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 Frequently Asked Questions
Pan American makes every effort to be in full compliance with all applicable laws, regulations, rules,
and other legislative or operational requirements in those states where the company originates, closes
and funds
mortgage loans.
What is Pan American's compelling advantage in today's mortgage lending market?
Pan American’s mission is to provide quality service and competitive loan products for all types of borrowers. Since we offer credit in all sizes from a small purchase/refinance to a super jump loan, we can help most borrowers find the right loan for purchasing or refinancing a primary residence, vacation house, or home equity project. In addition, Pan American is committed to providing superior service so the borrowing process is quick and easy. We focus on closing your loan so you can focus on what you do best.
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What is an Affiliate Branch Partner?
A Branch Partner is a Branch of a larger State Chartered Mortgage Company, a subsidiary of Pan American Bank, a Member of the FDIC, wherein Pan American Mortgage maintains effective oversight & quality control of its originations and operations while the Branch Manager retains the profits from such activity as stipulated within the contract between the two entities. Pan American Branch Managers have access to all of Pan American's mortgage services.
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As an Affiliate Branch, will I continue to do business under my own name?
No. As a licensed branch, you work under our charter license as an employee of Pan American. You will do business under the Pan American Mortgage name, using our lending licensees without the hassle of individual state licensing.
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How does this arrangement benefit me as a Branch Partner?
As a Branch Partner you will be able to focus on running your business knowing we cover all of your backend needs. The Branch partner can focus on originating and closing loans while being able to draw on our larger resources, loan programs and long-term benefits offered by Pan American Mortgage.
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What is the financial arrangement between Pan American and my company (as an affiliate)?
This information is outlined in our Branch Manager Employee Contract. Once you have been qualified as a viable candidate and completed the questionnaire form and undergo our routine background check we can provide you with financial terms.
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Can I get paid as a 1099 contractor?
No, you must be a W2 employee. It is against the law to sub-contract our lenders license to individuals or companies.
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When and how do I get paid?
You get paid bi-monthly. Once a loan is closed, you will receive a copy of the HUD1 and the check along with a check request informing us how to disperse the funds.
- The cutoff for payroll is Tuesday at 5PM and you will be paid the following Friday.
- If you broker a loan, you will be paid in a one lump sum.
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Since we are an employee of Pan American Mortgage, can we get insurance?
Yes. Just contact our human resource department. This is exclusive to only branch mangers.
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Who handles the accounting, payroll, and expense management for affiliates?
As a member of Pan American's team and as a Pan American Employee, you will turn over many of the day-to-day operational functions to Pan American. Pan American will assist all of its branches and loan originators with accounting, HR, and other functions so that you can focus on originating and closing loans.
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What paperwork do I have to submit for Human Resources, Payroll or other functions as an affiliate?
All applicable forms will be provided to you and your staff for inclusion in the Pan American H.R. systems including payroll, benefits, and other functional areas of the company.
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Will you take out any taxes for my branch?
Yes. We withhold 9-19% for your state taxes plus whatever you choose for your federal withholding.
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Can I have you pay miscellaneous bills before taxes for my branch?
Yes. You would note them on the check request and we will simply send the checks to your office. We may request receipts case by case.
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What types of loan programs does Pan American offer the Branch Partner
Pan American has access to all the standard programs utilized in the industry today including conventional, sub-prime, Alt-A, Jumbo and Super Jumbo mortgages, Reverse mortgages and I-TIN loans. Pan American is also FHA and VA approved.
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Can I do DBA or Third Party Loans?
No.
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What training materials are available to new affiliates?
Most training is conducted online with Pan American's in-house trainer or through printed materials.
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Do I have to have a physical office?
No. Pan American is licensed as a charter under the FDIC, so the states in which we are licensed, you are automatically approved without the state licensing requirements.
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Can I have as many employees as I want?
Yes as long as we have them in our system. They will also be a Pan American employee and follow all the same employment process.
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Can I use my own account executives?
Yes. We feel it is important to keep the relationships you already have
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Can I choose my own title company?
Yes and No. For in the State of Illinois, No. For all other approved states you may, but the title company must be approved thru corporate.
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Can you help me find a title company?
Yes. We have a nationwide company that we have dealt with for years.
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Do I have to process my own loans?
We have centralized in house processing but will allow designated branch’s to utilize their own processor which will require formal approval, training and QC of all files for the first two months.
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Will I get all of the lender contacts when I sign up with Pan American?
Yes. You will have access to this information via our secure server accessible thru the web.
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Do you offer leads?
No. We do not give out leads at this time.
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As a Pan American Branch Partner, can I lend in the states you are licensed in?
Currently, Pan American is licensed to do business in most states. As a Branch Partner, you are licensed to originate in each of the states where Pan American is licensed. The ONLY state you must be state licensed in is Wisconsin.
If Pan American is not currently licensed in a state where you do business, Pan American will acquire the necessary license at the state level if it is warranted for this type of relationship between your organization and Pan American. Pan American pays for all state and federal licensing associated with new licenses and annual licensing costs for Pan American's in-state activities.
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Do I have to have a mortgage broker's license?
No. You will work under our lenders license.
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Do I have to have a license to be a loan officer?
Yes/No. There are 18 states nationwide where a license is required.
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What kinds of on-line systems does Pan American provide to the Branch Partner offices?
Pan American is proud to offer various on-line tools to make your branch more productive and better suited to communicate with its customers. Daily rate sheets and management tools are provided as well as multiple on-line resources regarding mortgage industry information, research sources, company policies, and documents and operations. Electronic Loan Application is also part of Pan American's national platform as well as back-office support and systems dedicated to making your customer's loan experience a positive one as well as being profitable.
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Can I run my own loans through your AUS system to get an approval?
Yes. You will be assigned logins to our AUS system once you are signed up.
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Can I lock rates with your AU system?
Yes. However, if your fallout ratio becomes unreasonable, to the point that you may jeopardize the relationships with our lenders, this ability will be restricted.
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How does the company communicate with its Branch Partner offices?
Pan American uses email, phone, and fax to communicate with its Branch offices. The company also uses a highly-productive internet-based portal which allows for many functions and information sources to be available 24-7 to employees of Pan American. The portal services, operational questions, discussion boards, calendaring, and CRM just to name a few. We also have weekly conference calls as well as provide constant updates via phone and email.
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What happens when I broker a loan?
You work directly with the wholesale lender on approvals and pricing. The original package always goes to Pan American for QC and is then sent to the wholesale investors for underwriting and final approval.
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How long does the process take for an independent office to become a Branch Partner?
With qualified candidates, the initial screening process usually takes about 7-10 business days to complete.
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What if some of my questions are not answered in this FAQ section of the website?
We would be pleased to discuss any additional questions you might have in person or via e-mail. You can email us regarding your interest in Pan American’s Affiliate Partner Branch program and we'll be in touch with you directly. You may also call us toll free at 877-RAPID-20.
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