After all is said and done the decision to work with a broker firm hinges to a great extent on how much of the commission is taken by the firm for their operation and how much you keep for yourself. At RMA, we have one of the most competitive commission programs on the planet. We keep it simple. A broker firm’s responsibility is to audit files, ensure they are compliant and then pay the originating agent/broker their commission. In addition to maintaining a licensed firm, processing payroll and bringing lenders to work with you, a broker firm must deal with the legislative bodies regarding file compliance, marketing compliance & customer complaints. At RMA, these functions and many others are made possible by the compensation we receive from our brokers. When you join RMA, you can choose either one of these plans. The value of these plans are the same but the administration is slightly different. One of these plans is the right one for you.
Plan 1. Flat Fee Monthly Payments- Capped at $9K
Under this program a broker pays to RMA $750 per month. In a year that amounts to $9000. In return, the broker gets 100% of the finder fees, 100% of the volume bonuses and 100% of any appraisal rebates or any other fees coming in on behalf of the broker from the lenders. They also get 100% of the mortgage life insurance revenues. If you have junior agents on your team, their mortgage transactions are also are included in this one-fee program. Therefore, when your team member funds a file nothing is deducted from their commissions, either. So what does that mean to you?
For $750/month, you & your team members get:
- 100% of the finder fees,
- 100% of the volume bonuses
- 100% of any appraisal rebates
- Free websites for you and your team (if desired)
- Free CRM software (fully-integrated with Expert) to market to your database (if desired)
- Free webinars on lender and other supplier’s products or services (if desired)
- Free access to RmaNet your online portal for rates, lending/UW guidelines and other tools
- Access to Lender Spotlight (If desired)
- Access to Corporate Underwriting Unit (if desired)
- Access to Commission Advances (available to you only, if desired)
| Here are some fees that you don’t pay at RMA: |
|---|
| Monthly Advertising Fees |
| Monthly Administration??? fees |
| Inflated costs for credit reports |
| Are you paying these or other ‘nonsense’ fees today? |
Plan 2. 90 / 10 – Capped at $9K
Under this program, when a deal is funded and the commission is paid, RMA subtracts 10% of the commission and pays you the 90%. Now this may not seem very innovative but we have added a key component that is a MAJOR benefit to you. When the deductions for RMA reach $9000 for the year, we don’t deduct any more from the commission. Therefore, after the RMA fee of $9000 has been reached you get 100% of the finder fees, 100% of the volume bonuses, 100% of any appraisal rebates and 100% of the mortgage life insurance revenues. This program is ideal for those brokers who are not sure if they can comfortably afford the flat fee monthly payment program but still want the benefits of the best commission program in the industry!
On the 90/10 to $9K program, you & your team members get:
- 90% of the commissions until RMA reaches $9K annually. 100% of the commissions thereafter
- Free websites for you and your team (if desired)
- Free CRM software (fully-integrated with Expert )to market to your database (if desired)
- Free webinars on lender and other supplier’s products or services (if desired)
- Free access to RmaNet your online portal for rates, lending/UW guidelines and other tools
- Access to Lender Spotlight (If desired)
- Access to Corporate Underwriting Unit (if desired)
- Access to Commission Advances (available to you only, if desired)
Plan 3. Pay Per Deal – Capped at $9K
A third option for your compensation is the Pay Per Deal to $9K program. In this case, RMA subtracts a fee based on the size of the funded mortgage and pays the balance to you. As in the other two programs above, when RMA reaches its $9K cap, nothing more is deducted from your commissions for the rest of the calendar year. To have this option a proven yearly volume of at least 8 million is required to qualify for this model, and this must be approved by the Principal Broker of Real Mortgage Associates.
The program scale is as follows;
– For funded mortgages under $150,000, the fee is $135
– For funded mortgages between $150,000 and $250,000, the fee is $225
– For funded mortgages over $250,000 the fee is $325
Since this program is also capped at $9K, once you reach the $9K contribution, you get 100% of the finder fees, volume bonuses, appraisal rebates and mortgage life insurance revenues. This is one of the most innovative compensation programs and it’s unmatched in the industry.
On the Pay Per Deal to $9K program, you & your team members get:
- Commissions as per the scale above until the contribution reaches $9K annually. 100% of the commissions thereafter
- Free websites for you and your team (if desired)
- Free CRM software (fully-integrated with Expert )to market to your database (if desired)
- Free webinars on lender and other supplier’s products or services (if desired)
- Free access to RmaNet your online portal for rates, lending/UW guidelines and other tools
- Access to Lender Spotlight (If desired)
- Access to Corporate Underwriting Unit (if desired)
We know compensation is only one part of the equation in deciding which firm to work with. However, it’s good to know that the 3 best compensation plans in the industry are right here at RMA. But, which plan is right for you? Send us an email and we will send you an excel spreadsheet where you can enter some basic information to compare the 3 plans.
Contact us for a private, no-obligation discussion about how RMA’s compensation plans can work for you.