Frequently Asked Questions
Frequently Asked Questions
Below you can find answers to many of the most frequently asked questions. If you have additional questions, Please call 844-377-8062 for more information.
How long have you been in the business & financial industry?
Do I need financial or business experience?
NO. We provide lifetime training and support.
Do I need to be licensed?
No, this is optional but highly recommended. It is in my experience that the license is worth millions of dollars over the life of the license. The training cost is included in the price of your program.
Do I need an office?
No, this is by choice. Once you are licensed you will have use of the national lenders office, permitting there is one in your area.
Can I grow this business?
Yes. We help you recruit and train other individuals that want to enter the lucrative field of lending to work with you. We also teach you how to market and grow your business.
What types of loans can I provide?
Residential, Business, Consumer, Hard Money, and Student Loan Refinancing.
Residential: Conventional Purchase or Refinance, FHA Purchase 3 1/2 % Down payment program, FHA streamline refinance, 203k rehab, VA, Reverse Mortgage, USDA and more programs.
Business: Startup, Expansion, Hard Money Loans, Merchant Cash Advances, Invoice Factoring, Equipment Leasing, SBA Loans, 401k financing, Gas Station Financing, Construction, Accounts Receivable Financing, Factoring, Franchise Financing, Medical Practice Loans, Working Capital Loans, Bridge Loans, Asset Based Financing, Structured Settlement and Annuity Financing, Venture Capital, Hotel Financing, Commercial Development Financing, Commercial Real Estate Financing, and many more loan programs.
How much can I earn on each loan type?
On residential loans the average loan amount throughout the United States is $250,000 and average commission will range between $3,000 and $7,500 dollars net. On Business loans the average loan amount is $25,000 and the average commission is $2,500.00 net. Merchant cash advance loans are very lucrative as well with commissions as high as $10,000 for a $50,000 cash advance.
How do I get paid?
You will be paid directly from the bank that the loan is submitted to.
What are the challenges for a person to expect in starting up this business?
Patience. When an individual starts a new business, it is a time of excitement, putting in the work mentally and physically. Laying the proper foundation and doing the training to ensure the individuals success. Being Honest with oneself. Wealth is not created overnight it is created over time.
How long before I generate revenue?
You can make money from day 1. Typically, you will submit 2 loans within the first 60 days that will fund around the 90th day. This is all dependent upon the individual.
How long conservatively will it take to make my investment back?
Normally Within the first 12 months of the program.
What type of support will I receive?
Lifetime training and support. 1 on 1 mentoring, personal development training, Processing, Webinars, Online University, Training and support from the banks & lenders.
How does your company make money and what protects me from you just closing at any time?
Our company earns money from loan volume that is delivered to the banks. What protects you is that you are signed up directly with the banks and lenders, they pay you directly for any loan that is submitted to their institution, as well as any 3rd party vendor.
Who are some of the lenders,
Bank of America, Wells Fargo, Citibank, Chase, and private banks and lenders.
How long to get deals approved?
Consumer Loan: Immediate,
Business Loan 24 to 48 hours,
Residential Loan: 48 to 72 hours.
Are they competitive?
Yes, sometimes more so than a National Bank.
What type of info is usually required?
Standard docs, Bank, Tax returns updated pay stubs, etc.
Types of collateral?
Varies, None, home if residential, income, etc.
Are these folks who cannot find bank loans or have been bankrupt?
These are every individual who is shopping for a competitive rate and loan product. From poor credit to great credit.
What type of fees are typically charged?
Varies from lender to lender and what you want to charge.
How do I know the lenders will be around when I have deals?
Banks & Lenders have been around long before you and I have existed. Look at the glass full, not half empty.
Do I get to know the lenders?
Yes, you will deal directly with the lenders and processors directly
How do I get clients?
Leads, Community, Sphere of influence. We go over this in detail in the training.
How long before I get clients?
This varies from individual to individual. We teach a balanced approach to the lending business. You will receive leads from us as well as learning how to connect to the community and other sources of business.
How do I get leads?
Sent through your website and email.
How long are leads provided?
First 12 months, then you are in a financial position to spend what you want where you want.
Do they cost me?
First 12 months no, thereafter yes. You choose budget and who you want to use.
Are they actual real time leads?
Yes, as well as direct mail, print, radio, TV, and other platforms.
Where do leads come from?
Various platforms, internet, print, mailers, radio, tv.
What is ratio of getting a client to total leads per week or month?
You will close 1 to 2 deals per month from inbound leads, sometimes more.
Do the leads provide some info on potential client?
Yes, name, address, social, loan amount, fico score and additional information.
Do the leads provide current contact info?
Are these individuals who have requested someone to call them?
Do the leads provide potential client with some basic info before I call?
No, your website will, and the individual that is contacting you is contacting you for a specific loan and this will be detailed in the lead.
How do you get the trust of a borrower you have never met?
By being educated and an expert in your prospective field. This comes from the training we provide.
Who collects the info from them?
You and your processor that is provided.
How hard is it?
Easy and basic
How much involvement would I really have in the transaction?
Minimal after the first communication to confirm the information or as much as you want.
Type of trainings and is any of it live
Live webinars, pre-recorded webinars, Live conference calls, Recorded Conference calls, Online University, 1 on 1 mentoring, face time, phone calls, email, text, our training and support is Superior to any other lending program.
Training cost to me?
Cost is included in the price of the program.
What do online courses cost?
Included in cost of the program
What do live events cost?
Included in the cost
Price of the program?
There are many new components to the program that if purchased separately would cost close to $100k.
Any ongoing costs to me?
Any other costs?
Your national exam of $110 dollars paid at the time of your test to the testing center.
Would you finance part of investment with 100% of commissions going to you until fully paid?
There is 3rd party financing available to qualified individuals with good credit and income. Call 844-377-8062 for additional options.
What equipment is needed?
Phone & tablet, and or computer. Once you pass your Licensing exam and are placed with a National lender you will receive a laptop with the processing and pricing software.
How do you really make a good living from this?
Respecting the business, vision, showing up every day mentally. This is not a get rich quick business. This is a create wealth over time business by respecting and working it.
Other than hard work – what are keys to be successful?
Understanding the programs and communication skills.
Why do folks fail?
Belief system. Fortunate for our organization our partners succeed because of our Superior Training program, Expert Staff and Success Culture
What can be done to assure you will be successful?
Do the training, learn the information, show up every day not only physically but mentally as well.
Do you provide us with quality customized website?
Do you show how to get toward front of searches?
What else do you provide?
Residential lending, Consumer lending, Business lending, Student Loan refinancing, Student Loan consolidation, Credit repair, Tax Prep, IRS registered Tax agents, Business Services. Continually adding financial revenue streams for our partners.
Seems like a lot of businesses and can be confusing? Explain.
The businesses complement one another and support one another. Enabling you to capture a client for life.
What businesses are the true bread and butter?
Residential lending, Business lending, Credit repair.
Do you have to do mortgage business to make money?
NO. Success Member does believe in a balanced approach and should be included in your services.
Do I need to pass the test?
Yes, Licensing is optional but recommended
Best way to market business outside of leads?
Community & Sphere of influence.
Can I make this a great business just with your leads? (I hate cold calling and do not want to spend a bunch on marketing expenses).
You can make this a great business with or without leads.
What will be my competition and will my product be very competitive or is it very high priced?
Other Lenders. Your products, programs and rates are competitive.
I assume lender makes credit decisions?
All lenders make credit decisions based on lending criteria and information provided by borrower.
How exactly do I get paid and by whom and how often?
You get paid directly from the lender, most pay a few days after the loan closes.
Who does the back-office work?
Success Member, & the processors at the banks.
Have you ever thought to add the service of utility/bill review (Cost saving/reduction consultants) or payroll services, medical profession, factoring, etc.?
Your program comes with factoring and medical finance. Success Member adds new financial services when there is a benefit to the consumer and the partner.
How many refunds? 0
How many disputes? 0
Ratio of successful vs. failures – why? 0.
We interview every perspective partner and even though they may have the money to invest we will not accept them into the program, if we believe they will not succeed. Success Member receives over 3,000 inquiries a month about the Lending program, we accept about 20 per month.
Am I really just an information taker or what real involvement do I have?
You have as much involvement as you want, most of the information is entered online by the client already. You are connecting them to the right lending product, again this is automated as well.
Will I be able to talk to a random amount of folks (both new and been in business for years) to get their input?
Yes, this was part of your initial intro package provided.