W9 Tax Form
To comply with IRS regulations and ensure accurate tax reporting, we require all contractors to complete a W-9 form. This form collects essential tax information, helping us process payments correctly and maintain legal compliance. All information is stored securely. View our privacy policy for more information.
Direct Deposit Banking Information
In order to be paid out as a Loan Originator, CommLoan requires to have your Banking information on file. This includes, Bank Name, Account number and ACH Routing number. All information is stored securely. View our privacy policy for more information.
Choosing Your Sponsor
Selecting a Sponsor is an important decision and should be based on who has been most influential in your decision to join CommLoan. Sponsor selection is part of this legally binding Agreement.
A Sponsor's sole requirement to qualify as a Sponsor is selection by the joining Loan Originator as having been the most influential person in his or her decision to join CommLoan. Sponsors are encouraged to support new Loan Originators throughout the joining process and beyond but are not required by CommLoan to do so.
If the selected Sponsor has made representations or promises above and beyond referring a joining Loan Originator to CommLoan, it is the sole responsibility of the joining Loan Originator to confirm the Sponsor's ability and intent to deliver all additional support promised. CommLoan is not responsible for enforcing agreements between Loan Originators made outside this ICA.
If a Contractor terminates this ICA and rejoins Company within 365 days from the date of the Termination Effective Date, the previously named Sponsor will continue to be named as that Contractor’s Sponsor. However, after 365 days from the Termination Effective Date, the Loan Originator can rejoin CommLoan and select a different Sponsor.
If there is no individual who most influenced you to join CommLoan, or you prefer not to select a Sponsor for any reason, CommLoan may be selected as the Sponsor and will hold that position for the duration your contract remains in effect.
Roles
Loan Originator - Your primary focus is to originate loans and work with borrowers.
Influencer / Business Development - Your primary focus is to grow your team of loan originators and promote the Empower Program.
Becoming a Mentor
CommLoan offers many resources to our Loan Originators supporting their growth and objectives. For our less experienced Loan Originators, having a Mentor is crucial to their success. Becoming a Mentor will give you access to additional commission potential while guiding a newer Loan Originator through the loan process from origination through funding.
Fee Confirmation
There are certain technology tools that are necessary in successfully running your business as a Commercial Loan Originator and/or Business Developer. These software solutions are provided to you by CommLoan and the overhead costs are passed down to you, the Independent Loan Originator.
The initial sign-up fee to join the Empower Program is $150, which covers your onboarding costs and background check, and will be charged upon your joining.
CommLoan will also collect $150 each month from the payment provided to cover the ongoing costs of the technology tools. The technology fee will be charged on the 1st of each month after your joining.
Create Bio
As a loan originator, you are assigned your personal landing page that allows you to share your information with your clients.
The biography can be up to 300 characters and can highlight your experience, achievements and commitment to your clients.