Frequently Asked Questions

• Can I work out of my home?
• Yes.  Here is a summary of acceptable office types: Office Executive Suite, Shared Office Space, Real Estate Office Booth, Long-term Lease, or your Home.  HUD does not require an occupational license if you work out of your home.  Branch offices are usually leased by you and subleased to AMFC, and we pay the landlord directly from your Branch bank account. 
  
  
• Will you do a background check on me?
• Yes, as well as on any loan officer you choose to hire.  The background checks determine criminal activities and financial responsibility, and are necessary to foster and maintain the level of integrity within our financial community.  We do not tolerate dishonesty or gross incompetence.  We collect a $35 cost reimbursement for your background check, and an additional $35 for each employee that you propose to hire for your Branch. 
  
  
• How many loan officers can I hire?
• You may hire as many loan officers as you see fit to meet your production goals. "However, part-time loan officers or loan officers that maintain separate employment outside of AMFC cannot submit FHA or VA loans if such outside employment may not be in the mortgage, real estate, or related fields."
  
  
• How much of the fee do I keep?
• Our investors are divided into three categories:
• Category One are Conforming and Government mortgage loans which may be funded by AMFC
• Category Two are Alt-A and Subprime mortgage loans which are always funded by AMFC
• Category Three are Alt-A and Subprime mortgage loans which are brokered, but never funded by AMFC


• Regardless of the category of investor, your Branch Office will keep 90% of the fee income on all loans, no matter what the fee is called on the HUD, less an administrative fee of $165 per file for the expense of utilizing fraud databases prior to closing on each loan file to identify fraud characteristics such as:
• Invalid and disconnected telephone numbers
• Impossible telephone/zip code combinations
• Invalid Social Security numbers
• Social Security numbers belonging to deceased individuals
• Invalid address data and impossible address combinations
  
  
• If AMFC funds a loan using AMFC’s warehouse line of credit, you need not disclose the Yield Spread Premium.  The investor will not charge you any fees on the HUD, but the investor will charge AMFC an acquisition fee when the loan is sold.  Because of this, your Branch pays AMFC an underwriting fee of $795 only on loans funded by AMFC’s warehouse line of credit, in order to pay the investor’s acquisition fee when the loan is sold, any interest differential, and for the warehouse line of credit transaction fee.  This $795 fee may be shown on the HUD as an underwriting fee to AMFC.  If you cannot, or choose no to charge the $795 fee separately on the HUD, AMFC will collect the $795 out of any front fees charged by your Branch, or out of the premium earned when the loan is sold so that we can pay for the above items. 
  
  
• Is there a charge for Document Preparation on loans funded using AMFC’s warehouse line of credit?
• The documents for Category One Investor Loans funded by AMFC are prepared by Tradewinds Mortgage Document Preparation Company, which is located in the Tampa, Florida area.  Tradewinds charges $250 which covers certain Q.C. activities, document preparation, warehouse funding requests, retrieving and checking the executed closing documents from the title company, stacking the documents, delivering the file to the investor, and following up on the trailing documents of final title policy, recorded mortgage, and assignment of mortgage. 
  
  
• How do you stay competitive with other Branch Companies that offer 100% commissions?
• Most of the companies that advertise 100% commissions will either charge a monthly fee and/or use an in-house rate sheet.  The monthly fees can range from $1000.00 to $2500.00, and are assessed regardless of production.  These companies also charge start-up fees, which we do not.  Other companies create rate sheets by adding their profit margins to the price they receive from their correspondent investors, which hinders you from providing the best rates for your customers.  You may be told that you are getting 100%, but it is impossible for a company to give away everything and still remain in business. 
  
  
• Can I work as a part-time Branch Partner?
• No.  All Branch Partners must work exclusively as a W-2 employee for AMFC on a full-time basis, sign a Loan Fraud Zero Tolerance Policy, and submit to a comprehensive background check.  If you would like to work part-time for AMFC, we can refer you to one of our full-time Branch Partners for a job interview. 
  
  
• Must I sign a non-compete agreement?
• No.  Employment with AMFC is “at-will.”  If you are not happy with us, please explore business opportunities elsewhere that may provide you with happiness. 
  
  
• Do I have to pay any up-front fees to AMFC to become an AMFC Branch Partner?
• No.  AMFC does not charge an up-front fee to become a Branch Partner.  However, Branch License Fees charged by governmental agencies must be paid in advance by you.  In Florida, the Branch License Fee charged by the Department of Banking and Finance is $325.  We retain a consultant in Tallahassee who can expedite the licensing process in about ten days for a fee of $100.  Otherwise, license issuance in Florida usually takes between six and eight weeks. 

• What about loan processing?
• Processing may be outsourced to AMFC-approved processing subcontractors, or done by your own Branch Processor.  Branch Partners may process their own loans, but each file will be audited by AMFC for borrower fraud prior to closing, regardless of who did the processing.
  
  
• Are there Software Requirements?
• Yes.  We require our Branches to purchase Calyx Point immediately if they don’t already own a legal, licensed copy.  Calyx Point is available at a discount through AMFC.  Microsoft’s Word and Excel are also essential.
  
  
• What are the payment procedures?
• If you choose, your paycheck is sent the same day as the money is received.  Your bills may be paid whenever you request.  The operational procedures instituted at AMFC ensure that your money is distributed quickly, as you see fit, for ordinary and necessary business expenses, or for payroll.  You will receive a monthly P&L, General Ledger, Bank Reconciliation, and Bank Statements.  There is no charge for paying your bills or for the branch monthly financial statements prepared for you by our accountants. 
  
  
• Can I choose my own company name?
• Most branches will use the AMFC brand name, as it provides our Branch Partners the power of being Lender, as well as name recognition through our national network of mortgage Branch Offices.  However, we do consent to D/B/A’s if you have an existing net branch operation which currently uses a D/B/A name, or if you can demonstrate a persuasive reason for using a D/B/A name. 
  
  
• How do I handle up-front fees for appraisals or application fees?
• Our policy prohibits any Branch or employee from accepting appraisal fees, application fees, credit report fees, cash, or any other thing of value from the customer.  If an appraisal or other service is needed, the customer should pay the appraiser or other service provider directly.  On VA loans, the customer can give you a check payable to the appraiser, which you must immediately mail to the appraiser. 
  
  
• Will AMFC assist Branch Partners in placing loans? 
• Yes.  AMFC will, of course, provide assistance in helping you structure or place any loan.  We have programs available from A+ paper to hard money mortgages.
  
  
• What is AMFC’s polcy in fraudulent activities?
• We take a very proactive and aggressive stance on fraudulent activities.  It is a matter of irrevocable and inflexible policy, without exception, to prosecute any employee or borrower providing fraudulent information on any loan file.  Our response virtually always includes the filing of a formal complaint with all necessary Regulatory Agencies, reporting the incident to all AMFC investors and lenders, civil suit, and criminal prosecution.
  
  
• Will AMFC withhold funds owed to Branch Partners?
• No.  We open a separate bank account in your name that is used solely for depositing the revenues of your loans.  Your business expenses and payroll are dispersed from your account that is set up for your branch.  There is no exception to this corporate policy.  You will receive monthly financial statements detailing your account activity so that you may keep an accurate accounting.  Our promptness is exceptional.  As soon as the funds are received and your file has been released from our post-closing department for your loan, you are paid. 
  
  
• In which States is AMFC licensed?
• Colorado, Florida, Georgia, Indiana, Maryland, Missouri, Oklahoma, Rhode Island, South Carolina, and Tennessee. 
  
  
• Will I receive any training?
• Once you have become a Branch Partner, we will schedule an orientation meeting.  At that time, you will meet all o the corporate employees that you will be dealing with on a day-to-day basis.  You will also receive a Branch Policy Manual, and a copy of a Compliance Manual that we will go over in-depth.  We will also provide training on some of our most popular lenders for you and your staff. 
  
  
• How long does it take to get started?
• You can usually start within one day because the background check only takes a few hours.  Your branch checking account will be opened when your State License is issued or upon the closing of your Branch’s first loan.