Element Business Development

Business Development

SEPTEMBER 2023

Your guide to working with Element HL’s Family of Lenders

Why Element Home Loans?

The Element Family of Lenders strives to collaborate with business partners and build a strong sense of community. We foster relationships that provide exceptional customer service and provide the best lending experience for consumers.

Element has been in the business of helping homeowners for over 14 years! We are federally approved with FHA, Fannie, Freddie, Ginnie, VA, and USDA. As a leading lender in this illustrious industry, we are always finding ways to collaborate with brokers and agents that can easily connect our worlds!

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WHAT’S NEW

TAKE A LOOK INSIDE See how EHL’s Business Development program works

2022 FHA LETTER Released in Dec 2022, the FHA relaxed rules on dual compensation

ARE YOU READY TO JOIN? The next steps in how to join Element HL as a Business Development Associate

Take a look inside How the program works

2022 FHA Letter Released December 15, 2022

When you join Element as a Business Development Associate, you will be compensated on the loan transaction once it closes and funds. If you are also the Realtor on the transaction, you will need to provide the consumer with a dual compensation disclosure.

Leads are sent over to your partnering Branch Manager or Loan Originator through your secure Element email. They will then set the loan up in the Encompass and specific disclosures are generated to notify the consumer of the relationship between Element HL and your brokerage.

A successful Business Development Associate will establish relationships with accountants, financial planners, realtors, and other business that may have prospective consumers. We strongly encourage networking events with your partnering LO. Lunch and Learns, Happy Hours, etc. are great ways to introduce consumers and referral partners to Element Home Loans!

FHA released an updated letter in December of 2022 stating that “participants that do not have a direct impact on the mortgage approval decision may have multiple roles and/or sources of compensation for services actually performed and permitted by HUD, provided that the FHA-insured transaction complies with all applicable, federal, state and local laws, rules and requirements.”

FHA also states in the letter that the only roles that are excluded from the dual compensation rule are decision making roles such as an underwriter, appraiser, inspector, and engineer.

Upon extensive research and collaboration with lender partners and outside counsel, Element HL has developed a program that complies with the new Element HL and other regulatory guidelines while increasing its business relationships.

Are you ready to join?

Let your partnering MLO know that you are ready to join Element Home Loans as a Business Development Associate! The NFM Onboarding team will reach out to you to have you complete an application and background check. This is a part-time, outside sales position, which pays commission only and does not include benefits.

As a member of our exceptional team, NFM holds all employees to the highest standards and are expected to follow all RESPA and compliance guidelines. Annual training is required to be completed.

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