortgage, it must be sent to the corporate office for compliance.



Q: What if I want my own website?

A: We have a marketing department to provide a lead generation template at discounted pricing to our branches. It is built around our research on consumer's behavior to attract online visitors in applying for as many information as possible from them. Call for more details.