Frequently Asked Questions

Q: What are the benefits of Virtual Mortgage Services?
A: Virtual Mortgage Services (VMS) offers a unique opportunity for mortgage sales professionals to expand their businesses and receive full support and business system. You can qualify to become a Marketing Manager in a national market, with the ability to offer a wide-ranging product line including conventional and sub-prime products, as well as government loans and more.

Q: Is the VMS opportunity compliant with RESPA guidelines?
A: VMS is NOT a mortgage company, direct lender, or a company with direct access to mortgage funds of any kind. If you are a licensed individual looking to hang your license with a broker or mortgage company, this is not the right opportunity for you. VMS is a marketing company that generates mortgage leads and sells them to mortgage professionals.

Q: What states can I operate my marketing business in?
A: All 50 states. (FHA leads are limited to 47 states currently)

Q: Do I need any licenses?
A: Once again, VMS is a marketing company. Marketing Managers have no involvement in the loan process.  They are paid to generate leads and direct business. The mortgage professionals will handle your files for you, and work directly with the licensed mortgage companies.

Q: When and how can I get started?
A: Upon receipt of your Application and Agreement it will take from 4-6 business days to process your information and check your references. Once approved, you will receive your login information to our back office where you will find all of the necessary resources to start running your VMS business. You will also be contacted by a member of the management team to schedule an orientation session.

Q: When do I get paid?
A: Commissions are paid out weekly on Mondays. Our marketing partner cannot be paid by the lender or mortgage company without full compliance approval. This can sometimes delay the payroll process.

Q: How am I paid?
A: You are paid 1099 to your company, and you are responsible for filing your own taxes. You MUST have a registered marketing company in order to be paid. Bank wire is our preferred method of payment, or your check can be sent via first class mail.

Q: Who handles the files for the business I generate?
A: Loan Officers or Mortgage Brokers from the mortgage company will. Marketing Manager can be involved in the communication of the file with the client's approval.

Q: What fees does VMS charge?
A: VMS charges you $395 per file after the 70% marketing split.

Q: What do the "marketing commissions" consist of?
A: Marketing earnings are based on all commissions generated from the mortgage company. Marketing fees do not include the processing and administative fee charged by the lending instituation. This is a fee paid by the borrower.

Q: Can I advertise in the Virtual Mortgage Services name?
A:  Yes,  but we ask that you obtain written approval from our corporate office prior to placing any advertisements.  As a member of our sales and management organization, you cannot represent yourself as a mortgage broker or any title that would suggest that you are working directly for a mortgage company.

Q: I've had some credit problems in my past. Is that a problem?
A: We hope you will manage your financial affairs, although we recognize situations do take place that can cause credit to diminish. We expect all of our Marketing Managers to perform professionally, legally and responsibly. If you are able to maintain these standards, your credit issues will not prevent you from joining our team.

Q: Do you have volume requirements?
A: Although we prefer to see at least two closings per month, we are aware of challenges that can sometimes occur in the industry. There is no minimum.

Q: Do I need to establish an office?
A: You are free to work from your home office or any other location of your choosing. If you intend to utilize the VMS name under a written lease, it would need to be reviewed by corporate and you would be directly responsible for any contract agreements.

Q: Who processes the files produced by my marketing efforts?
A: All loans are processed by the banker/broker's internal processing staff. This is done to protect everyone and to ensure that compliance is properly handled.

Q: How much will the borrower/client be charged for processing?
A: $595

Q: What other fees will be charged by the lending institution?
A: The lenders charge an admin fee of $695 per file. VMS does not receive any portion of these fees.

Q: Do I need to have experience in the mortgage industry to join your company?
A: 2 years of mortgage sales experience is required to become a Marketing Manager. The loan officer, mortgage broker, or processor from the selected mortgage company will handle all compliance and disclosures for your client.