App+5

What is App+5?

App+5 is a system designed to assist Banks with their mortgage loans. Both our bank, the "originating" bank and the potential borrower benefit from the relationship. The simple benefits of the relationship are:

For the Originating Bank:

They earn 1% for completing 6 tasks during the loan process. The 6 tasks are outlined in the contract that the borrower and all LO's must sign. The first task being the application.
Bank staff is typically inundated with tasks and this will allow the Bank LO to still get paid on a file they normally would not have the time to complete
The relationship allows FSB to be their guide
No additional staff needed! We become their additional staff keeping their overhead low and still allow them to be seen as "doing the loan"
More Income for their bank. They can make money on loans they previously may not do. No more letting the lead walk down to another bank!

For Our Bank:

The loan closes in our name!
We have a referral source that could "feed us" many loans
Banks typically get better credit applicants, which makes these leads perfect for us!

So, what are the Cons to doing App+5?

The App5 Bank will earn 1%. The FSB LO will be limited to .50% of the loan. In order to keep rates acceptable to the banks and credit unions we will be working with, we have learned we cannot earn an excessive commission amount.

How Do I Get An App+5 Account?

We are going to start this section off by saying, it is not as easy as it sounds. Banks are not known for their speed in agreeing and signing the contracts needed to get started. If you have a Bank or Credit Union you would like to start the conversation with, we recommend you connect with one of our TPO Account Executives to assist you with the sale. Here is how it will work:

The LO from FSB will make first contact with the potential bank. They will outline the program (flyers are available - see section above to the right) and set up an appointment with the person in the bank who makes the decision to sign up.
The LO will then contact one of the TPO Sales Team (Bob, Justin, or Josh) to attend the meeting with the decision makers and LO's. The Sales Team will help with the details of the deal and answer questions they may have the LO would not be aware of.
The Bank will then sign the contracts. This part may take a month or several months. The LO will follow up as needed to check in with the bank so it does not become a cold lead.
When the contract is signed and delivered to the LO or the TPO Sales Team member, the contract packet is delivered to Robert Anderson for the approval process. Upon approval a welcome email is delivered to the main contact with a request for training. The FSB LO who helped get the account is assigned as their LO and will be included in the training. It is very important to attend the training and understand your role as the LO. The LO has the potential to make this account a very big account or a very small account.

What Happens After They Sign Up?

After the account is officially one of our App+5 Accounts, there will be a training that the account, the TPO Sales Team member and the FSB LO must attend. The TPO Sales Team member will be assigned as the AE for the account to help the LO and the Account as needed. The LO, however, will be the main contact and we ask that they perform these tasks to build the account to its full potential:

In the beginning, contact the LO's at least once a week. Help them understand what loans you are looking for.
As they start to send loans in, send weekly a status update that includes both prequals and working files. Even though you are working with them daily, this will help all from the account stay on track with files.
Be proactive and be honest. If a file won't work the way they think, let them know why and if there are any other solutions. We are their resource. Make sure you be the best resource you can for them. It will get more loans in our door.
Take the time to make sure they understand the programs. The questions will come up, make sure to give them an explanation to build their knowledge. This will build their trust in you.
In most cases, but not all, they will want to handle the contact with the borrower. Our LO will take care of disclosures, process the file, appraisal, title, etc. The LO with the App5 Account will be our liaison with the borrower. This is perfectly acceptable and expected from a depository account. Be sure to communicate often with the LO and be very clear on what you need from the borrower so they can relay it effectively. On the occasions where the LO does not want to deal with the borrower, our LO will take this part over and run with the loan and just advise the App5 LO on the progress. The discussion on who will do what takes place during the training of the App5.
If the account is located close to your branch, feel free to visit them on occasion. It is a nice touch!

App+5 Documents

App+5 Information Packet - gives a great description of the program and why a bank would consider this route

Mortgage Origination Service Agreement - the contract that is to be signed on EVERY file that becomes a loan. Signatures are needed from the App5 LO, FSB LO and Borrowers.