FAQ

Pretty darn fast!  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.

Innovative originators, where permitted, 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 and 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.

*Where required Inovative compensates loan originators as W-2 employees on a commission split arrangement similar to our 1099 contractors at 85% of net after Innovative's $595 transaction fee. (CA, GA, LA, MA, MD, NC, NJ, SC).

Yes. Innovative offers in-house processing and also has an extensive list of company-approved contract loan processors. That means plenty of processing capacity to efficiently process your loans. Loan processors are only compensated when your loan closes. This approach incenvtivizes responsive, efficient and quick processing. Processing fees range from $600-1,200 depending on the service level desired and in most cases are paid directly by the consumer as a third-party fee.*

*New Jersey processing fees may not be collected.  Originators may collect the cost of processing as part of the lender fee and Innovative compensates the processor directly. 

Innovative is both! You can broker loans to over 80 wholesale lenders and counting.  We're always adding new wholesalers. You can also write loans on Innovative's correspondent channel as the lender. As the lender you can charge lender fees to the borrower and earn yield spread at the same time.

Extremely competitive! It's that simple. Innovators benefit from direct wholesale pricing on brokered transactions. Innovative also provides enhanced correspondent lender pricing from twenty-one correspondent investors and counting.

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. This approach spares the orignator from credit report expenses and streamlines obtaining consumer tri-merged reports. Credit reports are retrieved into the LOS with a click of a button.

Yes, Innovative provides the following marketing support. Innovative management will review marketing for compliance and provide enhancement suggestions. 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.

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

1. Provide the exact 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 state 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 varies from state to state.  For example, Florida costs $100 for a fictitious name (this covers the cost of state registration and advertising).  Thereafter, it is $50 to renew every 5-years in Florida.  Most states cost less than this amount.