Frequently Asked Questions
Section 1: General Information
Yes, you need your license for each state in which you would be originating.
Pioneer Mortgage Funding Inc.’s headquarters is in Tampa, FL, and is licensed in AL, CT, FL, GA, KY, MI, NC, OH, TN, & TX.
Pioneer Mortgage Funding Inc. does not have an application fee; however, there are startup fees for both Branch Managers and MLOs. Those fees are listed below.
Mortgage Loan Originator Start up fees:
- NMLS Sponsorship Fee: $30
- Pioneer Mortgage Funding Inc. Email: $144
- Encompass: $110
Starting Balance: $284
Branch Office Start up fees:
- Florida Statutory Application Fee: $225
- NMLS Processing Fee: $20
- NMLS Sponsorship Fee: $30
- First Month’s Branch Fee: $1,650
- Recommended Reserve: $500
- Pioneer Mortgage Funding Inc. Email: $144
- Encompass: $110
Starting Balance: $2,654
Pioneer Mortgage Funding Inc.’s model is designed primarily for seasoned, experienced, and self-sufficient MLOs. However, we may be able to find a Pioneer Mortgage Funding Inc. branch to place you in who can offer training and support for a paid training fee. Lead generation will be your responsibility. Most of Pioneer Mortgage Funding Inc.’s business is obtained by word of mouth, positive reviews, and/ or realtor relationships.
Pioneer Mortgage Funding Inc. and its MLOs use Encompass as our Loan Origination Software. Encompass is a data management and loan origination software that allows users to input and store client data, as well as generate applicable forms, etc. Pioneer Mortgage Funding Inc.’s MLOs are required to purchase a seat license from Encompass Software to obtain and use their unique login for the software. MLOs are required to record every application and/or loan in their individual Encompass data folder.
MLOs may engage the services of any contract processor on our approved contract processing list. You may also request for the Corporate Office to approve any of your current processors. Branch Managers may hire staff to work as a loan processor from their office. All applicants must be approved by the Corporate Office prior to being hired. In that case, the Branch Manager will assume all responsibility for oversight of the loan processor. This includes, but is not limited to, that processor’s work product, continuing education, etc. Processors who are employed in this way will be employed as a traditional employee who receives a W2.
Pioneer Mortgage Funding Inc. and its MLOs use CIS, CIC, and Credit Technologies as our vendors for ordering borrower credit/consumer reports, identification verifications, and other similar reports. MLOs must request account set up with one of the three independent credit services from the Corporate Office. MLOs are responsible for paying the financial responsibility of all invoices on their individual CIS, CIC, and/ or Credit Technologies account.
Section 2: Operational Information
Yes. In order to open a Branch Office and act as a Branch Manager, you must have experience in mortgage origination, and receive approval from the Corporate Office.
Branch Managers may recommend appropriate individuals to hire at their Branch Office. All applicants must be approved by the Corporate Office prior to being hired. Once an application is submitted, each recommended individual must pass all necessary compliance checks before approval to be hired is given. After approval to be hired is given, the Branch Manager sets up a compensation plan, in writing, for the MLO to be included in the MLO’s contract executed by the Corporate Office. Pioneer Mortgage Funding Inc. is the only brokerage that provides checkbooks to the Branch Manager. The Branch Manager writes checks to pay the MLO from this checkbook.
Pioneer Mortgage Funding Inc. is the only brokerage that allows the Branch Manager to have their own Branch Office bank account and checkbook. The Branch Manager is responsible for running their own P&L reports. All funds go directly to your branch bank account, not to the Corporate Office account. The Branch Office bank account must have a $500 minimum balance.
No. If you are advertising or promoting mortgages on any online platform or print document, you must indicate you are affiliated with Pioneer Mortgage Funding Inc., and use Pioneer Mortgage Funding Inc. branding on the advertisement, promotion, website, business social media account, etc. This creates consistent branding among Pioneer Mortgage Funding Inc.’s MLOs and Branches. You cannot advertise mortgages with a name that is not a licensed mortgage broker. It is very misleading to consumers, and can result in fines from the state.
After onboarding, the Corporate Office will provide you with Pioneer Mortgage Funding Inc.’s marketing and advertising policy which includes a detailed list of approved name variations and information that can be displayed when creating advertisements, websites, business social media accounts, etc. to promote your business in order to be in compliance with state regulations and Pioneer Mortgage Funding Inc.’s policies.
Section 3: Transitioning to Pioneer Mortgage Funding Inc.
Pioneer Mortgage Funding Inc. leads the industry in integrity and professionalism, which has allowed us to create lifelong relationships in our community. Building a team that cares about their clients and helps them realize their dreams has built Pioneer Mortgage Funding Inc. into one of the most successful mortgage brokers in the country. Our strength is our relationship with the community and our lenders, and our Mortgage Loan Originators work to strengthen those bonds every day.
We understand that strong and successful Mortgage Loan Originators are the cornerstone of our business, and we foster a professional atmosphere that will support your ability to close loans quickly and effectively for your clients.
Pioneer Mortgage Funding Inc. is a Mortgage Broker that works directly with Lenders, we are not a correspondent lender. That means no hidden fees or sudden interest rate changes for you or your clients. It also means that you have direct access to our network of over 50 of the most competitive lending partners. We work with you to ensure that you have all the tools that you need to get the deal done.
In 2002, seeing a need for a high-quality brokerage in the Tampa Bay area, we developed a unique business model that sets us apart from other brokerage firms with the goal of helping our customers realize the American Dream of homeownership. Since then, Pioneer Mortgage Funding Inc. has developed into more than a mortgage company, we are a family of professionals who are committed to each other.
