Realtors Q & A

 

Here you will find general questions Realtors like yourself ask along with the answers. Read through to find the answers to most if not all of your questions.

 

If you have any more questions that need answers, submit your questions below and your question along with the answer will be posted on this site within 48hrs.

 

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 most likely be the person that is assigned to you. If you found our website on your own, the next available CLO or MAE will be 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: Why can’t I just put Financing Available on my listings and send the buyer to PhoneOps?

A: You can if you choose to but there wouldn’t be a 2nd check for you as you didn’t complete the online application to be added to Payroll.

 

Q: How will I know what program to send each buyer to?

A: The person that will be assigned to you will go over which program is best for each of your listings or you can email Processing?

 

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: I want to put 100% financing on all my listings to get a lot of buyers, can I do this?

A: Yes, the easiest program would be the Piggyback Loan program as it would be 2 loans. 1st lien is up to 75% and 2nd lien is up to 25%. Once you put 100% Financing Available call for details on your listings and you get buyers calling, simply send them to the Piggyback Loan program to apply online for approval.

 

Q: My Seller can’t do a 50% Seller 2nd, are there any other options?

A: Yes, ask your Seller if a 15% Seller 2nd is doable. If so, you can put on your listings 10% Down, Call for Details on your listings and once you get buyers calling, simply send them to the CLTV loan program to apply online for approval.

 

Q: My Seller agrees to do a 50% Seller 2nd so now I got several buyers that want this property. Do I send them all to PhoneOps site to apply?

A: Yes, send all buyers to the CLTV program to apply online for approval. The first buyer that is approved and wants the property will move forward with that property and for all the others, you can offer them other properties and still get paid at closing as long as you help the buyer with the 3-Step Process.

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.

O: When is payday?

A: Pay week starts every Saturday and ends every Friday. Payroll is every Friday.

 

O: Do I get paid by check or can I setup ACH?

A: Compensation is setup through Standard ACH – ($5 Merchant fee) that can take 1 to 3 business days depending on your bank or credit union. You have the option to do Fast ACH for a $65 fee (this includes merchant fees) and you’ll receive your commissions same day or a check by mail ($2 processing fee).

 

O: Where do I get the ACH Form?

A: After completing the online application, you’ll be re-directed to the Congratulations Page. There you can download the form along with the W9 Form. You can also request the form from our Processing Dept.

Q: After we get a buyer for my listing, could I continue to work with PhoneOps?

A: Yes, you can continue to work with us as long as you like

 

Q: I have a buyer for the Landlord Program but he doesn’t have all his down payment funds. What should I do?

A: If your Seller is willing to do a Seller 2nd, then switch the program to the CLTV program and have your buyer complete that application.

 

Q: The property needs rehab work and the Seller agrees to do a Seller 2nd, which program do I send the Buyer to?

A: Since the property needs work, send the buyer to the Fix & Flip program and inform the buyer to include on the application that the Seller will do a Seller 2nd

Q: Why should my Seller do a 15% Seller 2nd and for how long?

A: While your Seller agrees to do a 15% Seller 2nd and PhoneOps provide 75% for the 1st, the buyer only have to put 10% down. Your Seller would be helping the buyer to put less money down which means their property can get sold a lot quicker. It would be easier to find a buyer to put 10% down verses finding a buyer to put 25% down. At closing, your Seller would get 85% of the sales price and collect monthly payments on the 15%; the terms would be up to the Seller. It’s a WIN-WIN for the Seller and the Buyer.

 

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.

 

Q: I have a family member that needs a Refi/Cash Out on a rental property. If I send her to the site to apply and I help her with the 3-Step Process, can I get paid on the file?

A: Yes, all buyers/borrowers nationwide that you send to our site for approval and you help with the 3-Step Process, you are paid the same amount (0.25%) at closing.

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 I get buyers, can I just send them directly to the program website?

A:  It is best to send them to the Products page to watch & listen to the video. The video provides detailed instructions on how to complete the 3-Step Process. Inform each buyer to listen to the video in order to have an understanding on how to complete the 3-Step Process correctly. This is an added help for everyone.

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