SOCIETY MORTAGE
OPERATIONS
DEPARTMENT
Summary of Tiers and Compensation Plan
INTRODUCTION
Here at Society Mortgage, we strive to provide an exciting work environment with plenty of opportunities for advancement and refinement of loan and leadership knowledge. Things are always evolving but below is a breakdown of the various tiers and the list of accompanying requirements and benefits for the Operations Department.
TIERS
LOAN PROCESSOR IN TRAINING
LOAN PROCESSOR
UNDERWRITER IN TRAINING
UNDERWRITER
QUALITY CONTROL UNDERWRITER
TEAM LEAD UNDERWRITER
JOB REQUIREMENT
- Training period for 60 days to become a Loan Processor
COMPENSATION
- $4,000 Monthly Base Pay
- Additional $50 per closing
JOB REQUIREMENT
- Organizes and handles all proper documentation needed for the underwriter
- Passes all paperwork and documentation to the underwriter
COMPENSATION
- $5,000 Monthly Base Pay
- Additional $50 per closing
JOB REQUIREMENT
- Training period for 90 days to become an Underwriter
COMPENSATION
- $5,500 Monthly Base Pay
JOB REQUIREMENT
- Determines if the potential buyer meets the loan qualifications.
- Makes the final approval of the loan request.
COMPENSATION
- $6,000 Monthly Base Pay
- Additional $25 per underwritten loan file
JOB REQUIREMENT
- Reviews loan files to ensure adherence to underwriting, closing, agency / investor guidelines.
COMPENSATION
- $6,500 Monthly Base Pay
- Additional $25 per underwritten loan file
JOB REQUIREMENT
- Reviews loan applications for mortgage loans issued by the FHA.
- Collects information about loan packages and evaluate financial records before approving or denying the application and providing reasons for the decision.
- Must have at least 1 year experience in quality control underwriting.
COMPENSATION
- $8,000 Monthly Base Pay
SUMMARY
TIER | BASE PAY | INCENTIVES |
|---|---|---|
LOAN PROCESSOR IN TRAINING | $4,000 /month | $50 PER CLOSING |
LOAN PROCESSOR | $5,000 /month | $50 PER CLOSING |
UNDERWRITER IN TRAINING UNDERWRITER | $5,500 /month $6,000 /month | N/A $25 PER UNDERWRITTEN LOAN FILE |
QUALITY CONTROL UNDERWRITER TEAM LEAD UNDERWRITER | $6,500 /month $8,000 /month | $25 PER UNDERWRITTEN LOAN FILE N/A |
LOOKING FORWARD TO YOUR SUCCESSFUL JOURNEY WITH SOCIETY MORTGAGE!
