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Frequently
Asked Questions
WHAT
IS A VIRTUAL LOAN OFFICER?
HOW DO I QUALIFY?
DO I NEED A LICENSE TO DO THIS?
DO I RECEIVE ANY KIND OF FORMAL TRAINING?
WHERE DO I WORK OUT OF?
DO I NEED ANY SPECIAL EQUIPMENT?
AM I AN EMPLOYEE OF CAPITAL FINANCING?
HOW DO I GET PAID?
AM I LIMITED TO JUST CONNECTICUT?
CAN I RECRUIT MY OWN VIRTUAL LOAN OFFICERS?
IS THIS STRICTLY A PART-TIME POSITION?
HOW DO I GENERATE BUSINESS?
ARE THERE ANY ADDITIONAL REQUIREMENTS?
HOW DO I GET STARTED?
ARE THE FORMS COMPLICATED?
CAN I VLO MY OWN RE-FI?
WHAT FORMS DO I NEED TO FILL OUT FOR TAX
PURPOSES?
WHAT
IS A GOOD FAITH ESTIMATE?
WHAT
IS THE PROCESS FLOW OF AN APPLICATION?
WHAT
IS A VIRTUAL LOAN OFFICER?
A Capital Virtual loan officer Represents
Capital Financing CVLO as a Loan Officer
and refers candidates to Capital Financing
for various types of mortgages. Your leads
are generated by your own personal referral
base.
HOW DO I QUALIFY?
You must possess a positive “can do
“attitude and have the ability to
network and create business for yourself
as well as the company. You don’t
need a sales background, or even a college
degree, you do have to have the ability
to find your own sources of business.
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DO
I NEED A LICENSE TO DO THIS?
No, you work under the Capital Financing
CVLO banking licenses.
DO
I RECEIVE ANY KIND OF FORMAL TRAINING?
Yes, training is an on going prerequisite
of being a Capital Loan Officer. We will
provide you with the initial training of
how to fill out a 1003 Mortgage Application
to get you started. Additional training
will be provided on the Website from time
to time, you will be notified when made
available.
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WHERE
DO I WORK OUT OF?
You can work out of the comfort of your
own home.
DO
I NEED ANY SPECIAL EQUIPMENT?
No, all you need is a computer and internet
connection and you’re ready to go.
AM
I AN EMPLOYEE OF Capital Financing
Yes depending on your designation, you will
either be a W2’d employee or a 1099’d
subcontractor if you have your own LLC (responsible
for own taxes).
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HOW
DO I GET PAID?
Once a loan is closed, there are two ways
to earn commissions, First if you simply
send a referral to Capital Financing CVLO,
you earn 20% of loan fee, Second way, If
you actually take and submit a 1003 Loan
application, you will earn 30% of fee.
AM
I LIMITED TO JUST CONNECTICUT?
No, we are licensed to do business in 15
States
Here are the states we are licensed in:
Connecticut, Colorado, Florida, New York,
Maryland, Missouri, South Carolina, Rhode
Island, Maine, Massachusetts, Pennsylvania,
& New Hampshire.
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CAN
I RECRUIT MY OWN VIRTUAL LOAN OFFICERS?
Yes, you can bring on as many producing
loan officers as you want, and you will
earn a 5% override on the fees from the
business they produce.
IS
THIS STRICTLY A PART-TIME POSITION?
No not necessarily, if you enjoy it and
are successful at it, we would consider
hiring you on a full-time basis.
HOW
DO I GENERATE BUSINESS?
The Best way to get started is to let everybody
you know, (friends, relatives, attorneys,
etc) exactly what you are doing, and how
you can help them get mortgages for themselves
or their clients.
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ARE THERE
ANY ADDITIONAL REQUIREMENTS?
Yes, you must have a clean criminal record,
no felonies. Ability to work unsupervised.
A Burning Desire to gain financial freedom.
HOW
DO I GET STARTED?
You will
need to fill out a business agreement form,
which outlines the commission structure
as well as an overview of the entire program.
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ARE
THE FORMS COMPLICATED?
No, quite simple actually,
click to see how easy it is.
CAN
I VLO MY OWN RE-FI?
No, contact us
for other options.
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WHAT
FORMS DO I NEED TO FILL OUT FOR TAX PURPOSES?
Individual Referral
Based CVLO® participants should
use the W-9 tax form.
Business
Affiliate Based CVLO® participants
should use the W-4 Tax
Form.
In both cases, the form
must be filled out prior to employment acceptance.
WHAT
IS A GOOD FAITH ESTIMATE?
A Good Faith Estimate
is a breakdown of the fees and closing costs
in addition to the loan.
Some fees are paid in
advance of closing!
Click
here to view a Good Faith Estimate form.
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WHAT IS THE
PROCESS FLOW OF AN APPLICATION?
View
the process flow.
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