Concierge Mortgage Banking Sales Manager Business Plan Overview
Concierge Mortgage Banking Sales Manager Business Plan
Date: 11/1/2024
Table of Contents
• Welcome and introduction
• Introduction Leadership Team
• The Mortgage and Purchase Market
• Capital Mortgage Services
• Capital Federal Credit Union
• Introduction to the CMB Program
• CMB Vision and Mission
• Introduction of Leadership Team
• Business Opportunity for Agents
• Agent and CFCU Partnership
• Leadership Opportunities
• Sales Compensation Plan
• Mortgage Loan Programs
• CMB Employment Contact Conditions
• How to get started
• Q&A
• Disclaimer
• Rules of Engagement
• Acknowledgement of Origination Limitations
Introduction
• Welcome Sales manager to the Leadership Team. I have created a general business plan for all sales managers to follow. Please make it your own plan based on your market area. How you can make it your own is by using current data on the number of real estate agents in your city or area and planning your recruitment strategy. Also using the average loan amount for your area and creating your own forecast for production. I will provide you a plug and play excel workbook so you can plan your production goals.
Introduction
• The foundation to your success at CFCU as a Sales manager is your ability to recruit agents. It is your number one priority. You must recruit and maintain 100 agents at all time. The maximum number agents you can have on your team is 500. The sales management position pays the highest basis point of any position, but all positions have a limit as to how many people you can effectively manage.
• Grow your team and production will take care of itself.
Introduction to Leadership Team
• Capital Mortgage Services leadership team is the benefactor of Capital Federal Credit Union. It is this collaboration that make CFCU an incredible opportunity for Real Estate and mortgage Professionals
• The Capital Federal Credit Union Concierge Mortgage Banking Partnership Program (CMB) is designed to:
• Create a unique, high-value partnerships with top-performing real estate agents, real estate firms and associations throughout the country.
• Establish a nationwide network of elite professional real estate agents to serve our clients and servicing portfolio under the CFCU Brand.
Capital Federal Credit Union CMB Leadership Team
Mike Hensley, CEO Capital Federal Credit Union
Eric L. Frazier, National Director of Business Development
Bill Cohen, National Sales Director
Zach Johnson, Member Services & Data Solution Manager
Teresa Grobecker, National Director of Growth and Strategy
Camisha Barton Etheredge, National Sales Admin
Carla Griffin, Loan Officer Assistant
George Wade, Loan Officer Assistant
Capital Mortgage Services Leadership Team
Daniel Lewis, CEO
Linda Lewis, Co-Founder and President
Capital Mortgage Services
• Siwell, Inc. dba Capital Mortgage Services NMLS 149169 Licensed by the Department of Business Oversight under the California Residential Lending Act
• In 1986, on a card table and with a desk borrowed from his father, Royce and Linda Lewis created Capital Mortgage Services. With the mission of helping people obtain a piece of “the American Dream” through home ownership,
• Royce and Linda grew Capital Mortgage Services from the humblest of beginnings as mortgage loan originators to mortgage operation consisting of 3.5-billion-dollar servicing portfolio, with clients across the 50 states and the Virgin Islands.
• Capital Mortgage Services has celebrated 38 years of success in an industry where longevity is a rarity.
Capital Mortgage Services
• Daniel Lewis
• Chief Executive Officer – NMLS 505092
• Daniel “Danny” Lewis is the CEO of Capital Mortgage Services and a graduate of Marshall University. He grew up in Huntington, WV and now resides in Wolfforth, TX. After a brief stint in Public Accounting, Danny has been in the banking and mortgage industry since 1998. He has worked in all facets of mortgage origination, mortgage servicing, and management. Danny has worked for community, regional, and super regional banks as well as Capital Mortgage Services where he’s been for 5 years.
Capital Mortgage Services
• Linda Lewis
• Co-Founder and President – NMLS 151120
• Linda Lewis is the President and co-founder of Capital Mortgage Services and has over 40 years of professional experience.
• Prior to starting Capital Mortgage Services, Linda spent 20 years in Commercial Banking at a large branch banking operation in California. She graduated from Southwestern Graduate School of Banking at Southern Methodist University where she met the man who would become her partner in business and in life.
Capital Federal Credit Union
The Reason Why The CMB Program Can Exist
https://www.capitalfcu.org/
Capital Federal Credit Union
• Our Purpose:
• To satisfy the financial needs of our members. Unlike a bank, a credit union is "member-owned" and operated by all of the individuals that utilize our financial products and services
• Who We Are: • We want to be available to those who need help. Everyone has a unique need, and we want to be able to listen and understand those needs. • https://www.capitalfcu.org/
Capital Federal Credit Union
•Mike Hensley
•President/CEO- Personal NMLS #476937
•Michael Don Hensley is a distinguished leader in the financial services industry. He has been President and CEO of Capital Federal Credit Union since October 2021. With an impressive career spanning over four decades, Michael has become a respected figure in banking and financial services. He is known for his extensive experience, visionary leadership, and unwavering commitment to excellence.
• Throughout his career, Michael has held pivotal roles, including 27 years as either CEO, President, or Chairman of the Board. His leadership has guided institutions through complex regulatory environments and dynamic market conditions. A recognized expert in compliance, Michael taught a course on the subject at the Texas Tech Graduate School of Banking for six years and has been a frequent speaker at the Federal Reserve Banks of Dallas and Chicago, sharing his insights on compliance and leadership with industry peers.
•He served as chairman of the Texas Bankers Association (TBA) from 2002 to 2003 and held key positions within the TBA, including chairman of the Government Relations Council and Community Bankers Council..
•Michael has also served on the Board of Directors for the American Bankers Association (ABA) and was instrumental in creating and chairing the Grassroots Committee. This national initiative connected bankers with every Congressman and Senator across the United States. His efforts have strengthened the voice of the banking community at the highest levels of government.
Capital Federal Credit Union
• Eric L. Frazier MBA
• National Director of Business Development NMLS #461807
• Eric Lawrence Frazier MBA is the National Director and Founder of the CMB Program with Capital Federal Credit Union. He is a California Real Estate Broker & Consultant (DRE 01143484) for over 32 years, licensed HUD approved counselor, and a federally licensed Mortgage Banker (NMLS #461807) for the last 42 years. He is a graduate of the University of Redlands and has a master’s in business administration with an emphasis in Finance and a Bachelor of Science in Business Administration and Management.
• Mr. Frazier is also the founder, President and CEO of The Power Is Now Media Inc., a national multimedia education company founded in 2009. The Power Is Now Media Inc., publishes real estate magazines, and produces TV shows, Podcast, Webinars and online event. The Power Is Now TV is streaming on Apple TV, Android TV, Roku, Firestick, all smart TVs, and mobile devices and has a each of over 400 million viewers and listeners.
• Mr. Frazier is substantially involved in his community and has served on the board of directors of the Riverside Fair Housing Council of Riverside County, Inc. (FHCRC), a non-profit organization that fights to protect the housing rights of families and individuals for over 10 years. He has appointed by Gov. Schwarzenegger as Director of California African American Museum and serve two terms as President. He is currently board of directors of Project Tomorrow, a national education nonprofit organization, the board of directors of Black Achievers, LA Chapter, a member of the 100 Black Men of America, NAACP and numerous civic, community and real estate associations.
Capital Federal Credit Union
The Reason Why The CMB Program Can Exist
Capital Federal Credit Union Leadership Team
Mike Hensley, CEO
Eric L. Frazier MBA National Director of Business Development
Bill Cohen, National Sales Director
Teresa Grobecker, National Director of Growth and Strategy
Zach Johnson, Member Services & Data Solution Manager
Camisha Barton Etheredge National Sales Administrator East Coast
Carla Griffin, Loan Officer Associate
George Wade, Loan Officer Associate
Introduction
Concierge Mortgage Banker Program
The CMB Program
• Capital Mortgage Services leadership team is the benefactor of Capital Federal Credit Union. It is this collaboration and leadership that make CFCU an incredible opportunity for Real Estate and mortgage Professionals
• The Capital Federal Credit Union Concierge Mortgage Banking Partnership Program (CMB) is designed to:
• Create a unique, high-value partnerships with top-performing real estate agents, real estate firms and associations throughout the country.
• Establish a nationwide network of elite professional real estate agents to serve our clients and servicing portfolio under the CFCU Brand.
CMB Vision and Mission Statement
• Vision: To be recognized as the leading Credit Union in the U.S. for real estate loan origination, innovation, strategic partnerships with top real estate firms and for our VIP level of concierge customer service in the CMB program.
• Mission: To empower real estate agents and their clients by providing seamless, accessible, and competitive loan products through a dedicated team of seasoned lending professionals supported by great communication, technology, and a commitment to an Agent Centric Environment of high performance, perfect execution, extraordinary customer service and closing on time.
Concierge Mortgage Banker - CMB
• Concierge Level of service for you and your clients means:
• A VIP level of service of mortgage banking and credit union programs for the clients of real estate professionals.
• Complete access and transparency throughout the entire loan process for real estate professionals.
• A dedicated Loan Officer Assistant to take applications, price, package, process, fund and close every loan.
• Direct communication access to processors, underwriters, closers and funders throughout lending process.
• Earn 50 bps (basis points ) on every funded loan - As an employee of the CFCU.
• 1/2 of 1% of the loan amount 1% = 100 bps
• Federal License enables you to originate loans in 50 states without additional fees.
• Leverage the brand of CFCU to increase your brand in the community as a trusted advisor.
Business Opportunity for Real Estate Agents
Business Opportunity – Agents
• Capital Federal Credit Union and your Community:
• Capital Federal Credit Union is federally insured non-profit financial institution wants you instead of brick & mortar locations to represent their products, mortgage programs and services in your marketplace.
• CFCU Concierge Mortgage Banker (CMB) Program:
• By becoming a CMB you increase your value proposition to your clients and are able to better serve your clients in all 50 states.
• Mortgage NMLS Licensing Test Not Required:
• As an agents you start immediately as a CMB because no test is required. Set up an NMLS account, pass the federal background check and you are done.
• CFCU's federal exemption makes this possible.
• Federal License enables you to originate loans in 50 states without additional fees.
• Generate another income stream:
• Agents as CMBs will receive 50 bps on every funded loan.
Business Opportunity – Agents
• Real Estate Broker Commissions:
• Broker Owners, receive 10 basis points on their agents' total loan volume and 60 basis points on their production.
• Sales Manager Overrides:
• Sales Managers receive 10 bps overrides on their agents' total production volume and 75 bps on their production. Required to have100 agents on the team.
• Team Leader Overrides:
• Team Leaders receive 5 bps on their teams' production. Required to have recruited 50 qualified agents in their team. 65 bps on their production.
• Dedicated Loan Officer Associate:
• All agents will have a dedicated Loan Officer Associate who will handle all communication and status reports for your clients' loans from start to finish.
• This allows you to offer mortgage services without adding an additional workload.
• We want you to be an agent, not a loan officer.
• Utilize your dedicated loan officer assistant to manage your clients.
Business Opportunity – Agents
• Credit Union Membership:
• As a member of the Credit Union, you will have all the rights and privileges of a traditional loan officer, including:
• Inclusion on the Credit Union website
• Capital Federal Credit Union Email
• Mortgage website –To take online mortgage applications
• Access to the LOS system, pricing, credit just like any MLO
• Direct access to underwriting, processing, doc drawing, and funding and to management
The days of not knowing what is happening with your loan are over. You are in charge and in control
Business Opportunity – Agents
• Default Services Network:
• As a CFCU member and agent, you automatically become a Capital Mortgage Servicing Agent Network member for real estate default servicing professionals
• You will have opportunities to work with our servicing department on properties in your market area.
• Capital Mortgage Services has a $3.5 billion portfolio of loans nationwide, including REOs, short sales, BPOs, and other activities.
• Note: Opportunities are minimum at the present time. Delinquencies are low.
Business Opportunity – Agents
• Capital Federal Credit Union desires strategic partnerships with real estate agents, brokerages, franchises, and associations nationwide to offer their clients competitive loan origination services through CFCU and to receive compensation.
• In return, CFCU benefits by having a presence in the agents markets to originate mortgages and sell other CFCU financial services and products. The collaboration will include:
• Co-Branding Opportunities: Joint marketing efforts that highlight the partnership between CFCU and real estate professionals, large real estate organizations and national real estate associations.
• Streamlined Loan Processing: CFCU will provide a concierge loan processing experience, making it easier for agents to assist their clients and close transactions.
• Banking Services: Agents can offer: Auto Loans, Personal Loans, Debit Cards, Online banking services.
• Servicing opportunities: Qualified real estate professionals can assist the loan servicing department with REOs, Short Sales, BPOs, and other default services opportunities as they will occur and any lead generation that may come from the Credit Union in your market area.
Leadership Opportunities
Leadership Structure
The leadership structure to drive recruitment and performance:
1.Divisional Sales Managers (North, South, East, West): Report to National Director; Divisional Sales Director oversees all recruitment, and performance within their respective geographic division. They manage the Regional Managers within their division. Division managers will manager 4 regional managers.
2.Regional Managers (North, South, East, West): Report to Division Sales Directors. Regional Manager operates within a specific region of their division, managing the Area Managers. For example, within the "North" division, there could be Regional Managers for the Northeast, Northwest, etc. Regional managers can manager 10 to 15 Area Managers.
3.Area Managers (North, South, East, West): Report to Regional Managers. The Area Manager is responsible for overseeing Sales Managers within a specific area of a region in their division. This structure allows for granular management and supports the recruitment and performance goals at a more local level. Area manager can mange 10 to 15 District Managers
Leadership Structure
The leadership structure to drive recruitment and performance:
4. Sales Managers: Report to Area Managers and are responsible for recruiting and managing 100 or more real estate agents in their designated territory.
5. Concierge Mortgage Bankers (Team Leaders): Report to Sales Managers. These agents recruit and retain 25 agents at all times and operate within the territory managed by their Sales Manager and contribute to the overall loan origination and recruitment goals of the organization.
6. Concierge Mortgage Bankers (Real Estate Agents): Report to Sales Managers. These agents operate within the territory managed by their Sales Manager, contributing to the overall loan origination and recruitment goals of the organization.
Compensation Plan
Production estimates based on one loan per month and average loan amount of $500,000.
Compensation Plan 10/1
The leadership compensation to drive recruitment and performance:
1.National Director of Growth and Strategy: 5 bps Division production Volume.
3.Sales Managers: 15 pbs override in addition to 75 bps on personal production.
• Report to Area Managers and are responsible for recruiting and managing 100 or more real estate agents in their designated territory.
4.Team Leader: 10 bps override in addition to 60 bps on personal production.
• Report to Sales Managers. These agents operate within the territory managed by their Sales Manager, contributing to the overall loan origination and recruitment goals of the organization.
5.CMB Agent Real Estate Agents (CMB): 50 bps on personal production
• Report to Sales Managers. These agents operate within the territory managed by their Sales Manager, contributing to the overall loan origination and recruitment goals of the organization.
6.Real Estate Brokers (Affiliate Partners): 10 bps override in addition to 50 bps on personal production.
• Report to Sales Managers. These agents operate within the territory managed by their Sales Manager, contributing to the overall loan origination and recruitment goals of the organization.
7.Loan Officer Associates: Loan Assistance to the Real Estate Agents: 40 bps
• Report to the assigned Sales Manager
Compensation Plan 10/1
Future Leadership Opportunities
1.Divisional Sales Directors (North, South, East, West): 2 bps in addition to 75 bps on personal production.
• Report to National Sales Director; Divisional Sales Director oversees all operations, recruitment, and performance within their respective geographic division. They manage the Regional Managers within their division. Division managers will manager 4 regional managers.
2.Regional Managers (North, South, East, West): 3 pbs in addition to 75 bps on personal production.
• Report to Division Sales Directors. Regional Manager operates within a specific region of their division, managing the Area Managers. For example, within the "North" division, there could be Regional Managers for the Northeast, Northwest, etc. Regional managers can manager 10 to 15 Area Managers.
3.Area Managers (North, South, East, West): 5 bps to 75 bps on personal production.
• Report to Regional Managers. The Area Manager is responsible for overseeing District Managers within a specific area of a region in their division. This structure allows for granular management and supports the recruitment and performance goals at a more local level. Area manager can mange 10 to 15 Sales Managers
Sale Mangers Compensation
• Override 15 bps.
• One Agent Per Week: 1
• Average Loan Amount: $500,000
• 4 agents Volume: $2 Million
• Override Earnings: $3,000
• Total Annual Earnings: $36,000
• Personal Production 75 bps
• Loans Month: 1
• Average Loan Amount: $500,000
• Total Volume: $500,000
• Personal Earnings: $3,750
• Total Annual Earnings: $45,000
• Total Earnings: 81,000 a year
Sales Manager Business Building Goal
• Sales Manager Unit: 1 loan per month
• Average Loan Amount: $500,000
• Brokers Units: 1 Broker x 1 units: 1 Units
• Agents Units: 1 Loan per agent per broker.
• 10 Brokers x 10 agent units: 100 Funded Units
• Sales Team Production: $50,000,000
• 100 Funded Loan
• Sales Managers Earnings: $3,750 (75 bps) One Unit
• SM Annual Earnings: $45,000 (PP)
• Sale Managers Earnings: $50,000 (10 bps)
• Total Annual Override Earnings: $600,000
• Total Compensation: $645,000
• Sales Manager Unit: 1 loan per month
• Average Loan Amount: $500,000
• Brokers Units: 1 Broker x 1 units: 1 Units
• Agents Units: 3 deals per agent per broker.
• 10 Brokers x 10 agents: 300 Funded Units
• Sales Team Production: $150,000,000
• 100 Funded Loan
• Sales Managers Earnings: $3,750 (75 bps) One Unit
• SM Annual Earnings: $45,000 (PP)
• Sale Managers Earnings: $150,000 (10 bps)
• Total Annual Override Earnings: $1,800,000
• Total Compensation: 1,845,000
SM Production Assumptions – 80/20 Rule
• Average Loan Amount per Deal:
$500,000
• Number of MLO Agents: Total Agents: 100 Producing Agents (20%):
• 20 agents
• Loan Volume:
• Deals per Producing Agent per Month: 1Monthly
• Loan Volume:
20 agents×$500,000=$10,000 ,000
• Sales Manager Comp: 10 bps x 10,000,000=$10,000,000
• Annual Comp: $100,000
• Average Loan Amount per Deal: $500,000
• Number of MLO Agents: Total Agents: 100 Producing Agents (40%):
• 40 agents
• Loan Volume:
• Deals per Producing Agent per Month: 1Monthly
• Loan Volume:
40 agents×$500,000=$20,00 0,000
• Sales Manager Comp: 10 bps x 20,000,000=$20,000,000
• Annual Comp: 240,0000
• Average Loan Amount per Deal: $500,000
• Number of MLO Agents: Total Agents: 100 Producing Agents (70%):
• 70 agents
• Loan Volume:
• Deals per Producing Agent per Month: 1Monthly
• Loan Volume: 70 agents×$500,000=$35,00 0,000
• Sales Manager Comp: 10 bps x 35,000,000=$35,000,000
• Annual Comp: $420,000
SM Production Assumptions – One Agent One Loan Rule
• Average Loan Amount per Deal:
$500,000
• Number of MLO Agents: Total Agents: 100 Producing Agents (100%):
• 100 agents
• Loan Volume:
• Deals per Producing Agent per Month: 1Monthly
• Loan Volume:
• 100 agents×$500,000=$50M
• Sales Manager Comp: 15 bps x 50,000,000=$75,000,000
• Annual Comp: $900,000
• Average Loan Amount per Deal: $500,000
• Number of MLO Agents: Total Agents: 200 Producing Agents (100%):
• 200 agents
• Loan Volume:
• Deals per Producing Agent per Month: 1Monthly
• Loan Volume:
• 200 agents×$500,000=$100M
• Sales Manager Comp: 15 bps x 100,000,000=$150,000,000
• Annual Comp: 1.8 Million
• Average Loan Amount per Deal: $500,000
• Number of MLO Agents: Total Agents: 300 Producing Agents (100%):
• 300 agents
• Loan Volume:
• Deals per Producing Agent per Month: 1Monthly
• Loan Volume:
• 300 agents×$500,000=$150M
• Sales Manager Comp: 15 bps x 150,000,000=$225,000,000
• Annual Comp: $2.7 Million
Plan to Succeed – One Agent One Loan Rule
• Average Loan Amount per Deal:
• $500,000
• Number of MLO Agents:
• Total Agents: 300
• Producing Agents (100%):
• 300 agents
• Loan Volume:
• Deals per Producing Agent per
• Month: 1Monthly
• Loan Volume:
• 300 agents×$500,000= $150M
• Sales Manager Comp: 15 bps x
• 150,000,000=$225,000
• Annual Comp: $2.7 Million
• Average Loan Amount per Deal:
• $500,000
• Number of MLO Agents:
• Total Agents: 400
• Producing Agents (100%):
• 400 agents
• Loan Volume:
• Deals per Producing Agent per
• Month: 1Monthly
• Loan Volume:
• 400 agents×$500,000= $200 M
• Sales Manager Comp: 15 bps x
• 200,000,000=$300,000
• Annual Comp: $3.6 Million
•Average Loan Amount per Deal:
•$500,000
•Number of MLO Agents:
•Total Agents: 500
•Producing Agents (100%):
• 500 agents
•Loan Volume:
•Deals per Producing Agent per
•Month: 1Monthly
•Loan Volume:
•500 agents×$500,000= $250 M
•Sales Manager Comp: 15 bps x
•250,000,000=$375,000
•Annual Comp: $4.5 Million
The Top Ten Real Estate Franchises
Business Opportunity in United States
The Top Ten Real Estate Franchises
2. RE/MAX
Agent Count: Around 140,000
Agent Count: Over 100,000
Keller Williams
3. Coldwell Banker Real Estate
The Top Ten RE Franchises in United States
3. eXp Realty
4. Century 21 Real Estate
Agent Count: Over 80,000
5. Compass Real Estate
Agent Count: Over 30,000
The Top Ten RE Franchises in United States
The Top Ten RE Franchises in United States
Market Share Goal: 50,000 Agents
• The total number of agents across the top ten real estate franchises: 731,000.
• Our goal is to hire 50,000 agents by the end of 2025. This will give us a market of approximately 3.3% of total NAR’s agents (1.515 m) and a 6.84% market share of the Top Ten Real Estate Firms.
• Keep in mind we do not care what real estate firm our agents are working for. 50,000 agents in our network is equal to:
• #7 Berkshire Hathaway 50,000 agents at 6.84 Market Share
The Top Ten RE Franchises in United States
Market Share Goal: 100,000
• The total number of agents across the top ten real estate franchises: 731,000.
• Our stretch goal is hire100,000 agents by end of 2025. This will give a market share 6.6% of NAR’s agents (1.515 m) and approximately 13.68% of the top ten Real Estate Firms in the US.
• Keep in mind we do not care what real estate firm our agents are working for. So, 50,000 agents in our network is equal to:
• #3 Coldwell Banker 100,000 agents at 13.60% Market Share
Mortgage Market Banks & MortgageBanks
Mortgage Market
• As of 2024, the U.S. mortgage market is expected to generate approximately $1.9 trillion in mortgage originations, with further growth projected for the next year, reaching $2.3 trillion by 2025.
• The top 10 mortgage lenders in the U.S. are primarily a mix of large non-bank institutions and traditional banks.
Mortgage Market
• It is now the time for agents to own all the revenue associated with the clients they have worked hard to obtain over the years.
• The real estate agent is the procuring cause of both the real estate purchase and the mortgage required to closed and the subsequent refinance transaction.
• So why are real estate agent not getting paid? NO LICENSE.
Mortgage Market
• Our goal is to help agents whose income has been limited to their sales commission on a purchase transactions to take back the loan commission from non-banks and traditional banks.
• Real Estate agents are the primary reason why the mortgage industry exist.
• If everyone paid cash, there would be no need for Loan officers.
Total Mortgage Market
As of 2023, the U.S. mortgage market is dominated by the following top 10 lenders by loan volume:
1.United Wholesale Mortgage (UWM): $108.5 billion in loan volume, capturing around 24.3% of the wholesale mortgage market. UWM operates exclusively in the wholesale channel, working with mortgage brokers(UWM)(The Truth About Mortgage ).
2.Rocket Mortgage: $76.3 billion, holding the second spot in overall mortgage volume. Rocket offers both retail and wholesale mortgage services( The Truth About Mortgage). 5.03% Market Share
3.Chase: $38.4 billion in loan volume. Chase's position strengthened due to its acquisition of First Republic Bank(The Truth About Mortgage). 2.1% Market Share
4.Wells Fargo: $32.1 billion, with a significant reduction in mortgage activity as the bank scaled back its mortgage business(The Truth About Mortgage). 2.6% Market Share
5.CrossCountry Mortgage: $29.6 billion. CrossCountry saw a significant rise in 2023, entering the top five(The Truth About Mortgage). 1.4% Market Share
Total Mortgage Market
6. Bank of America: $28.5 billion. Despite scaling back in other areas, Bank of America remains a major player(The Truth About Mortgage). 2.1% Market Share
7. Fairway Independent Mortgage: $26.9 billion, continuing its presence as a key lender(The Truth About Mortgage). 1.6% Market Share
8. U.S. Bank: $25.7 billion (The Truth About Mortgage). 1.1% Market Share
9. DHI Mortgage: $21.7 billion. DHI Mortgage is tied to homebuilder D.R. Horton(The Truth About Mortgage). 1.0% Market Share
10.LoanDepot: $21.5 billion in loan volume, maintaining its position among the top lenders(The Truth About Mortgage)(UWM). 1.0% Market Share
The Mortgage Market Banks & Mortgage-Banks
• The total loan volume of the top 10 mortgage lenders in 2023 was $409.2 billion. This represents approximately 27.3% of the total U.S. mortgage market, which was valued at around $1.5 trillion.
Mortgage Market
• Our goal to achieve 1% of the Top 10 Lenders Volume in 2023. Estimated CFCU volume is 4 billion we would rank #5 among Credit Unions:
• #4 State Employees Credit Union: 4.25 Billion
• #3 Lake Michigan Credit Union: 4.63 Billion No commission of the volume was paid to real estate agents
• We will payout 1% or 40 million in commissions to real estate agents and brokers.
Mortgage Market
• Our stretch goal is to 10% or 40 billion which will be equal to
• #3 Chase 38.4 Billion
• #4 Wells Fargo: 32.1 Billion They are also not paying commission to real estate agents
• We will payout 1% or 400 million in commission to real estate agents and brokers.
3. Bank of America - $51.22 billion -17.02% Market Share
The Top 10 Credit Unions 2023
Top 10 Credit Unions 2023
1.Navy Federal Credit Union
1.Mortgage Origination: $18.50 billion
2.Market Share: ~28.7%
2.Pentagon Federal Credit Union (PenFed)
1.Mortgage Origination: $11.79 billion
2.Market Share: ~18.3%
3.Lake Michigan Credit Union
1.Mortgage Origination: $4.63 billion
2.Market Share: ~7.2%
4.State Employees’ Credit Union
1.Mortgage Origination: $4.25 billion
2.Market Share: ~6.6%
5.First Tech Federal Credit Union
1.Mortgage Origination: $3.17 billion
2.Market Share: ~4.9%
6. Idaho Central Credit Union
• Mortgage Origination: $2.89 billion
• Market Share: ~4.5%
7.SchoolsFirst Federal Credit Union
• Mortgage Origination: $2.83 billion
• Market Share: ~4.4%
8.BECU (Boeing Employees' Credit Union)
• Mortgage Origination: $2.76 billion
• Market Share: ~4.3%
9.Star One Credit Union
• Mortgage Origination: $2.50 billion
• Market Share: ~3.9%
10.OnPoint Community Credit Union
• Mortgage Origination: $2.27 billion
• Market Share: ~3.5%
Top 10 Credit Unions 2023
• The total volume for the top 10 credit unions in mortgage originations amounts to approximately $ $55.59 billion.
• Navy Federal and PenFed are leaders in the mortgage market, although they still trail behind the top national banks and mortgage lenders in terms of overall volume.
• Capital Federal can achieve 20 billion in production with the CMB program and take the number on spot among Credit Unions.
Top 10 Credit Unions 2023
• The total mortgage origination volume for the top 10 credit unions is approximately $55.59 billion.
• Here is how this volume compares to the overall market:
• The top 10 credit unions represent about 3.7% share of the total U.S. mortgage market, which is approximately $1.5 trillion.
Top 10 Credit Unions 2023
• The total mortgage origination volume for the top 10 credit unions is approximately $55.59 billion.
• The top 10 credit unions account for about 22.24% of the total mortgage volume done by all credit unions, which is estimated to be $250 billion.
• Impact on the Total U.S. Mortgage Market: While these top 10 credit unions are influential within the credit union sector, their share is only 16.67% of the entire 2023 U.S. mortgage market of 1.5 trillion
Top Real Estate Firms with Affiliate Lenders
CMB Program is a superior business model for real estate professionals
Top Real Estate Firms with Affiliate Lenders
• Top Real Estate Firms (By Loan Volume Through Affiliated Lenders)
• Real Estate Firms with Affiliated Lenders: Some major firms originate mortgages through affiliates. If we estimate top firms manage $10-$20 billion in affiliated loan origination, CMB’s volume would surpass most real estate firms’ in-house lending efforts.
• CMB Program Comparison: CMB could become one of the largest real estate-affiliated lenders, appealing directly to agents as part of the concierge model, surpassing even the largest real estate firm in-house lenders.
Top Real Estate Firms with Affiliate Lenders
• The top real estate firms with affiliated mortgage lending include:
• eXp Realty and Compass: Both maintain significant transaction sides and volume. In 2023, eXp completed over 355,000 transaction sides, while Compass led in sales volume with approximately $184 billion.
• HomeServices of America and Anywhere Advisors: These companies are also among the top four by transaction volume and sides.
• The Real Brokerage and The Agency: These rapidly growing firms have seen increases in transaction sides and volume, particularly through attractive compensation and low-fee structures.
Top Real Estate Firms with Affiliate Lenders
• Competitive Advantage for CMB
• Affiliated lenders at these firms typically have low participation rates among agents, primarily because agents receive little to no financial incentive unless they hold a mortgage license.
• The CMB model at CFCU would offer a compelling alternative by directly incentivizing agents to originate loans.
• This compensation structure will draw agents away from traditional affiliate lenders and integrate them into a more profitable, federally chartered structure that enhances their income opportunities.
Top Real Estate Firms with Affiliate Lenders
Strategic Positioning
1.Addressing Low Participation: By providing agents with compensation for loan origination, the CMB program targets an area where major firms' affiliates struggle. For instance, CMB’s structure allows licensed agents to earn on loans they bring to CFCU, an appealing incentive absent from most current affiliate models.
2.Enhanced Volume Potential: With an annual goal of $52.5 billion in funded volume, CMB would position CFCU within the same production range as top institutions like Navy Federal Credit Union (over $55 billion annually), giving CFCU a competitive edge in capturing real estate agent participation.
3.Targeting Production Volume: Compared to non-traditional models (like eXp and Compass), where compensation is not tied to loan origination, CMB’s structure offers both a significant income potential and more comprehensive support for agents transitioning to licensed mortgage operations.
Top Real Estate Firms with Affiliate Lenders
• This approach leverages CMB's compensation plan and concierge services to attract top-producing agents from firms with limited financial incentives for originating loans.
• By targeting this gap in the current market, CFCU can capture a notable share of loan production from agents traditionally aligned with these top real estate firms.
Top Real Estate Firms with Affiliate Lenders
• “Best Strategy Wins” Approach:
• Firms can retain their current affiliate relationships initially, while inviting agents to try the CMB program and compare both options.
• This competitive model encourages firms to let agents choose the better system, ultimately allowing CMB to win loyalty and increase transaction volume organically without requiring firms to make a sudden switch.
• As agents realize the financial and service benefits of CMB, firms can phase out affiliate lenders without risking disruptions to existing agent-client dynamics.
The Purchase Market
Purchase Market
• In 2024, the U.S. home purchase market is projected to be approximately 4.71 million total home sales. 13.5% rise over 2023’s volume.
• Of these, 89% of homebuyers purchase through a real estate agent or broker, indicating the dominance of the Multiple Listing Service (MLS) and real estate professionals in the market
• (National Association of REALTORS®)(HUNT Real Estate).
• For-sale-by-owner (FSBO) transactions, where sellers bypass using an agent, make up 10% of home sales
• (HUNT Real Estate).
Purchase Market
• National Association of Realtors (NAR): The NAR's 2023
Profile of Home Buyers and Sellers indicates that 80% of recent buyers financed their home purchase.
• Statista: Data from Statista on new home sales shows that in 2023, roughly 85% of new home sales involved some type of financing (conventional, FHA-insured, or VA-guaranteed mortgages).
• The vast majority of home buyers utilize financing to purchase their homes.
The Purchase Market
•The opportunity to achieve our goals is contingent on limiting our hires to experience agents who are active in the market.
• 2 years or less: 5 transaction sides
• 3-5 years: 8 transaction sides
• 6-10 years: 11 transaction sides
• 11-15 years: 12 transaction sides
• 16-20 years: 11 transaction sides
• 21 years or more: 10 transaction sides
• Source: 2023 Profile of Home Buyers and Sellers (National Association of REALTORS®)
The Purchase Market Plan
• Nationwide Reach: CFCU’s ability to originate loans in all 50 states positions the program to capitalize on the national real estate market.
• Target Agent: Active real estate agents who have been selling real estate for at least 10 years or longer with an established client base. New or part time agents that have clients now that need financing.
• Agent Program Eligibility: Full time or part agent with a transaction ready to submit for processing. It can be preapproval, real deal purchase or refinance transaction.
• Exceptions apply on to Broker owners, team leaders. All agents must have business to participate in the program.
• Active agents represent an opportunity to increase loan origination volume in purchase and refinance business creating mutually beneficial partnerships.
Leadership Opportunity
Everything Rises or Falls on Leadership
Leadership Opportunity
Leadership Opportunity
• A cornerstone of the program is the development of a strong leadership structure to drive recruitment and performance.
• CFCU will focus on hiring experienced Mortgage Loan Originators (MLOs) and Real Estate Broker/Agents who will serve as
• Team Sales Manager (TSM)
• Sales Managers (SM)
• Area Sales Managers (ASM)
• Regional Sales Managers (RSM)
• Division Sales Managers (DSM)
• National Sales Administrators (NSA).
• National Director of Growth and Strategy (NDGS)
Leadership Opportunity
• The operational structure of the program is designed to ensure efficient management and oversight across the country. The United States will be divided into four quadrants (North, South, East, and West), with each quadrant managed by a Divisional Sales Director.
• Within each quadrant:
• State Oversight: Division and Regional Managers will oversee specific states or clusters of states, ensuring that recruitment and performance goals are met.
• County Management: Regional and Area managers will be responsible for more localized Counties and territories within their region, focusing on supporting District Managers in achieving their targets.
• City Management: Area Managers will be responsible for cities within the RM’s counties focusing on supporting Sales Managers and agents in achieving their targets.
• Area managers will be responsible to divide up cities into territories for sales managers within their cities, ensuring we have coverage and market share in every city.
• Sales managers will recruit real estate agents and maintain teams of at least 100 agents with 100% of the agents producing in their assigned territories.
• Team Manager will recruit real estate agent and maintain teams of at least 25 agents with 100% of the agents' originating loans in their assigned territories.
The Benefits of Leadership for CFCU
• Regional Expertise: Managers at each level become experts in their respective territories, leading to better decision-making and more effective management.
• Scalability: This structure is scalable and can accommodate growth as the organization expands into new areas or adjusts existing territories.
• Efficiency: With clear geographic boundaries and responsibilities, managers can focus their efforts on specific areas, leading to more efficient operations and targeted growth strategies.
• Protection: Each manager is a business within Capital Federal Credit Union. To effectively manage market share and to be accountable for coverage and market share all mangers will have a protected territory assigned to them by their Area Manager or higher in the absence of an area manger.
Leadership Opportunity
• Operational Accountability: SM’s will communicate with LOAs to ensure that we are delivering the concierge level of service we promise and that transactions are closing on time.
• SM’s will communicate with NSA’s to help with recruiting follow up and onboarding.
• Agent Performance Accountability: SM’s will ensure that all agents meet their originations and funding targets of at least seven applications and one closing per month.
• No exception on production or engagement. Hire quickly. Fire even faster.
Leadership Opportunity
• Sales Managers Performance Accountability:
• Recruit 100 agents on the platform by 11/30/2024.
• Maintain 100 agents at all time on the roster by starting 12/1/2024.
• Team origination and funding Goal: 100% of the agent team meet their minimum originations and funding targets of at least 7 applications and one closing per month
• Agent origination and funding Goal: 100% of agent originate 6 applications and close 3 loans per month.
• Agent Individual Minimum Production Standard: Measured Quarterly: 6 applications and one closing.
• Company goal: 100% of the total agent's population to close one transaction per month.
The Business Opportunity
Rule #1 in Business.
Know your numbers and know who the players are
CFCU CMB Business Plan
Summary
• Forecast 4th Quarter 2024:
• Hire 25 Sales Managers who will recruit 2500 agents in 4th quarter during the 90-day ramp-up period.
• Originate 2500 applications (1 application per agents onboarding requirement)
• 1.25 Billion volume (500k average Loan Amount)
• Fund 500 loans (80/20 Rule)
• 250 Million volume
CFCU | CMB 2025 Business Plan Summary
• Forecast 1st Quarter 2025:
• Hire 100 Sales Managers who will recruit 10,000 agents in 1st quarter
• Originate 10,000 applications (1 application per agents onboarding requirement)
• 5 Billion volume
• Fund 2000 loans (80/20 Rule)
• 1 Billion volume
CMB Employment Conditions
Real Estate Agent Employment
• The following are conditions of employment to be Real Estate Agents in the CBM program:
• Real Estate Agents:
• 30 Probation period
• Must be an active full-time or part time real estate agent/broker
• You must have a preapproval or real deal client or refinance transaction now to start the program
• Broker/owners who bring their team are excluded from this requirement
• We will conduct quarterly performance reviews after the first 30-days of employment.
• Minimum production requirement – Every 90 Days:
• Originate 6 preapprovals or refinance applications per quarter
• Fund a minimum 1 loan per quarter
• Target Production Goal:
• 3 preapprovals or refinance application per month
• Fund 1 loans per month.
• Complete all bank compliance requirements and training when required
• Failure to meet these conditions may result in termination of employment
• Attend monthly Sales management meetings with their Sales manager and Quarterly meeting with the Senior Leadership.
Team Leaders Employment
• The following are conditions of employment Team Leaders in the CBM program:
• Real Estate Agents :
• 30 Probation period
• Active CMB Agents only
• Must have recruited 50 active agents on their team.
• Management will conduct quarterly performance reviews.
• All Team Leaders must hire and maintain an active agent count of 50 at all times.
• We will conduct quarterly performance reviews after the first 30-days of employment.
• Minimum production requirement – Every 90 Days.
• Personally originate 6 preapprovals or refinance applications per quarter
• Fund a minimum 1 loan per quarter
• Team minimum: Originate 175 preapprovals or refinance application per quarter
• Fund a minimum of 25 loans per quarter
• Complete all bank compliance requirements and training when required
• Failure to meet these conditions may result in termination of employment
• Attend monthly Sales management meetings with their Sales manager and Quarterly meeting with the Senior Leadership.
Sales Managers Employment Conditions
• The following are additional conditions of employment to be added to our existing MLO contracts for Sales Managers in the CBM program:
• Team Leaders:
• 30-day Probation period
• Active CMB Team Leaders
• Must have 100 active agents on their team.
• Management will conduct quarterly performance reviews.
• All Sales Managers must hire and maintain an active agent count of 100 at all times.
• Minimum production requirement:
• Personally originate 6 preapprovals or refinance applications per quarter
• Fund a minimum 1 loan per quarter
• Team minimum: Originate 600 preapprovals or refinance application per quarter
• Fund a minimum of 100 loans per quarter
• Complete all bank compliance requirements and training when required
• Failure to meet these conditions may result in termination of employment
• Attend monthly Sales management meetings with their Sales manager and Quarterly meeting with the Senior Leadership.
Area Sales Managers Employment
• The following are additional conditions of employment to be added to our existing MLO contracts for Sales Managers in the CBM program:
• Sales managers:
• 30 Probation period
• Active Sales Manager only
• Must have 10 Sales Managers on your team.
• Management will conduct quarterly performance reviews.
• All Area Sales Managers must hire and maintain 10 an active sales managers at all times.
• Minimum production requirement:
• No Personal Production Requirements
• Team Size: 10 Sales Managers
• Team Production minimum: Per company minimum production requirement.
• Complete all bank compliance requirements and training when required
• Failure to meet these conditions may result in termination of employment
• Attend monthly Sales management meetings with their Sales manager and Quarterly meeting with the Senior Leadership.
Regional Sales Managers Employment
• The following are additional conditions of employment to be added to our existing MLO contracts for Sales Managers in the CBM program:
• Area Managers:
• 30 Probation period
• Active CMB Area Sales Managers
• 10 Area Managers on their team.
• Management will conduct quarterly performance reviews.
• All Regional Sales Managers must hire and maintain 10 active Area sales manager at all times.
• All Area Sales Managers must hire and maintain 10 an active sales managers at all times.
• Team Size: 10,000 agents and managers
• Minimum production requirement – Every 90 Days:
• No Personal Production Requirements
• Team Production minimum: Per company minimum production requirement.
• Complete all bank compliance requirements and training when required
• Failure to meet these conditions may result in termination of employment
• Attend monthly Sales management meetings with their Sales manager and Quarterly meeting with the Senior Leadership.
Division Sales Managers Employment
• The following are additional conditions of employment to be added to our existing MLO contracts for Sales Managers in the CBM program:
• Area Managers:
• 30 Probation period
• Active CMB Regional Sales Managers
• 10 Area Managers on their team.
• Management will conduct quarterly performance reviews.
• All Division Sales Managers must hire and maintain 10 Regional Area sales manager at all times.
• All Regional Sales Managers must hire and maintain 10 an active Area managers at all times.
• Team Size: 100,000 agents and managers
• Minimum production requirement – Every 90 Days.
• No Personal Production Requirements
• Team Production minimum: Per company minimum production requirement.
• Complete all bank compliance requirements and training when required
• Failure to meet these conditions may result in termination of employment
• Attend monthly Sales management meetings with their Sales manager and Quarterly meeting with the Senior Leadership.
Business Plan
Senior Management Recruitment
Strategy
• To achieve significant growth in loan origination, the National Director of Business Development (NDSBD) will implement an aggressive recruitment strategy aimed at attracting and onboarding a mimimum15 seasoned Real Estate/Mortgage professionals in October with a stretch goal of 50 who will serve as Sales mangers. Sales Managers will be tasked with recruiting a minimum total of 1500 real estate agents on the platform by the end of the 4th quarter of 2024.
The strategy focuses on:
• Targeted Outreach: Engaging with top-performing real estate agents, broker owners, and franchises through industry events, online marketing, and direct recruitment efforts.
• Incentive Programs: Offering our competitive compensation package, close on time guarantee and customized marketing support.
• Onboarding and Training: Providing support to new agents and sales managers to ensure they are equipped with the knowledge and tools necessary to succeed within the CFCU framework.
• Performance Monitoring: Continuously tracking agent productivity, with an expectation that 100% of their team members (100 agents) will actively produce loans every month. The pareto principal.
CFCU Partnership Plan
• Capital Federal Credit Union desires a strategic partnerships with real estate agents, brokerages, franchises, and associations nationwide. These partnerships are mutually beneficial, enabling real estate professionals to offer their clients competitive loan origination services through CFCU and receive compensation. In return, CFCU benefits by having a presence in the markets these professionals to originate mortgages and sell other CFCU financial services and products.
The collaboration will include:
• Co-Branding Opportunities: Joint marketing efforts that highlight the partnership between CFCU and real estate professionals, large real estate organizations and national real estate associations.
• Streamlined Loan Processing: CFCU will provide a dedicated and concierge loan processing experience, making it easier for agents to assist their clients and close transactions.
• Compensation: Agents and Sales managers will receive 50 to 75 basis point commissions, for assisting their clients and successfully closing loans.
• Servicing opportunities: CFCU will work with qualified real estate professionals that can assist the loan servicing department with REOs, Short Sales, BPOs, and other default services opportunities as they will occur. In additional, any lead generation that may come from the Credit Union.
Business Plan Goal Summary
• Objective: Establish a national loan origination program for real estate that focuses recruiting agents from the top 10 Real Estate Franchises in the country.
• Leadership: Recruit a leadership team of experience Agents/Brokers to act as Sales Managers who will recruit and manage 100 or more agents in every city and county across the united states. These leaders are the foundation of the program and are consummate real estate professionals with track record of success.
Sales Manager Business Plan Goals
• Recruit 100 agents by 11/30/2024
• Failure to do so will make you ineligible to be a Sales managers and will be demoted to a Team Leader until you are able to achieve the goal.
• If you able to achieve at least 75 agents, (75% of the goal) you will be granted a 30 - day extension to achieve the Sales Manger goal by 12/31.
• Build a pipeline of 100 loans.
• To build your pipeline every agent you recruit must have business they can submit immediately. It can be a refinanced from a past clients or purchase preapproval or real deal.
• Agents with no business to submit are ineligible for employment. Once they have business to submit, they can join the program.
• All agents must be active. Having business to submit now is the only way to verify they are active.
Sales Manager Business Plan Goals
• Submit your list of target Brokers and Team Leaders you are recruiting.
• New Sales Managers have 60 days to recruit 10 brokers/owners or Team Leaders or 100 agents.
• Sales Managers must recruit and retain 10 broker/owners or 100 active agents who meet minimum production requirements every quarter to retain their positions
• New Team Managers have 60 days to recruit 5 broker/owners or 50 active agents to retain their position.
• Team Managers must recruit and retain 5 broker owners or 50 active agents who meet minimum production requirements every quarter to retain their positions
Sales Manager Business Plan Goals
• Start Originating Loans personally – lead by example
• Every agent has a minimum production goal and Standard production goal. 6 application and 1 funding is the minimum per quarter.
• Production Expectation is: 9 application and 3 funding per month.
• Setup group meetings with Brokers and Team Leaders via Zoom for presentations
• We are available to assist in presenting the CMB program to any real estate group in a Zoom meeting. 48 hours notice is all that is required.
Sales Manager Business Plan Goal
• Attend weekly Non-mandatory: Sales Manager Meeting for admin and production support at 12:00 PM PST on Zoom. This meeting is not mandatory.
• The objective of this meeting is providing support, answer questions, or meet with any special clients.
• Attend Monthly Sales Manager: Meeting for reporting, recruiting and production updates, CMB program information, new loan products roll out and other business to support your efforts. This meeting is mandatory.
• Attending Monthly Information Session for recruiting new broker/agents at
• Two recruiting meetings:
• West Coast: 12:00 PM PST | 9:00 AM EST
• East Coast: 12:00 PM EST | 9:00 AM PST
• Your goal should be to send zoom invitation to 100 brokers and agents a week to attend the weekly information session.
• Pull the data from your local board of realtors and the buyer or listing agents from your past closing. Also sign up for eCampaing.pro and obtain all the agents in your market area and send them the CMB Program flyer with details about the information session.
• CMB Webinar: The flyer for registration will be available on 11/8. You will not have to wait for a live recruiting event. The webinar contains the complete presentation about the business opportunity for brokers and agents and goes into detail of the role of all the team members.
Sales Manager Business Plan Goal
• Work with your Sales Administrator for recruiting support.
• Your sales administrator will help you track and follow on all your possible recruits.
• Work with Loan Officer Associate for Loan support
• Your LOA will take on your client from start to finish. Let them do their job and the transaction like it was their own.
• Focus
on growing the team and the rest will take care of itself.
Business Plan Summary
Recruitment Strategy 4th
Quarter
CFCU Business Plan 4th Quarter
• 4th Quarter 2024 | 1st Quarter 2024 Forecast:
• Starting 10/1 and by 11/30. Hire 25 Sales Managers
• Sales Managers achieve their recruiting goal by 12/31/2024
• Goal: 2500 agents on board by the end of the 4th quarter.
• Stretch Goal: 5000 agents on board by the end of the 4th quarter.
• 500 agents: (20% of the Total Agent Team of 2,500)
• 1500 applications: Each agent originating 3 applications
• 300 funded Units: 20% of the agents funding 1 loan in January of 2025.
• Application Volume: 750 Million in loan volume in January of 2025
• Funded Volume: 150 million in Funded Loan Volume in January of 2025.
• 10 bps in commissions paid to Broker/Owners: $150,000
• 50 bps in commissions paid to Real Estate Agents: $750,000
• 10 bps in commissions paid to Team Sales managers: $225,000
• 15 bps in commissions paid to Sales Managers: $225,000
Sales Managers Business Plan Goal
• Ramp-Up Recruitment Plan: Starting 1/1/2025
• Sales Managers Recruitment goals: Acquire a minimum of 100 agents in the fourth quarter of 2024 then continue to recruit 25+ per month.
• Plan to recruit 300 to 500 agents in 2025
• Plan that 20% of your total agent team is expected to originate and closed one loans every month.
• Sales Managers must maintain100 active agents on their sale team and continually upgrade the team until they have 100 productive agents originating and closing loans every month.
• Only hire agents who can bring production now or within 72 hours.
• Agents without production will not be approved.
• You are running a business. CFCU cost per agent is approximately $1000 per month.
Sales Manager Recruitment Strategy
• Key Targets and unit potential:
• Professional Real Estate Associations: Collaborate with national and regional professional real estate associations to promote the program and recruit 10,000 agents or more.
• Real Estate Franchises: Engage with local real estate brokers who own a Top 10 Real Estate Franchise with 200 agents or more
• Large Independent Brokerages and Teams: Focus on small independent brokerages and teams with 10 to 100 agents.
• Top Real Estate Teams and Agents: Individual agents closing 1 or more closings a month on either side. Sellers are buyers.
• DO NOT HIRE NON-PRODUCTIVE AGENTS.
Sales Manager Recruitment Strategy 4th Quarter
• SM Recruitment Plan 4th Quarter Blitz
• Recruiting Goal: 100 agents | 100 Active Agents
• Average Loan Amount: $500,000
• Goal Start Date: 10/1 End date 11/30
• Production Forecast - N/A = 80/20 Rule Application
• Production Focus: Only Recruit agent who have a client now that needs financing. 100% production per agent.
• Agent Preapproval to Loan Conversion Ratio: 80%.
• Agent Closing ratio: 80% of all real deals close in 30 days.
Sales Manager Bonus Time 4th Quarter
• SM Recruitment Plan 4th Quarter Blitz
• Bonus Compensation:
• Sales Managers who achieve the recruiting goal of 100 between 10/1 and 11/30
• 15 bps (5%bps more): on all funded loans in December and January.
• The increase in basis points only applies to qualifies for fundings between 12/1 and 1/30.
• Sales Manager who hire an addition agent of 100 agent or more by between 12/1 to 12/31
• 25 bps (10%bps more): on all funded loans in February and March.
• The increase in basis points only applies to fundings between 2/1 and 3/31.
Disclaimers
Program Start Date and Changes
• The Concierge Mortgage Banker (CMB) program is set to begin on October 1, 2024. However, all information provided in this presentation is subject to change, including the program start date, commission structures, job positions, and organizational structures.
Commission Structures
• The commission rates and structures mentioned in this presentation are for informational purposes only and may be adjusted at the discretion of management.
• Final commission agreements will be outlined in the employment contract and may vary based on terms set at the time of employment.
Management Authority
• Capital Federal Credit Union (CFCU) management reserves the right to modify job positions, organizational structures, territories, and compensation plans without prior consent, subject to the conditions outlined in the employment contracts and commission agreements.
Employment Terms
• Upon being hired, each employee will receive a detailed employment agreement specifying the exact position, commission structure, and relevant time frames.
• These terms will govern the conditions of employment and supersede any information presented here.
Territory and Organizational Structure
• The territories and organizational structures mentioned in this presentation are subject to change at any time, based on CFCU’s strategic needs and market conditions.
Binding Agreement
• No verbal or informal agreements made during the recruitment process are binding.
• The official terms of employment, including commission structures, will be provided in writing in the employment agreement.
Rules of Engagement
Employment Status
• By joining the Concierge Mortgage Banker (CMB) program, you will become an employee of Capital Federal Credit Union (CFCU).
• This is not an independent contractor role. You will operate within a structured banking environment with compliance regulations, minimum production standards, and required training.
No Base Salary
• This position is commission-based.
• There is no base salary or hourly wage. Your compensation will be based solely on the loans you originate, and the commission structure outlined in your employment agreement.
Compliance Requirements
• As a CMB, you must complete all required compliance training as mandated by CFCU. Failure to comply with these regulations may result in termination.
Marketing Materials and Social Media Usage
• All marketing materials, advertisements, or promotional materials using the Capital Federal Credit Union brand must be pre-approved by management.
• This includes all social media promotions, posts, or advertisements. You agree to submit all materials for approval before distribution. Any unauthorized use of marketing materials or social media related to Capital Federal Credit Union will be subject to disciplinary action, up to and including termination.
Production Standards
• All employees are subject to minimum production standards.
• You must originate 6 applications and close 1 transaction every quarter to remain eligible for participation in the CMB program.
• CFCU Production Goals for every CMB Agent: 9 application and 3 close transaction per quarter.
• Application and funded transaction can be purchase or refinance loans.
• No exceptions will be made to production requirements.
• The CMB program is for active full time and part time real estate professionals. An active agent is an agent with a transition ready to submit to the bank immediately or within a few days or weeks.
• Failure to meet minimum production standards may result in termination.
Probationary Period
• New hires will undergo a 30-day probationary period.
• During this time, your production, compliance, and engagement in the CMB program will be closely monitored.
• Failure to submitted a preapproval, real deal purchase or refinance loan in the program within the first 30 days will result in termination. No exceptions.
• Failure to meet the minimum production requirements of 6 application and funded loan per quarter will result in termination. No exceptions.
Mandatory Meetings and Training
• You are required to attend Monthly sales meetings, compliance training sessions, and performance reviews as scheduled by CFCU.
• Participation is mandatory to ensure you remain up to date with program changes and compliance regulations.
• Sales managers are required to conduct monthly meeting with their team for recognition, goal setting and to share any program or guideline changes within CFCU or CMB program.
NMLS and Federal Employment
• As an employee of Capital Federal Credit Union (CFCU), you are exempt from the requirement to pass a state NMLS exam due to our federal licensing status. You may originate loans under this exemption only while employed by CFCU.
Loan Origination Restrictions Upon
Termination or Resignation
• You acknowledge that, upon termination or resignation from Capital Federal Credit Union, you will no longer have the ability to originate loans unless you are employed by another federally licensed institution.
• If you wish to continue originating loans outside of federal employment, you must pass the NMLS state licensing exam and be employed by a state-licensed institution.
Prohibition on Loan Origination After Termination
• Upon termination or resignation, you are prohibited from representing or originating loans on behalf of Capital Federal Credit Union.
• Any attempt to originate loans, process applications, or represent CFCU in any capacity will be considered a violation of this agreement and may result in legal action.
Non-Disparagement Clause
• Upon termination or resignation, you agree not to make any false, negative, or disparaging statements about Capital Federal Credit Union, its employees, or its business practices.
• Any violation of this non-disparagement clause will result in legal action.
Good Standing Requirement
• You acknowledge that your ability to originate loans under CFCU is contingent upon maintaining good standing within the organization, complying with all training, compliance, and production requirements.
• Any termination or loss of employment will immediately revoke your loan origination privileges under CFCU.
Termination Policy
• Capital Federal Credit Union (CFCU) operates under atwill employment as permitted by Texas law. This means that either CFCU or the employee may terminate the employment relationship at any time, with or without cause, and with or without notice.
• While CFCU may terminate employment for failure to meet production standards, compliance regulations, or mandatory training, CFCU also reserves the right to terminate employment if the employee is deemed not a fit for the organization or for any other lawful reason.
Acknowledgment
• By accepting this role, you acknowledge and agree to the terms of employment outlined in this presentation and in your employment contract.
Concierge Mortgage Banking Partnership Program
Eric Lawrence Frazier, MBA
National Director of Business Development
• FHA Purchase & Refinance Loans
• FHA Construction & Renovation Loans
• USDA Rural Development Loans
• USDA Construction Loans
• FNMA Programs
• RefiNow From Fannie Mae
• 10-, 15-, 20-, and 30-Year Fixed Rate Purchase or Refinance
• FHLMC Programs
• CHOICE Renovation Mortgages From Freddie Mac
• Single Close Construction Loans
• Veterans Administration (VA) Loans
•Non-QM
•Debt Service Coverage Ratio (DSCR) Loans
•Fix & Flip Loans
•Bank Statement Loans
•Non-QM (Portfolio Jumbo and Conforming Programs
•Bank Statements
•Asset Depletion
•DSCR
•1 Year tax returns
•Business Purpose
•Interest Only
•No max cash-out
•Greater than $4 Million
•LLC or Trust are OK
•Cross Collateral is OK
•Lite Doc Non-QM
•Foreign Nationals OK
•Bridge Loans
•Individual Tax Identification Number Loans (ITIN)
•Cap Express Loans - Limited Income Documentation Loans
• Conventional Jumbo Purchase or Refinance
• Mortgage Program Highlights Jumbo Loans:
• Loan Amounts up to $3 Million
• Approval with a FICO score as low as 660
• 90 LTV up to $1 million with at least a 700 FICO score
• 1-4 Family Home, PUD, Condo & Co-Op
• 30 Year Fixed & ARM available
• Available for Primary Homes, Vacation Homes, Investment Propertie s & More.
• Single Family Homes, Condominiums and 2-Unit homes are all eligibl e for financing. If you are financing a 2-unit home the borrower must occupy one of the units
How to Get Started
Real Estate Agent Employment
• The following are conditions of employment to be Real Estate Agents in the CBM program:
• Real Estate Agents:
• 30 Probation period
• Must be an active full-time or part time real estate agent/broker
• You must have a preapproval or real deal client or refinance transaction now to start the program
• Broker/owners who bring their team are excluded from this requirement
• We will conduct quarterly performance reviews after the first 30-days of employment.
• Minimum production requirement – Every 90 Days:
• Originate 6 preapprovals or refinance applications per quarter
• Fund a minimum 1 loan per quarter
• Target Production Goal:
• 3 preapprovals or refinance application per month
• Fund 1 loans per month.
• Complete all bank compliance requirements and training when required
• Failure to meet these conditions may result in termination of employment
• Attend monthly Sales management meetings with their Sales manager and Quarterly meeting with the Senior Leadership.
Team Leaders Employment
• The following are conditions of employment Team Leaders in the CBM program:
• Real Estate Agents :
• 30 Probation period
• Active CMB Agents only
• Must have recruited 50 active agents on their team.
• Management will conduct quarterly performance reviews.
• All Team Leaders must hire and maintain an active agent count of 50 at all times.
• We will conduct quarterly performance reviews after the first 30-days of employment.
• Minimum production requirement – Every 90 Days.
• Personally originate 6 preapprovals or refinance applications per quarter
• Fund a minimum 1 loan per quarter
• Team minimum: Originate 175 preapprovals or refinance application per quarter
• Fund a minimum of 25 loans per quarter
• Complete all bank compliance requirements and training when required
• Failure to meet these conditions may result in termination of employment
• Attend monthly Sales management meetings with their Sales manager and Quarterly meeting with the Senior Leadership.
• Zach Johnson, Membership Services and Data Solutions, Office: 800- 642-4400 Email: zjohnson@capitalfcu.org
• For Operations and Program Support:
• Bill Cohen, National Sales Director, Cell: 806-777-5576 Email: bcohen@capitalfcu.org
• For Marketing Materials and Strategy Support:
• Teresa Gobrecker, National Director of Growth and Operations, Cell: tgrobecker@capitalfcu.org
How to Get started
•Obtain an individual license first with the NMLS.
•When applying, please note that you will work for a Federal depository, not a State depository.
•You will be an employee and not an independent contractor.
•NMLS and CFCU order background checks. Here is the link to get started with the NMLS.
•As soon as the NMLS application is completed and the background check is ordered, please complete the employment application:
•A one-time setup fee of $150.00
•A monthly membership fee of $75.00 for training, administrative support.
•The fee can be paid quarterly at $202.75 per quarter or $725 per year.
•This is a commission only business opportunity. There is no salary or draw.
•You are responsible for 100% of all marketing expenses to originate loans.
•Your production goal is 1 closing and 3 preapproved or refinance applications per month.
•We will want you contact your past customers and your sphere of influence to let them know you are now able to originate loans. You will work very closely with your LOA.
•The minimum production requirement to stay in the program is 1 funded loan per quarter and 3 preapproved application or refinance application per quarter.
•Failure to achieve the minimum production standard will result in termination from the program.
Submit Loans Now
• Capital Federal Credit Union will provide a dedicated Loan Officer Associate (LOA) for loan discussions with your client, packaging, program setup, pricing, and expertise on all loan products.
• So, you can start referring your clients now. Your licensing will only take a few days. The sooner you get deals in the pipeline the sooner you will get paid.
