Easy. As a Real Estate professional, you become a loan officer for Texana Bank. Instead of referring your clients who need financing to an outside loan officer, ​“you” do the loan by refering to your inside loan partner and get paid for it. ​This additiional revenue can significantly boost your income.

You don’t have to. Because the rules are different for federally chartered banks than they are for other lending institutions, you don’t need to get or maintain an individual state lending license. The law states that loan officers who are the W2 employees of federally chartered institutions may originate loans under the license of the institution, and since it is a federal license, they may originate loans in all 50 states.

Actually, it’s not. It was only ever considered a conflict by HUD and only for FHA loans. But that changed in December of 2022 when HUD updated its “conflict” definition to exclude loan officers. It’s no longer considered a conflict by any federal governing body or organization. Note: There is a disclosure sent with the initial disclosure package that lets the client know that you’ll get paid on both sides of the table and that they are not required to use you as the LO if they have a different preference.

That’s the beauty of the REMLO program. With your “White Glove” loan concierge team, you don’t need to learn the loan production process. Your team will handle ​the loan from application to closing. Your job description really doesn’t change. Right now, you refer your buyer to a loan officer and they handle the process. With ​REMLO, you’ll simply text or email your application link, refer them to your (inside) loan partner and your loan team will handle the process. It will work the same ​except with REMLO, you’ll get paid. 🎯👍 Of course, there are normal Agent tasks to complete, i.e., shopping for houses, uploading an executed contract, ​communicating with the client, and scheduling the closing.

On the vast majority of loans, REMLOPros receive a payout of 50 basis points at closing. For easy math, that’s $5,000 for each $1 Million in loan volume. Of ​course, it’s paid on whatever the actual loan amount is, so a $500,000 loan would be $2,500 and a $200,000 loan would be $1,000, etc. The only exception would ​be if the margins were reduced for competition or some other unlikely reason. Also, you will be paid as a W2 employee because the rules that allow this program to ​work only apply to W2 employees. If you haven’t done so, download the REMLO Stop Losing Money Calculator to run some different scenarios.

Absolutely not! You may be a REMLOPro with any broker you choose. Your choice of broker has no bearing on your standing as an employee with Texana Bank.

No. You will receive fully compliant W2 commissions directly from the bank because you would be a W2 employee of the bank.

As mentioned earlier, in addition to their own programs, Texana Bank has either Correspondent Lending or Broker relationships with more than 100 other lending sources. If each had only 20 program (this is a low estimate) that means that you will have over 2,000 programs at your disposal, covering virtually any lending need including but not limited to Conventional, FHA VA, First Time Homebuyer, Down Payment Assistance, DSCR, ITIN, Lot Loans, Land Loans, Construction (including one time close), Reverse, 2nds, Fix ‘n Flip, Non-QM, Commercial, etc.

You will have broker pricing so yes, you will be extremely competitive

That would be unusual but if they have found a program that we can’t get, they are always free to use that program with whomever is offering it. Remember, we can’t compel them to use us. They are free to choose whomever they would like.

Neither. You will be covered by the bank’s E&O policy because you’ll be an employee. This won’t affect your current policy and you won’t need to buy a new one.

What about it? 😂 The REMLO program doesn’t change anything about RESPA. It will keep right on RESPA-ing. As a REMLOPro, you are considered a dual-capacity employee. Section 8 of the RESPA code provides an exemption to dual-capacity employees. So even though it is still there, it has no effect on REMLO.

Certainly not! As a REMLOPro, you are a full-fledged mortgage loan officer empowered to write mortgage loans for any purpose and in any state. This could be for 1st mortgages, 2nd or other subordinate mortgages, HELOCs, etc. These could be for purchases, refinances (R/T or Cashout), debt consolidation...anything!

Yes. There is no round-robin pool of Loan Partners or Loan Officer Assistants. You will work with the same awesome team on all of your loans unless and until we all decide that some change needs to be made that will somehow improve the operation.

Let us know and we’ll assign someone else to you (who is not a jerk). 🙂👍

Nada. Zip. Zilch. Well actually there are some nominal costs but Texana pays those on your behalf so there are no out of pocket expenses for you to get set up.

That’s largely up to you. If you “get down on it”, you CAN be set up in as little a couple of weeks.

So, right now if you want an update, you have to call your LO and ask what’s up. They can give you some general info, (should be CTC on Friday, etc), but not a lot of specifics. As a REMLO Agent, you ARE the Loan Officer of record with complete transparency to the file. You’ll just open your Simple Nexus app wherever you are and have full access to all file information. If you have further questions, just call or text your loan partner.

Of course, you will be the bank employee and the loan officer of record for those loans and therefore the person getting paid. Whether you then pay them and how much is between you and them. Some Broker/Owners use this as an additional recruitment benefit (For further clarification, please review the answer to #13.)

Yep. (For further clarification, please review the answer to #19. 😂)

Nope.

No. There is no “outside” continuing education required. The bank does have its own internal workshops and training. There are normally a couple of hours of video to view each quarter on things like fraud protection, anti-phishing, ECOA, Fair Housing, etc. There is no fee for this internal training.

We’re working on that. 😂 The fact is that after working on this for much of last year, Texana Bank just rolled REMLO out early in 2024. To our knowledge, this is the first program of it’s kind that DOES NOT require the RE Agent to get a state lending license. We’re getting the word out as quickly as we can. There are also those who didn’t get the HUD memo from December 2022 and are still living under the conflict of interest delusion. Whichever. As they say, “You can lead a horse to water....”

Yep. That’s pretty much the size of it. 👍🙂🎯

That’s a great question and part of the answer is actually in the question. Other programs typically license the Agent. That requires taking the 20 hour course plus whatever specific state hours are required, passing the class, passing the state exam, and then actually getting the license which covers just that state. With this program, you don’t do any of that because your’re under the bank’s license AND you can do loans in ALL 50 STATES.

Really? How much are you earning on mortgages now? 😂 Consider this. After averaging compensation tiers, most of the big banks don’t pay their LOs much more than that for doing all the work on the file. Here, your concierge team is doing the work on the file (after the app) and you’re getting close to the same amount.

No problem. You can certainly be one of the three names. When they learn you can help them with their loan, most people will want more information.

We’ve designed this program so that the only downside is NOT doing it. Think about it. What’s worst that can happen if you do this? You decide for some reason that you like your current arrangement better and just go back to it? Now, what’s the best that can happen? It is what we say it is and you’re now collecting potentially tens of thousand in additional revenue (depending on your production) that had been going to someone else from business that YOU generated.

Easy. Just go to www.joinREMLO.com and complete the application/survey there. That will give us your contact info and tell us a bit about your business, your ​volume, etc. Once that has been submitted and reviewed, our team will share our HR link to get started. You’ll upload your resume if you have one(no worries if you don't, just submit without). If not, you’ll just enter where you’ve had your license the last 2 years or since you’ve been in the biz if less ​than that Jeremy, the most excellent Branch Manager, ​will send you an offer letter, normally in 24-48 hours. Once that has been E-Signed, Texana Bank HR will reach out and help you get onboarded. 🎯If you need ​help, Amy, Jennifer and team are there to help you move through the process smoothly and complete your onboarding as quickly and painlessly as possible.