INNOVATIVE

MORTGAGE

NEW JERSEY

Innovative Mortgage offers three compensation plans for New Jersey MLOs. Each plan empowers loan originators to elect and modify their compensation. Originators can also modify their plan quarterly. Innovative deducts a flat transaction fee from the loan originator's elected compensation and disburses the balance to the loan originator.

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New Jersey

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NJ

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All compensation plans include:



  1. Correspondent channel commissions disbursed within 48-72 business hours of funding.
  2. Wholesale brokered transactions typically compensated within 1-2 weeks after funding.
  3. Personalized originator web page with an online web application.
  4. Calyx origination software ($120/quarter) installed on unlimited workstations.
  5. Optional Mobile Mortgage Application ($100/quarter).
  6. Full DU/LP privileges.
  7. Credit report privileges.
  8. Management support.
  9. Vendor pricing discounts.
  10. Direct lender pricing.
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See Our Plans!

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Plans with Dues

100% Plan, $595 Transaction Fee

Loan originators remit $45/month in dues. Originators elect their compensation quarterly. Originators collect revenue on each transaction equivalent to their elected compensation. Loan originators are compensated 100% of their elected compensation less $595. Originators are compensated individually on a 1099 basis as independent contractors. Originators are responsible for all their individual expenses.*


Want to learn more about joining our team? Request More Information.

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NON-DUES PLAN

100% Plan, $895 Transaction Fee

Loan originators elect their compensation quarterly. Originators collect revenue on each transaction equivalent to their elected compensation. Loan originators are compensated 100% of their elected compensation less $895. Originators are compensated individually on a 1099 basis as independent contractors.* Originators are responsible for all their individual expenses.


Want to learn more about joining our team? Request More Information.

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Team Plan

100% Plan, $595 Transaction Fee

Loan originators elect their compensation quarterly. Originators collect revenue on each transaction equivalent to their elected compensation. Loan originators receive team support and assistance. Originators are compensated a prearranged split with their team leader less $595. Originators are compensated individually on a 1099 basis as independent contractors.* Originators are responsible for all their individual expenses.


Want to learn more about joining our team? Request More Information.

*Some states require W-2 compensation of loan originators.  Please contact us to learn more about Innovative's 100% compensation plans for W-2 states.

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