Sales Team FAQ

1) How long does it take to review my application?
Generally it will take 24 to 48 hours. Of course the more complete the application is the faster the turn time is.

2) How important are the references listed on the application
Reference checks are very important as this is our primary source of confirming information on your application. Please make sure your reference information is up to date. It is a good practice to phone you references and let them know we will be contacting them so they get back to us as soon as possible.

3) Do I have to notify my soon to be former broker that I am leaving?
No, you do not have to notify your broker that you are leaving. However you will need to get your original DRE license back from them, in order
to give to OCMB.

4) Does my former employer have to sign the salesperson’s change
form? Release me to work for OCMB?
You do not have to have your Broker sign any paperwork to release you.

5) Does the DRE notify my soon to be former broker that I am leaving?
Yes, the DRE will send a letter to your former broker.

6) What type of loans will I have access to?
You will have the ability to offer FHA/VA/Conventional/Jumbo loan products.

7) What is my commission split?
Your commission split will be predicated upon your experience and quality of product you deliver to OCMB.

8) When do I get paid?
Payday for OCMB occurs twice a month, generally on the 2nd and the 17th of the month. The payroll period includes applicable commissions earned on funded loans. Cut off for loans paid on the 2nd is on or prior to the 24th and the cut off for loans paid on the 17th is on or prior to the 9th.

9) Does OCMB provide leads?
Although we do not provide leads OCMB strives to provide Loan Originators with the proper tools to expand on their own relationships.

10) How long has OCMB been in Business?
OCMB has been in business for more than 20 years.

11) Could I become a Branch of OCMB?
OCMB is looking to expand Nationwide and is always looking to discuss
new opportunities.

12) What States are we approved in?
OCMB is currently licensed in 18 States Nationwide. A list of Licensed
States will be supplied to you in your application.

13) Can I get paid on a 1099?
No, FHA regulations require all employees to be paid on a W2 basis.

14) Can I claim as many dependents as I want or file exempt?
The maximum amount of dependent you can claim is 9, all employees with exempt status must be reported to the IRS.

15) Can I process my own loans?
No, OCMB only offers centralized loan processing at the corporate headquarters.

16) Who processes my loans and where do they get processed?
Your loans are processed by one of our corporate processors in our Santa Ana office.

17) Do I need a license to originate loans?
All States require licensing along with originator education, please see attached list of States. It is best to check with the Licensing /Compliance Department at 714-474-2941 to obtain the current Licensing/Education Requirements per state as they can change daily since the Federal S.A.F.E Act came into effect July 1, 2009.

18) Is OCMB a Mortgage Banker?
Yes.

19) What are OCMB’s fees?
Our hard costs are $985.00 Underwriting and $895.00 Processing. These fees are subject to change at any time without prior notification.

20) Once I am approved when can I start submitting loans?
Right away.

21) Can I broker out loans?
Yes, although OCMB has first right of refusal on all loans originated and also if OCMB Banking Division does not offer the product. Please contact you’re Director of Business Development for more information on the process.

22) What do your rates look like?
Our rate and programs are very competitive; you can view them by going the portal on the inside intranet.

23) Does OCMB have a quota?
Although we do not have a specific minimum we would like to see at least 2 loans funded per month after 90 days of employment.

24) How do I stay informed as to new programs being offered and any
guideline change?
Your Welcome Kit will have all the information you need to obtain these
Items.

25) Does OCMB provide Marketing support?
Yes, we can assist you with your sales and marketing efforts, we strive to Provide you with the best possible support. OCMB provides Loan Originators with product, marketing, technology and sales support.

26) How do I order credit reports and who pays for them?
As soon as you are approved by Management to originate loans you will be set up with your own account to order your credit reports with your credit card.

27) Does OCMB supply training?
Yes OCMB provides training for you, for your Real Estate Agents, Builders etc.

28) Can I run my own advertisement?
Yes, you can but you MUST have them submitted and approved by our compliance, management departments and the State. That includes ANY form of advertisement, including, but not limited to, print, radio, television and internet.

29) Do I need to answer my phone OCMB?
Yes, since you are an employee of OCMB, phones are answered in the name of OCM Bancorp.

30) Where do I get Business Cards?
You will be able to order Business cards though HR Dept.

33) What software (LOS) does OCMB use and will they provide me with the software?
Depending on the type of sales position (inside /outside) access to the OCMB server or portal will allow the L/O access to Point, e-mail Product matrix, etc.

 

 

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