Florida Firm Adding 4800 Originators This Year

V-Loan Inc., which acts as the marketing arm of Alternative Mortgage Financing Corp., announced it has already signed 150 new Virtual Loan Officers (VLOs) — exceeding its sign-up goal. The recruits work for Alternative — which specializes in unconventional mortgages.

“We knew this was going to be popular, but even we thought we’d start a little slower than this,” V-Loan president Shawn Conti said in a written statement. “It has actually caused us to start rethinking our projections…There is still a lot of work ahead.”

V-Loan, based in Melbourne Beach, Fla., formed the alliance with Alternative to penetrate the loan origination process by attracting and empowering Realtors and entrepreneurs, according to the announcement. In an interview, Conti told MortgageDaily.com that anyone who can pass a background check, has a computer and Internet connection, pays the required start up fee and completes the training can become eligible to start originating loans online.

The sign-ups receive informational materials, and can complete their training online in about three to four hours, Conti said. While critics may view this is as too short of time to learn about the mortgage process, the executive says V-Loan has “taken a system that used to be so complex and time consuming” into a simpler format by having an “experienced” staff of account executives readily available to assist virtual loan officers through the process.

To receive commission, virtual loan officers must fulfill mortgage origination requirements under the Real Estate Settlement and Procedures Act, according to Alternative’s Web site, These requirements include educating the borrower on the home buying and financial process, advising about the different loan products available, maintaining regular contact with the borrower, Realtor, and the assigned Senior Account Executive, and initiating or ordering the appraisal.

Conti said V-Loan is working on improving its Web site, and will soon launch a nationwide campaign, which will include an e-mail campaign, to recruit as many VLOs as possible. The company expects that after next month its recruiting will “skyrocket.”

The VLOs that signed up did so over a period of about a month and a half, but Conti believes it could have been done in less time if the hurricanes in Florida had not intervened with its operations. By the end of this year, VLOs are expected to total 5,000. “I think its a product everybody could use” at a time when people are being laid off in the industry, Conti said.

According to the executive, about 54% of Americans qualify for conforming loans, while the other 46% fit into the nonconforming category, yet only 20% of lenders service the subprime market and leaves much territory to gain.

Alternative Mortgage lends to borrowers with good credit but also to people who have poor credit histories, filed bankruptcy, or have little to no documentation. The funding company says it is licensed to do residential loans in 14 states and has ability to write commercial loans nationwide.

“We’re excited,” Conti said. “We’re positioned for some really big things” to happen … “we’re going to help a lot of people fulfill the American Dream.”