Here you will find general questions Listing Agents like yourself ask along with the answers. Read through to find the answers to most if not all of your questions.
Q: How will I get 2 checks at closing?
A:After completing the online application to be added to Payroll, you’ll help each buyer with the 3-Step Process and at closing, you’ll get your standard Real Estate commission check from your Real Estate Broker and you’ll get a PhoneOps commission check; 2 checks instead of 1.
Q: What all I have to do to be added to Payroll?
A:1-Complete the online application and 2-Complete the W9 & ACH form then email it to us.
Q: Who will be the person assigned to me?
A:The person that called or emailed you will be the person that is assigned to you.
Q: How much do I get paid?
A: Commissions are set at 0.25% of the 1st lien loan amount just for: 1-sending every buyer to our website to apply for financing and 2-for helping each buyer with the 3-Step Process.
Q:Will I be on the 1003?
A:No, you would just help with the 3-Step Process. Only the licensed Mortgage Professional is listed on the 1003
Q: Will I be listed on the HUD-1 or ALTA?
A: No, only the company PhoneOps Funding LLC and your Real Estate Broker would be listed on the HUD-1 or ALTA.
Q: How much is the credit report fee?
A:The credit report fee is only $57.
O:Are there any other upfront fees PhoneOps Charges?
A:No, PhoneOps doesn’t charge any other upfront fee other than the credit report fee. However, there will be a fee for the Appraisal Report and that is paid directly to the Appraiser when the report is ordered. All other fees are paid at closing and will be apart of the buyer’s closing cost.
Q: Where can the buyer download the Checklist?
A: There are two ways. 1-click on the Products page, scroll down to the program and under the photo, click Checklist to download the Checklist. 2-above the main photo of the website, click Checklist, scroll to the program and click the photo of that program to download the checklist.
Q: What is involved in the 3-Step Process?
A: Step 1, buyer complete the online application for loan approval. Step 2, buyer pay the credit report fee in order for us to pull credit. Step 3, buyer submits the required documents that is on the checklist. That’s it!
Q: How long will it take to close a deal like this?
A: It normally takes 1 to 2 weeks to close. When the appraisal is ordered, our Processing Team work hard clearing all the Conditions so when the appraisal report comes back, we’ll be ready to close.
Q: What if I get multiple buyers calling about just one of my listings, do I send all buyers to the site for approval?
A: Yes, because we don’t know who will get approved or not.
Q: Is getting paid a 2nd check at closing considered a Kick Back?
A: No because you would be on PhoneOps payroll and you will be providing a service by helping each buyer with the 3-Step process. As an Independent Contractor, PhoneOps is simply paying you for your services.
Q:Do I have to disclose to the buyers I send to your website?
A: No because you are only helping with the 3-Step Process which classifies you as a front-end processor. No disclosures are needed for processors.
Q:When my buyer gets approved, do I also help with the conditional approval?
A: No, our Processing Department will work with all your buyers getting all the conditions cleared in order to get the CTC (Clear to Close). If you want to assist to help speed things up, you have that option to do so.
