Frequently Asked Questions
1.) When can I get started?
A.) You can start almost immediately. Complete the online application form to start the process. Background checks take between 1-3 days, and then we will activate your working site in 1 day.
Upon approval, you will receive instructions on what to do next. For example, we'll show you how to run credit reports through the company system, how to contact lenders and select loans, and how to work within our members area. You are then free to close loans!
2.) Are you a Net Branch Company?
A.) No. We are always adding Branches to our Allegro family and seek new and qualified people at all levels to staff and operate our branches. This website is used for all members to gather and obtain information necessary to operate as a multi state company.
3.) Do I pay the per file fees?
A.) In most cases, No. Based on which membership plan you choose we charge a $395.00 transaction fee (per loan fee) and $100 (per loan fee) for E and O ins. When using our title company, pay the E and O Ins. The Allegro Admin fee can be charged on the HUD-1 settlement sheet that will not be included in your commissionable income. If the lender or state regulation does not permit a separate fee on the HUD-1 settlement sheet, we request that the fee be included in your fees you charge in the GFE. If it is not charged on the HUD1 we will subtract this fee from your commissionable amount. This can not be disclosed as a processing fee.
4.) How do I get paid?
A.) Payroll is processed through our corporate headquarters for all branches. Branch managers are responsible for establishing split percentages with the loan officers they recruit. Any payroll requests (via our website member access) submitted on or before Tuesday are mailed out on Friday of the same week.
5.) Am I a 1099 or W-2'd employee?
A.) We allow you to choose, but keep in mind that FHA and many states require that the loan officer be a W2'd employee. This would require that all or a portion of your income must be paid via a W2. If working on a 1099 basis is important to your business goals, please contact us to discuss options to fit your specific needs.
6.) What if I prefer to work from home?
A.) Yes, as per state law. Our flexible membership programs have been designed for high producers who do not need the overhead of a corporate office.
7.) What are the requirements to have a branch?
A.) Each state has different regulations concerning branch offices. Contact us for details. In order to be an approved branch with an Allegro Funding Corp. you must pass a background and credit check./ We're looking to work with originators/manager with more than 2+ years mortgage experience, stability and have a proven track record.
8.) Who handles the accounting, payroll, and expense management for affiliates?
A.) As a Branch Manager, you will turn over many of the day-to-day tasks to Allegro Funding Corp.. We assist our branch managers with accounting, HR, and other functions so that you can focus on originating and closing loans.
9.) What is the Payroll Administrative Fee?
A.) This is a fee that we collect only on the gross wages that is W-2 for payroll. It is collected to defer the administrative costs. It is 13%. It does cover all employers withholding, and we file the 941's on your behalf.
10.) As Branch Member, may I continue to do business under my own name?
A.) All loans will be originated under Allegro's state license. All Branches will take on the Allegro name, identity and branding.
11.) Can I sign a lease or contract for Allegro Funding Corp.?
A.) NO.
12.) Since we are an employee of Allegro Funding, can we receive insurance and 401K?
A.) Yes. You will be contacted by our human resources department when you qualify.
13.) Can I process my own loans?
A.) Yes. We offer in-house processing to our members, but it is not required. We know that many successful brokers depend on their own processors. Some states such as Georgia require licensure of processors. All state guidelines regarding processors must be followed. Some programs such as FHA, may require the loans to be processed by our corporate processing team.
14.) Can I hire my own personnel?
A.) Absolutely. Our branch manager programs are designed to help you recruit & build a successful team. For your and our protection, Allegro Funding Corp. will perform standard background & credit checks on any branch employee applicants and we will approve or disapprove employees.
15.) Who takes care of quality control?
A.) All branches are of course responsible for following all applicable state and federal laws. However, a full compliance review is performed on each file at the corporate level.
16.) What lenders are we approved to work with?
A.) Allegro provides more than just an approved lender list. We have integrated hundreds of wholesale and correspondent programs into our automated prequal engine. This allows you to see live guidelines and pricing with one simple log-in. We currently have a very extensive list of approved lending partners. If there is a lender that you will to originate loans that we do not have, you may submit a request via our members area.
17.) What happens when I broker a loan?
A.) No hits to rates or pricing for brokered loans. You work directly with the wholesale lender on approvals and pricing. The original package & lock confirmation always goes to Allegro Funding Corp. and then is pre-underwritten and sent to the wholesale investors for final approval – NEVER SEND A PACKAGE DIRECTLY TO THE INVESTOR.
18.) How do I pull credit reports?
A.) Credit reports can be pulled from our LOS system, or independently. Allegro members are responsible for all third party fees. We strongly recommend that you mandate the "pay as you go" option to your loan officers.
19.) How do I order appraisals reports?
A.) We maintain/provide a list of approved vendors. Members may request preferred vendors for approval from our members area. All appraisal services must performed by an approved appraiser. All orders must be either COD or invoiced directly to each individual originator. Allegro Funding Corp. will not be responsible for the costs of any appraisals.
20.) How do I order title services?
A.) Title request can be ordered online with our title national title partners. We maintain/provide a list of approved vendors. Members may request preferred vendors for approval from our members area.
21.) How do I get business cards & marketing materials?
A.) You may order business cards (shirts, mugs, golf balls etc...) through our members area, once you are approved with Allegro Funding Corp.
22.) Will I have a company email address and URL or can I use my own?
A.) We provide a personal e-mail account for each member, which will be used on your business cards and other marketing materials. If you choose to use your existing e-mail we suggest that you forward your Allegro mail account to your existing e-mail. As for website URL's, each branch or loan officer has the option of a personalized website. (www.allegromembers.com/yourname for example) If you have an existing URL that you also like to use we can assist you in setting that up. Some states like Georgia have restrictions on loan officers pages versus branch or team sites. All applicable state and federal laws will be followed.
