FAQ Agenda
• Introduction to the FAQ
• Overview of the CMB program
• Key Features and Benefits
• Your Path as a CMB
• Program Overview
• Enrollment and Requirements
• Licensing and Dual Registration
• Roles and Responsibilities
• Compensation and Earnings
• Production Standards and Compli ance
• Member Benefits and Client Servic es
• Marketing and Support
• Unique Program Features
• Operational and Transactional Det ails
• Miscellaneous
• How to get started.
• Submit A Loan Today.
FAQ Introduction
• Welcome to the Capital Federal Credit Union (CFCU) Concierge Mortgage Banker (CMB) Program!
• This FAQ document outlines all you need to know about enrolling in the CMB Program, understanding your roles, meeting compliance standards, maximizing your earnings, and accessing the extensive resources that CFCU provides.
• This unique program is designed specifically for real estate agents looking to broaden their role by incorporating mortgage origination into their services, transforming them into trusted financial advisors for their clients. By joining the CMB program, agents can offer a full suite of financial products, establish deeper client relationships, and generate additional income—all without the traditional requirements of state licensing exams.
Overview of the CMB Program
• The CMB Program by CFCU provides real estate professionals with an innovative pathway to become dual-functioning agents, allowing them to act as both real estate agents and mortgage loan originators.
• Through this concierge-level program, CMBs gain access to a range of benefits and services that streamline the mortgage process, enhance client service, and strengthen professional credibility.
• CFCU is a Federal Institution therefore CMBs are able to originate loans across all 50 states without undergoing the state-specific licensing exams. This is a significant advantage over mortgage banks and brokers and eliminates the barriers to compensating real estate agents who are the procuring cause of the loan.
Key Features and Benefits
• Seamless Onboarding and Federal Registration: Unlike state-licensed mortgage originators, CMBs registered under CFCU are federally licensed, which removes the need for state exams and allows for rapid setup. Agents are licensed in 5 to 7 days.
• VIP, Concierge-Level Service: Agents and clients benefit from CFCU’s dedicated Loan Officer Associates (LOAs), who manage the initial consultation, pricing, packaging and backend loan processing, enabling agents to focus on relationship building and customer satisfaction.
• Nationwide Loan Origination: Federal licensing provides flexibility to originate loans anywhere in the U.S., allowing CMBs to support clients relocating across states.
• Comprehensive Financial Offerings: Beyond mortgages, CMBs can offer clients a variety of financial products, including home equity lines, personal loans, auto loans, and banking services, positioning themselves as complete financial resources.
• High-Level Support and Co-Branding Opportunities: CFCU’s reputation and support in marketing and co-branding with real estate as CMBs enables them leverage our brand as representative of the Capital Federal Credit Union in their community.
• Income from Mortgage Origination: As employees, real estate agents earn 50 basis points per funded loan and their brokers earns 10 basis points on ever agents funded loan. We want the brokers participation and support.
Your Path as a CMB
• Becoming a Concierge Mortgage Banker with CFCU enables agents to elevate their professional status, add a valuable income stream, and solidify long-term client relationships.
• The CMB program’s strategic structure and streamlined loan processes not only provide financial advantages but also empower agents to offer a holistic financial service to clients, encompassing everything from property purchases to financial planning support.
• With CFCU, your role as an agent goes beyond the transaction— it's about building lasting client relationships and offering a comprehensive service experience that truly sets you apart.
Program Overview
• What is the CMB Program at CFCU?
• The CMB Program is designed to empower real estate agents and brokers to offer mortgage origination services through CFCU, enabling them to earn income from mortgage loans and provide clients with a complete financial advisory service.
• Why should I consider becoming a Concierge Mortgage Banker (CMB)?
• Becoming a CMB allows you to earn additional income, deepen client relationships, and leverage CFCU’s concierge-level mortgage services, positioning you as a trusted financial advisor.
• What makes the CMB Program unique?
• The CMB Program offers a VIP, concierge-level experience for agents and their clients, including nationwide loan origination without state exams, co-branding opportunities, and a dedicated Loan Officer Associate (LOA) for loan processing support.
• What types of loans does the CMB Program cover?
• The program includes conventional loans, FHA, VA, USDA loans, as well as other options like Non-QM, ITIN, Reverse Mortgage, construction loans, bridge loans, and HELOCs.
Enrollment and Requirements
• How do I enroll in the CMB program?
• Register to participate in an onboarding Zoom meeting every Monday at 4:00 PM PST | 6:00 PM CST | 7:00 PM EST. You can register for the onboarding session by clicking here.
• In the session you will enroll setup an NMLS account, complete the application on CFCU’s website, and undergoing a background check by both the NMLS and Capital Federal Credit Union.
• NMLS Background Check and Finger Printing: $95.00 payable to the NMLS
• What is the cost to participate in the CMB program?
• The initial setup includes a $150 one-time fee and a monthly $75 training/membership fee.
• What is the minimum requirement to start the program?
• You must have a client ready for a preapproval, real purchase loan, or refinance. If you anticipate having a client within five days of acceptance in the program.
• Is there a probationary period and minimum production requirements?
• Yes, there is a 30-day probation period, during which you must meet all employment requirements and originate at least one active transaction. The minimum production requirement is one closed transaction every 90 days and there are performance reviews every 90 days.
• What happens if I don’t have a transaction within the first 5 days or meeting the minimum production requirements?
• Without an active transaction in the first 5 days, your participation in the program will be terminated. If you fail to meet the minimum production requirements you will be terminated. There are no exceptions to the is policy.
Licensing and Dual Registration
• Do I need to pass a state licensing exam to become a CMB?
• No, as CFCU is a federal institution, agents can obtain federal registration without state exams under the SAFE Act exemptions.
• What if I already hold an NMLS license through a state mortgage broker?
• You can keep your state license while working with CFCU, as long as you meet each institution’s specific compliance requirements.
• Can I originate loans for both CFCU and a state-licensed mortgage company?
• Yes, you can work for both institutions under dual licensing, but you must follow the specific regulatory standards of each.
• How long does the federal licensing process take?
• The process, including background checks and federal registration, typically takes a 5 to 7 days if all required documents are submitted promptly.
Roles and Responsibilities
• What is my main responsibility as a CMB?
• Your primary responsibility is to act as a concierge/liaison and advisor about their mortgage and to collaborate with your assigned LOA to close the loan.
• What does the “concierge” level of service mean?
• CFCU’s concierge service provides VIP-level support for clients, with full loan tracking visibility and direct communication with the entire operations teams.
• Do I need to process loan applications myself?
• No, a dedicated Loan Officer Associate handles all aspects of the loan process, so you focus on relationship management, communication and referrals.
• Can I work part-time as a CMB?
• Yes, both part-time and full-time agents can join, provided they meet CFCU’s production and compliance standards.
Compensation and Earnings
• How much can I earn as a CMB?
• CMBs earn 50 basis points (0.5%) per funded loan. Additional bonuses are available for team leaders, brokers, and sales managers.
• What is the compensation structure for team leaders?
• Team leaders earn an additional 5 basis points on their team’s production, along with 65 basis points on their personal production.
• When are commissions paid?
• Commissions are paid within 30 days of loan funding. With fast processing (17 days for purchases and 21 days for refinances), you receive payouts quickly.
• Are there additional incentives for recruiting agents?
• Yes, team leaders, brokers, and sales managers receive overrides based on the production of the agents they recruit. Sales managers receive 10 bps overrides on their team.
• Is there a cap on how much I can earn?
• No, there’s no earning cap. The more loans you refer and the larger your team, the greater your potential income.
Production Standards and Compliance
• Is there a minimum production requirement to stay active?
• Yes, CMB agents must fund at least one loan per quarter and secure three preapproved applications or refinances per quarter.
• What are the additional production requirements for team leaders?
• Team leaders have team production targets that include originating 75 preapprovals or refinances quarterly and funding a minimum of 25 loans per quarter.
• Are real estate brokers or broker-owners exempt from production requirements?
• Yes, brokers/owners are exempt from personal production requirements, though their agents must meet these standards to remain active.
• What are the compliance training requirements?
• CFCU provides mandatory onboarding and periodic training to ensure adherence to federal standards and CFCU policies.
• What if I don’t meet production standards?
• Failure to meet minimum production standards will result in termination from the program, with quarterly reviews to monitor progress.
Member Benefits and Client Services
• What member benefits do I receive as a CMB?
• CMB members receive discounts on mortgage services, free checking accounts, access to auto loans, and a complete suite of online banking services.
• How does the CMB Program support client relationships?
• The program’s concierge approach enables agents to offer a full financial package to clients, positioning themselves as a complete financial advisor.
• Can I refer clients across state lines?
• Yes, CFCU’s federal registration allows CMBs to originate loans in all 50 states, so you can support clients wherever they move.
• What additional services can I offer my clients through CFCU?
• Beyond mortgages, you can provide clients with access to home equity lines, personal loans, auto loans, and even online banking services. Agent commission on consumer products and programs is in development.
Marketing and Support
• What marketing support does CFCU provide?
• CFCU offers co-branding opportunities, enabling agents to leverage its reputation in marketing materials. Teresa Grobecker, National Director of Growth and Strategy, assists with marketing strategies.
• Are there co-branding opportunities with CFCU?
• Yes, agents can co-brand with CFCU in joint marketing initiatives, allowing them to enhance their professional credibility.
• Who do I contact for loan-specific support?
• Carla Griffith and George Watson, Senior Loan Officer Associates, are dedicated to assisting agents with loan details and client inquiries. They will complete the transaction from start to completion.
• Who manages my onboarding and NMLS registration?
• Camisha Etheredge Barton, National Sales Administrator, is available for onboarding assistance and registration support.
• Who do I contact for marketing strategies and materials?
• Teresa Grobecker provides marketing strategy support and materials to help agents effectively reach their audience.
• What is CFCU’s Default Services Network?
• CMBs are eligible to join CFCU’s Default Services Network, allowing them to assist with REO properties, short sales, BPOs, and other loan servicing tasks in their market area.
Unique Program Features
• What are the top benefits of the CMB Program?
• Key benefits include no state exams, income from mortgage loans, concierge service, cobranding, and a nationwide origination capability.
• Can I originate Non-QM loans through CFCU?
• Yes, the CMB program includes options for Non-QM loans, as well as ITIN loans for clients who may not qualify for conventional financing.
• Does the CMB Program include SBA loans?
• No, CFCU SBA loans will be a part of its diverse loan options, and available through the CMB program in Fall of 2025.
• What other financial products can I offer clients?
• CFCU provides Home equity loans and lines, personal loans, lines of credit, auto loans, and even debit and online banking services, allowing you to support a range of client financial needs.
• How does CFCU’s technology support my work as a CMB?
• CFCU provides a dedicated CMB mortgage application website and communication portals to keep agents informed throughout the loan process.
Operational and Transactional Details
How does the LOA assist with loan transactions?
The LOA manages loan application processing, underwriting, closing, and funding, ensuring the agent can focus on client service without handling paperwork.
How quickly are loan applications processed?
CFCU aims to close purchases within 17 days and refinances within 21 days, expediting commission payouts.
Can I choose my own clients?
Yes, agents have the freedom to select their clients offering flexibility in managing their business relationships.
What are the main duties of a CMB?
The duties of a CMB include representing CFCU as a CMB and promoting our mortgage programs, managing the communication and relationship, and overseeing the client experience, while the LOA handles the backend.
Miscellaneous
How does CFCU protect client data?
CFCU adheres to the SAFE Act standards, implementing strict data security measures for all mortgage transactions.
How do I handle cross-state transactions?
Cross-state transactions are seamless under CFCU’s federal license, which allows nationwide origination without state restrictions.
What happens if I miss the annual NMLS renewal?
Missing the NMLS renewal could impact your status, and you would need to re-register to originate new loans.
Is there an appeal process if I am terminated from the CMB program?
Appeals for termination can be directed to the National Director, Eric L, Frazier MBA or CFCU’s administrative team.
How does being a CMB impact my real estate career?
As a CMB, you can offer a complete financial solution to clients, setting yourself apart from traditional agents by providing both real estate and mortgage services.
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.
How to Get started
• Setup an NMLS account:
• https://statemortgageregistry.com/Public/RequestAccount.aspx
• CFCU Employment application:
• https://secure6.saashr.com/ta/6199207.careers?CareersSearch&ein_id=102163712&career_portal_id=4751366
• For questions about the loan program and pricing,
• Call Carla Griffith, Senior Loan Officer Associate Cell (678) 787-1111 or email: cgriffin@capitalfcu.org.
• Call George Watson, Senior Loan Officer Associate, Cell 304-610-4634 or email gwatson@capitalfcu.org
• For onboarding with the NMLS and CMBP application:
• Camisha Etherege Barton, National Sales Administrator, Cell: 770-771-9876 Email: cbartonetheredge@capitalfcu.org
• 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 A Loan Today
• 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.
• Loan Application website for all CMB agents:
• https://efrazier-capitalfcu.mortgagewebcenter.com/responsive/#/A pplyNow
Peter F. Drucker
• "Nothing happens until the right people get together at the right place at the right time.“
• This quote reflects Drucker's belief in the synergy of people, timing, and circumstances to achieve meaningful results in business and management.
• Welcome to the team!