Atlantic Pacific Mortgage Corporation Branch Partners

701 East Gate Drive, Suite 320, Mt. Laurel, NJ 08054

Frequently Asked Questions

  1. When and how is an Atlantic Pacific Mortgage Employee compensated? W2 or 1099?
  2. Lead generation and pricing engine?
  3. Title, escrow, appraisal, credit?
  4. How are expenses paid?
  5. Why would a mortgage professional consider becoming an Atlantic Pacific Mortgage Employee?
  6. Licensing, continuing education and exclusivity?
  7. Can I sell Real Estate?
  8. LOS and technology requirements?
  9. Are you FHA / VA / USDA approved?
  10. May I process my own loans?
  11. What states are you licensed in?
  12. What if I want to terminate the agreement?
  13. Misrepresentation and lender relationships?
  14. Do you have reserve account requirements?
  15. Do you have E&O Insurance and what is the branches share of the expense?
When and how is an Atlantic Pacific Mortgage Employee compensated? W2 or 1099?
Atlantic Pacific Mortgage is compliant with IRS, State, Truth-in-Lending, and HUD Regulations in regards to pay. All loan commissions are W-2. Branch business expenses are reimbursable with pretax / pre W2 funds, see FAQ – How are expenses paid?
W2 pay will be issued bi-weekly. Your file must clear QC two days prior to be included in that pay period. Checks are mailed within one day and can take up to a week to reach you. Direct deposit is strongly encouraged for immediate availability of pay. You have the option of selecting 9 for the withholding or blocking federal and state income tax from your W2 to increase your net income (check with your accountant).
Lead generation and pricing engine?
Atlantic Pacific Mortgage has negotiated inexpensive, high value, volume based lead programs that can be tailored to your individual needs. Experience the benefits of volume pricing and watch your profits soar! We also have hi-tech software to search Atlantic Pacific Mortgage investors to let you know who is offering the lowest rate and highest rebate. We have the ability to provide automated best execution rate quoting to borrowers through third party lead companies such as Zillow.
Title, escrow, appraisal, credit?
You may choose your own title, escrow and credit providers (subject to Corporate approval). Appraisals must be ordered through an Atlantic Pacific Mortgage approved AMC. We ask that you use the credit report company of our choosing for compliance reasons and to take advantage of our volume based pricing. The credit application and further details are available to Employees. At no time will the Employee ever accept up-front fees for any service as this violates laws concerning trust accounts, Truth-in-Lending, or RESPA.
How are expenses paid?
The Employee will forward to the corporate office qualified expenses related to the operation of the retail office so that we may cut a reimbursement check to you personally or payment directly to the vender if desired (direct deposit available). Expenses are paid with pretax / pre W2 funds.
Why would a mortgage professional consider becoming an Atlantic Pacific Mortgage Employee?
There are numerous reasons such as:
  1. Independence: As an Employee you set your own hours and income levels.
  2. Multi State Origination.
  3. Easily met reserve requirements. (Branch Locations Only)
  4. Direct Deposit Compensation.
  5. To reach new business heights: If you can imagine it, we can help you get there!
  6. To get volume based pricing on lead generation.
  7. Better than average pay scale.
Licensing, continuing education and exclusivity?
All State and Federal NMLS licensing for branches and originators must be maintained. Our licensing support services will inform you of all educational requirements and will file all appropriate paperwork at the State and Federal levels. We also require exclusivity meaning you may not work for more than one mortgage company at a time.
Can I sell Real Estate?
A loan originator working for a HUD approved lender may not sell real estate or be employed by a real estate sales company during the course of their employment. One may own a real estate sales company however they cannot receive income via 1099 or W2 from that company, they may only receive a K1 at year end. The owner of said company may not participate in any real estate sales. See HUD Handbook Chapter 2 Section 2-9 A, D, G.
LOS and technology requirements?
We use LendingQB for our LOS, pricing engine, and AUS. It is entirely web based so internet connectivity is a must in conjunction with Internet Explorer as the web browser. Microsoft Outlook is the preferred email software. We prefer loan application packages to be transmitted to us electronically as a PDF. We will also accept faxed packages and hardcopy files. Our IT department will assist you in setting up computers and can provide software at discounted rates.
Are you FHA / VA / USDA approved?
Yes we are delegated to originate, close, and fund FHA, VA, and USDA loans in the states we are licensed.
May I process my own loans?
Yes, you may process your loans. Complete guidelines on processing and origination are available to Employees and should be reviewed prior to originating your first loan and followed at all times. Processors must be W2 employees and they must pass our criminal background check prior to processing loans. Alternatively you may use our corporate W2 loan processors. There are no exceptions to this rule, first offense may result in termination and commissions will not be earned on files out of compliance in this area. It is important that we comply with the state laws so we can maintain our licensure.
What states are you licensed in?
We are licensed in the following states at this time:
  1. Delaware – License # 4993
  2. Florida - License # MLD814
  3. Maryland - License # 6986
  4. Massachusetts – Massachusetts Mortgage Lender License #ML1024
  5. New Jersey - License # 9919640
  6. North Carolina - License # L-143915
  7. Pennsylvania - License # 21422
  8. Virginia - License # MC-2403
What if I want to terminate the agreement?
Either party, Atlantic Pacific Mortgage or the Employee, can terminate the agreement at any time.
Misrepresentation and lender relationships?
Misrepresentation on a loan is the worst possible situation for a company to be placed in. The harm caused by misrepresentation is far reaching: it can cost the company its licenses, investor relationships, agency approvals, monetary and criminal consequences as well as hurting the industry and the borrowers in general.

Atlantic Pacific Mortgage expects its Employees to catch misrepresentation in a file before it closes. We have many internal controls to help assure loans with misrepresentation do not close. This level of professionalism is shown with redundant levels of quality control. You must have various checks and balances in place to protect the integrity of your loan file.

In the event that an investor terminates their lending relationship with Atlantic Pacific Mortgage due to a specific Employee then that Employee and the office he or she works with will be terminated without question. You as an Employee of Atlantic Pacific Mortgage must go to any length to protect, cherish and nurture our investor relationships. Lenders and licenses are our lifeline to success.

Pull through ratios on submitted and locked loans are also critical to our relationships with investors. Atlantic Pacific Mortgage desires a 75% pull through ratio on all locked loans and locks should not be executed until the file is at a stage where there is little to no chance of fall out. We closely monitor these ratios and terminate relationships for poor performance.

Do you have reserve account requirements?
Yes for branch locations we have easily met reserve requirements on a case by case basis based on your size of operation and budgeted costs.
Do you have E&O Insurance and what is the branches share of the expense?
Yes we carry E&O and there is no expense to the branch.