The NGFS Mentor Program* lets you learn the mortgage business from a pro and gauge whether adding reverse mortgages to your portfolio of services makes sense for you. As with any employment opportunity, there are a few procedures to follow. In joining the NGFS Mentor Program as a “Loan Consultant in Training” you will become a W-2 employee licensed to offer mortgages on a national basis. This is made possible because 1st Mariner Bank is a state chartered bank that is federally supervised.

Here are the steps for becoming employed with NGFS as a Loan Consultant in Training (”LCIT”):

Go to our website at:www.ngfs.net

1. Click on “How to Join NGFS”
2. Click on “Employment Forms”
3. Click on “Employment Application (PDF)” and print form
4. Go back and Click on “Non-Disclosure Agreement (PDF)” and print form
5. Complete both forms in their entirety and mail to:

Frank Neubauer
Next Generation Financial Services
3301 Boston Street
Baltimore, MD 21224

If you have a current mortgage prospect, complete a Prospect Profile with the information on the prospet.

Once your application and Non-Disclosure Agreement have been received in Baltimore, they will be sent to our Human Resource Department, which will conduct a background check. If no issues come to light that affect your possible employment with NGFS, a drug test package will be sent to your home address.

IMPORTANT: You will have only 24 hours from the date you receive the drug test package to arrange for and undergo the test. If you do not complete the test within the specified period, you will forfeit your opportunity for employment with NGFS.

Once acceptable drug test results are received, we will send you a welcome letter outlining any other information we might need to complete the employment process, along with an Employee Handbook and other required forms, such as I-9, W-4, etc. The letter will also identify your mortgage professional “Mentor,” who will help you get started in the Mentor Program as an LCIT.

Mortgage Loan Officers are required to be licensed in the state where they are doing business. Since 1st Mariner Bank is federally supervised, the requirement for an LCIT to carry a license on a state-by-state basis is waived. However, there are continuing education requirements, and LCIT must pass five tests each year to maintain his or her licensed status. We will give LCITs a list of the tests after the employment process has been completed, and they will be required to complete all five tests within 45 days of being notified. Each test consists of 25 multiple choice questions.

Compensation is paid per the terms outlined in the Employee Handbook. Commissions are paid in the month following a loan closing, e.g., if a loan closes on January 15, the commission check will be issued in the last pay period of February. Once a loan is closed, the LCIT will be paid at two-thirds of the Level I compensation. The Mentor will be paid the full compensation for the level achieved, less the amount paid to the LCIT for the loan.

We realized when an LCIT enters the Mentor Program, he or she is beginning the work of mastering a new field, either on a full or part-time basis. To help LCITs develop, we have created web based training modules that cover originating and processing both reverse and conventional mortgages. As LCITs learn from their Mentors, we also ask them to visit www.ngfs.net and complete the training modules. This free training serves as an additional benefit under the Mentor Program and dramatically improves the rate at which LCITs qualify to become fully-independent Loan Consultants with NGFS.

* NGFS refers to Next Generation Financial Services, a division of 1st Mariner Bank, a Maryland state-chartered bank.

This entry was posted on Sunday, June 1st, 2008 at 12:38 pm and is filed under Reverse Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.