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www.MFGvlo.com username and password are govlo you can download the application at
www.MFGopportunity.com Dynamic Tiered Compensation Plan
A. Personal Production – 70% Commission Each Originatoer approved to originate mortgage loans through the MFG Division will be paid 70% of all commissionable revenue, which is defined as (98% of all origination fees + all YSP. All loans will be processed and underwritten by APFS or its contracted service providers. To become approved to originate mortgage loans for the MFG Division, every new Originator must complete the MFG online training courses and receive a certificate of completion. Any new Originator having less than one year of verifiable loan origination experience will be granted a period of three months from the date of their application to complete the training program. During this time they will be employed as a Loan Originator Assistant (LOA) to their Enrolling Originator. All loan originations generated by the LOA must be submitted by and in the name of the qualified Enroller. The qualified Enroller and the LOA will co-originate loans during this period and will split the commission on such loans on a 50%/50% basis. If the LOA fails to complete the online training courses within the three month period their status as an employee of the MFG Division will be terminated. B. Management Override Bonuses. The Originator may recruit and recommend for hire other Originators and earn additional override commissions on the personal production of those recruited Originators. The “overriding originator” will be responsible for assisting in the training and supervision of those originators that he recruits and on which he receives override commissions. Such overriding commissions may be earned though four levels of recruited originators as follows: 1. Local Manager: To qualify as a Local Manager the MFG Division Originator must have passed a test provided by MFG and become a certified MFG loan originator, a minimum of 3 months mortgage experience, must be employed by the MFG Division for at least three months, and must have personal production of two closed loans per month averaged over any 3 month rolling period. Local Managers qualify to earn the following overrides: Personal Recruits: 7% 2nd Level Recruits: 3% 3rd Level Recruits: 1% 4th Level Recruits: .5% 2. Area Manager: To qualify as an Area Manager the MFG Division Originator must have passed a test provided by MFG and has become a certified MFG Division loan originator, a minimum of 6 months mortgage experience, must be employed by the MFG Division for at least three months, must have personal production of two closed loans per month averaged over any 3 month rolling period and must have recruited three personal recruits who have produced an accumulated total of 6 closed loans amongst them as a team. Area Managers qualify to earn the following overrides: Personal Recruits: 8% 2nd Level Recruits: 4% 3rd Level Recruits: 2% 4th Level Recruits: 1% 3. Regional Manager: To qualify as a Regional Manager the MFG Division Originator must have passed a test provided by the MFG Division and become a certified MFG loan originator, a minimum of 9 months mortgage experience, must be employed by the MFG Division for a minimum of six months, must have personal production of two closed loans per month averaged over any 3 month rolling period and must have at least six personal recruits who each have produced an accumulated total of 12 closed loans amongst them as a team. Regional Managers qualify to earn the following overrides: Personal Recruits: 9% 2nd Level Recruits: 4% 3rd Level Recruits: 2% 4th Level Recruits: 1% 4. Director: To qualify as a Director the MFG Division Originator must have passed a test provided by MFG and become a certified MFG loan originator, a minimum of 1 year mortgage experience, must be employed by the MFG division for at least nine months, must have personal production of two closed loans per month averaged over any 3 month rolling period, must have at least ten personal recruits who have closed an accumulated total of at least 20 closed loans amongst them as a team, and must have at least five 2nd level recruits. Directors qualify to earn the following overrides: Personal Recruits: 10% 2nd Level Recruits: 5% 3rd Level Recruits: 3% 4th Level Recruits: 2% Directors may also qualify to participate in company-wide bonus pools if and when announced by the MFG division. C: Failure To Qualify If the Originator fails to qualify for override bonuses due to lack of personal production, such bonuses will not be paid to the Originator for each non-qualified month. The Originator will still be paid for any personal production. If the Originator fails to qualify for a period of six consecutive months, any override bonuses derived from the personal production of Originators within their marketing team will roll up to the next qualified Originator from that date forward. D: Vested Override Bonuses The Originator may qualify to become permanently vested in override bonuses in two ways as enumerated below. Any Originator who is permanently vested will no longer be required to meet the qualifications specified in Section B unless they have been disqualified under the provisions of Paragraph C. 1. Longevity. a. Any Originator who has been an active employee of the MFG Division for a period of two years from the date of their employment will be permanently vested in 25% of all override bonuses derived from the personal production of Originators in their marketing team provided that they remain employed by the Company. b. Any Originator who has been an active employee of the MFG Division for a period of three years from the date of their employment will be permanently vested in 50% of all override bonuses derived from the personal production of Originators in their marketing team provided that they remain employed by the Company. c. Any Originator who has been an active employee of the MFG Division for a period of four years from the date of their employment will be permanently vested in 75% of all override bonuses derived from the personal production of Originators in their marketing team provided that they remain employed by the Company. d. Any Originator who has been an active employee of the MFG Division for a period of five years from the date of their employment will be permanently vested in 100% of all override bonuses derived from the personal production of Originators in their marketing team provided that they remain employed by the Company. General Provisions Regarding Fees
you can download the application at
www.MFGopportunity.com
