THE BENEFITS OF BEING A LOAN OFFICER AT CHERRY CREEK MORTGAGE.

At Cherry Creek Mortgage Company we strive to provide an environment that offers a loan officer benefits that will contribute to their long-term growth and development of their full potential while at the same time, enabling them to live a balanced life.

These benefits include:

Superior leadership.

On-going coaching and accountability to ensure that the goals of growth and balance are realized.

An in-house marketing department to assist our loan officers in standing out from the crowd when approaching, developing and maintaining professional referral relationships.

An aggressive 3-step commission program that rewards production and growth rather than complacency.

Great processors who take responsibility for the file so our loan officers can spend their time prospecting and marketing rather than processing their own loans.

A corporate commitment to grow only through retail loan officers that guarantees our loan officers that their cares, concerns and ideas are a number one priority.

A corporate benefit plan that includes access to health insurance plans through Humana and Kaiser, a 401(k) plan, life insurance and disability insurance (an unusual plus for commissioned loan officers).

All Cherry Creek loan officers are employees of the company and receive a W-2. This is a great benefit to our loan officers because:

A) They don't have to scramble at tax time to find the money they need to pay their taxes.

B) They save 7.65% (FICA and Medicare) that they would have to pay if they were independent contractors. (Independent contractors pay 15.30%.)

C) They are covered by workman's comp in the event they were injured on the job.

Corporate participation in marketing and team support.

Dynamic personalized website to wow your internet savvy clients.

Databasing in the loan officer's name to help build "clients for life" and maximize referral opportunities.

THE CHERRY CREEK COMMISSION PROGRAM

Important Note:

Every company's commission programs will be changing by April, 2011, due to the Dodd-Frank Bill. Like most lenders, Cherry Creek has not yet determined what the new comp plan will look like. This is due to the fact that the Fed needs to clarify some of the vague wording as to what is acceptable and what isn't. THE GOOD NEWS though, is that Cherry Creek is a loan officer centered organization. Our President, Jeff May, stated that it is his intention to have a loan officer's future earnings (given the same amount of volume) to be as close to their current earnings as possible, whatever form the new commission program ends up looking like.

Our Existing Plan:

Many mortgage companies and Banks have commission programs that provide little or no incentive to their loan officers for either exemplary performance or for their selling skills.

Our commission program rewards a loan officer for both of those attributes, which means good loan officers often see their w-2's increase significantly.

A HUGE APPRAISAL ADVANTAGE--Most lenders in today's strict HVCC rules environment are forced to have their appraisals ordered through Appraisal Management Companies (AMC's). This results both in a multitude of LOW appraisals and CONDITIONS that really don't need to be on the appraisal.

At Cherry Creek all our appraisals are done by 5 local appraisers that we have used for the past 15yrs, and who receive their full pay minus just $25 compared to only $175-$200 for AMC appraisers. This means that our Realtors love us because their deals have a 100% better chance of receiving a true and accurate appraisal. This is a massive USP for a Cherry Creek loan officer in today's world.

A HUGE UNDERWRITING ADVANTAGE - Everyone knows that loan officers with big banks or mortgage brokers who submit loans to underwriting CANNOT converse with (let alone reason with) an underwriter in some far away and inaccessible location. This makes getting tough loans even harder to get approved.

At Cherry Creek, loan officers can ask questions about a marginal or questionble borrower long before the borrower writes a contract to see if an approval is even possible. Additionally, if, when a loan is submitted, the underwriter has a problem with something in the file, we can talk to them about it. This easy access allows us to get loans approved that others can't. 

Also, our underwriters do not ask for conditions that are unnecessary. Loan buybacks are the most dangerous threat to the lending industry, but many underwriters at other companies make life unbearable for their loan officers by loading on conditions that are frivolous in an attempt to protect themselves. Cherry Creek underwriters try not to do that.

HUGE "SERVICE" ADVANTAGE 

Our HVCC compliant appraisal system allows us the opportunity to receive appraisals in 2 - 5 days if necessary. 

Our underwriting is at 4 days. Rushes are often able to be accommodated if legitimate.

Our docs are drawn within 24 to 48 hours.

Our closing department has an exceptional reputation with title companies. 

HUGE FHA ADVANTAGE 

FHA looks like it is going to be the preferred financing option for a long, long time. Therefore, being outstanding at processing, appraising, underwriting and closing FHA loans means that a loan officer is going to get a lot more FHA loans and make a lot more money than 95% of loan officers who work for banks or brokers.

FHA Processing - our processors are very experienced with and knowledgeable about FHA financing. 

FHA Appraising - all our FHA appraisals are ordered with 5 local appraisers who have been doing FHA appraisals for years. They know local values and know that it is not necessary to add tons of conditions or demand a variety of reports on all FHA appraisals. Our REALTOR® clients love how clean our FHA appraisals are.

FHA Underwriting - Cherry Creek's underwriters all have years of experience with FHA. They condition only for absolutely necessary items and will listen to a loan officer's explanations about quirks in a file.

We are regularly closing FHA loans that involve an "as is" property. Most lenders won't because they don't realize that these types of transactions are OK with FHA as long as health, saftey and soundness are not issues with the property.