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Experience
To qualify as a mentor, a loan officer must have a minimum of 2 years of
experience and close 3 loans with Loan Factory.
Mentorship Policy at
At Loan Factory, we are committed to fostering a supportive environment where every loan
officer can thrive. Our mentorship program pairs new loan officers with experienced
professionals to ensure they gain the skills and confidence needed for success.
Mentor Requirements
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Availability
Mentee Requirements
1
Commission Sharing
Inexperienced loan officers will be paid 80% of the loan commission on the
first 3 transactions. However, if working with a mentor (or a team leader),
the commission will be raised to 100% (before paying the flat fee, the
processing fee, and the override to the mentor (or a team leader). The
mentee must agree to pay the commission override to the mentor.
2
Commission Paying
When the mentee has a transaction, the Mentor will be set as the Additional
LO automatically (unless the mentor does not have a license in the property
state) and eligible to earn the commission override. When a mentee requests
a commission for a closed loan, the commission override will be deducted
from the commission and paid to the mentor. Both mentee and mentor will be
paid at the same time.
Example: a mentee agrees to pay the mentor 30% of the loan’s commission. If the commission is $4000 (after the flat admin fee and processing fee), the mentor earns $1200, and the mentee earns $2800.
Example: a mentee agrees to pay the mentor 30% of the loan’s commission. If the commission is $4000 (after the flat admin fee and processing fee), the mentor earns $1200, and the mentee earns $2800.
3
Commitment
The mentee is free to cancel the mentorship and work with another mentor
until 3 transactions are closed.
4
Training Academy
Complete all the required classes at the academy www.academy.loanfactory.com
Important Reminder
Licensing
Mentors and mentees do not have to be licensed in the same state(s) for commission split.
However, if the mentor does not have a license, the mentor cannot earn more than 50% of the loan’s commission
Difference of Team vs. Mentorship
Teams offer a more stable environment for working together in the long term.
Guidelines for mentor
Setting Goals
- Collaboratively set clear, achievable goals for the mentorship period.
- Identify areas for improvement and development.
Performance and Accountability
- Offer practical advice on loan processing, customer interactions, and compliance.
- Share best practices and personal experiences.
- Help the mentee develop problem-solving and decision-making skills.
Professional Development
- Schedule regular meetings (weekly or bi-weekly) to discuss progress.
- Recommended to hold office hours. You should go LIVE on our marketplace daily
Feedback and Improvement
- At the end of the mentorship period, provide a comprehensive evaluation with the mentee's strengths and areas for further improvement.
