FAQs

Frequently asked questions:

Q:  What is Innovative's origination platform?

A.  Calyx is Innovative's current origination platform.  This platform is server based which enables originators to install it on as many workstations as they desire without any additional cost.  The platform is all inclusive streamlining online applications, document requests, eDisclosures, and document storage in a digitally secure environment all in one central location.

Q:  How quickly will I receive my commission on funded transactions?

A:  Correspondent channel commissions are disbursed within 24-business hours of funding.  Wholesale (broker) channel commissions are disbursed within 3-business days of Innovative receiving the title documents and title funds.

Q:  Am I an employee or an independent contractor?

A:  Innovative originators and processors operate and are compensated as 1099 independent contractors.  Originators determine their hours of work, manner of obtaining business, the type of business they wish to originate, the lenders/investors they wish to originate through and the method of originating loans.  Originators observe industry compliance and legal requirements to comply with federal and state regulations.  Because originators are 1099 contractors they have greater flexibility to deduct business expenses.

Q:  Does Innovative have good processing capacity?

A:  Yes, Innovative has an extensive list of company-approved contract loan processors that have available capacity to processor your loans.  Contract loan processors only get compensated when your loan closes.  Therefore, they have the incentive to process in responsively, efficiently and with a sense of urgency,  Processing fees range from $600-1,000 depending on the service level desired.

Q:  Is Innovative a broker or a lender?

A:  Innovative is both!  You can broker loans to over fifty wholesale lenders and we're always adding new wholesalers.  You can also write loans with Innovative as the lender.

Q:  How competitive are the interest rates?

A:  Super competitive.  In most cases, Innovative's rates are broker equivalent or better.

Q:  Who is responsible for all of the compliance, quality control, payroll/compensation, licensing, NMLS reporting and Call Reports?

A:  Innovative is!  It's that simple.  We handle all of these responsibilities so you can concentrate on the big fish . . . closing loans!

Q:  What is the company's origination platform?

A:  Calyx Point is Innovative's origination platform.  For one low quarterly subscription fee ($120/quarter), you can install Calyx Point on any number of workstations you desire.  With a Calyx Point subscription, you will be able to direct your borrowers to complete their applications on your company provided personalized web portal.  The loan application is automatically imported into Calyx Point.  You have complete privileges to create print groups, closing cost templates, prospect and borrower templates, pipeline reports, and to edit cardex contacts.  Your subscription also enables you to send secure document requests to borrowers for automatic retrieval and storage within the Calyx Point loan file.  Loan documents and disclosures can be sent for eSignatures via Calyx Point as well.

Q:  How do I obtain borrower credit reports?

A:  Originators have four credit vendor options to choose from.  Most credit vendors provide a point-of-sale portal where borrowers can authorize and pay for their credit reports and receive a copy.  Credit reports are retrieved into Calyx Point.

Q:  Does Innovative provide marketing support?

A:  Yes, Innovative provides the following marketing support.  Innovative management will review marketing for compliance and provide enhancement suggests.  Most of Innovative's investors and wholesale lenders provide CRM and brandable marketing materials such as emails, flyers, social media content and more.  These types of marketing media are provided at no cost to the loan originator.

Q:  Do you offer branch offices?

A:  Yes, Innovative can handle the complete process of licensing and registering a branch location.  All you have to do is provide the address and square footage and we will do the rest.  The annual cost is $550 which includes the branch license and the liability insurance.  Branch managers are solely responsible for leasing and overhead costs.

Q:  Is a DBA/fictitious name permissible?

A:  Yes, a DBA/fictitious name is quite commonly used by Innovators.  Here's how it works.

  1. Provide the DBA/fictitious name you wish to use.

  2. Innovative advertises the fictitious name as required by state law.

  3. Innovative registers the fictitious name with the Office of Corporations and the NMLS.

  4. Originators can market with the fictitious name after the process is complete.  The fictitious name may not be used for loan applications, disclosures or funding purposes.  It may only be used for marketing purposes.

  5. The cost is $100 up front.  Thereafter, it is $50 to renew every 5-years.

Call Drew Kashella, Innovative's Chief Talent Officer, to compare rates and price your scenarios today - 727-222-4575.