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SALES DEPARTMENT

RETAIL LOAN OFFICER

Retail Loan Officer (RLO)

An RLO will be compensated on a salaried + commissionable (basis points/BPS) basis. Salary will be based on tenure, whereas commissions will be tiered according to monthly closed volume. Employees are paid bimonthly, on the 5th and 20th of each month. Commissions are based off the prior month’s closings. Please refer to below tables for the RLO compensation plan.
2.1

RLO Compensation Schedule

Salary Based on Tenure

Tenure
Monthly Salary
Day 1
$4,000
Month 6 (+1 Day)
$4,500
Month 12 (+1 Day)
$5,000
Month 18 (+1 Day)
$5,500
Month 24 (+1 Day)
$6,000

RLO Compensation Schedule

Commissions (Tiered)

On top of your base salary, you will receive an additional compensation based on your basis points.
Closed Loan Volume (per month)
BPS
$0 – $500,000
N/A
$500,001 – $750,000
30
$750,001 – $1,000,000
40
$1,000,001 – $1,250,000
50
$1,250,001 – $1,500,000
60
$1,500,001 – $1,750,000
70
$1,750,001 – $2,000,000
80
$2,000,001 – $2,500,000
90
$2,500,001 +
100

RLO Benefits

  • Referrals loans will be compensated an additional 20 bps.
  • Eligibility for health insurance after 30 days of employment.
  • Eligibility for 401(k) enrollment after 1 year of employment.
  • Loan coordinator assignments after the 3rd closed loan.
  • Personal loan officer assistant anytime an RLO has a total closed loan volume of $2,250,000 over the past 3 months. This will be re-evaluated every month.

RLO Standards & Policies

  • New RLO’s have weekly/monthly metrics and checkpoints in the first 4 months of employment. This is referred to as the “Probationary Period”. Anytime an RLO fails the Probationary Period, the RLO will be offered an ILO position.
  • RLO’s who graduated from the Probationary Period, must maintain a minimum $1,500,000 total closed loan volume over the prior 3 months. An RLO may have 1 ‘grace pass’ every 12 months to refocus back on the basics and re-train with the team lead as needed.
    • This grace pass may not be used within the first 6 months of employment as an RLO.
    • If an RLO does not maintain the minimum $1,500,000 total closed loan volume over the prior 3 months and has already used their grace pass, they will be offered the ILO position.
  • An RLO who does not maintain a minimum $1,000,000 total closed loan volume over the prior 3 months will be offered the ILO position. There will be no grace passes.
  • An RLO can request the ILO position as desired.
  • An RLO can qualify for a Team Lead position after 1 year of employment if their total closed loan volume within the past 6 months is equal to or greater than $4,500,000.
  • Upon termination (whether voluntary or not), closed loan compensation will be paid out for any loans closed during active employment. Any loans that are still in processing or have not closed yet prior to termination, will be property of Society Mortgage. The Loan Officer to whom said loan gets reassigned will be compensated 10 basis points (BPS) instead.

Independent Loan Officer (ILO)

An ILO will be compensated on a commissionable basis at 105 basis points (BPS) for closed loan volume. There will be a $2,500 monthly wage draw to accompany the commissions. If there was not enough closed loan volume to cover the draw amount, the difference will be owed against future commissions earned. Employees are paid bimonthly, on the 5th and 20th of each month. Commissions are based off the prior month’s closings.

Independent Loan Officer

ILO Benefits

  • Referrals loans will be compensated an additional 20 bps.
    • The CRM file needs to clearly state where the referral came from.

The below information is required to be indicated in the very first note on file:

      • Name of referrer
      • Relationship of referrer to borrower
      • Phone and email address of referrer
  • The CRM will be cross referenced for said referral loan for duplicate files. Any company provided lead, is NOT considered a referral. Repeat clients are also NOT considered referrals. Please refer to the “Referral Compensation Policy” for further guidance.
  • Eligibility for health insurance after 30 days of employment.
  • Eligibility for 401(k) enrollment after 1 year of employment.
  • Loan coordinator assignments after the 3rd closed loan.
  • An ILO who has a total closed loan volume of $5,000,000 over the past 3 months will be compensated on a commissionable basis at 125 basis points (BPS) with the $2,500 monthly draw the following month. They will also earn a loan officer assistant the following month. This will be re-evaluated monthly.
  • New ILO’s are paid a $2,500 floor with 105 basis points (BPS) during their first 60 days of employment, after which the $2,500/month draw with 105 basis points (BPS) kicks in.
  • An ILO cannot owe more than $5,000 to Society Mortgage at any time.
  • An ILO is eligible to transition to an RLO position, when a minimum $1,500,000 total closed loan volume over the prior 3 months is obtained.
    • The ILO is required to request this within the first 3 business days of the month following that $1,500,000 total closed loan volume.
  • An LO who requested the ILO compensation plan, is only able to change back to the RLO compensation plan quarterly (based on 401k enrollment quarters).
    • The LO will need to have maintained a minimum $1,500,000 total closed loan volume over the prior 3 months.
  • Upon termination (whether voluntary or not), closed loan compensation will be paid out for any loans closed during active employment. Any loans that are still in processing or have not closed yet prior to termination, will be property of Society Mortgage. The Loan Officer to whom said loan gets reassigned will be compensated 10 basis points (BPS) instead.
  • An ILO can qualify for a Team Lead position after 1 year of employment if their total closed loan volume within the past 6 months is equal to or greater than $4,500,000.

Important Notes

  • Society Mortgage reserves the right to terminate any employee based on the Corrective Measure Policy or any other company policy.
  • Upon separation from Society Mortgage (whether voluntary or not), all NMLS fees for the current year will be payroll deducted.