Procedure & Policy Updates

The updates below supersede any prior verbal or written agreement between ASAP Mortgage & Investments Inc. and the Loan Originator or Mortgage Broker.


New Loan Officers or Mortgage Brokers have 30 days from date of hire to close their first loan to take advantage of the New Hire $500.00 bonus incentive or it is null and void (no exceptions).


There is an additional 150.00 admin fee and compliance fee deducted on all closed files.


Effective August 15th 2009 Loan Officers who are not licensed Mortgage Brokers will be paid 50% commission on all closed loans with ASAP Mortgage and Investments Inc.  All prior commission structures and agreements will not be honored. There will be no exceptions.  If you cannot produce a 14 hour continue education certificate payment will be with held and he/she will be released from ASAP.  All other payouts will be 600.00 or .50 of the loan amount the greater of the two.


notes: all loans FHA or Conventional will have 11% additional deducted

 

No loan Officer or Mortgage Broker is allowed to process his or her own client's file.  Files are only processed by ASAP's approved Vendors (refer to your contact sheet).    Failure to comply with this policy will result in termination and loss of pay.

 

Floirda address for ASAP:

1011 North Main St. Unit D

Kissimmee Florida 34741

 
North Carolina Address for ASAP:
124 Unionville Indian Trail Road
Indian Trail North Carolina 28079 
 
Ethical Obligation 
ASAP Mortgage & Investments has a zero tolerance for brokers working for themselves or other MBB or CL companies and who are using ASAP Mortgage to  close FHA loans. 
 
ASAP understands the difficulty in obtaining approval from HUD to work FHA loans.  Therefore,  ASAP will protect our FHA sponsorship by scrutinizing every closed file sent to compliance.
 
 If any ethical violations are revealed the broker or loan officer will forfeit any commissions due.
 
Any Questionable file that does not give clear validity for a client obtaining a loan or where mortgage fraud by the Loan Officer or Mortgage Broker is detected will not be tolerated.  ASAP will report any individauls to the the Banking Commission for the perspective state where the act was committed.