Frequently Asked Questions
What is Key's compelling advantage in today's mortgage lending market?
Key Financial's mission is to provide quality service and competitive loan products for all types of borrowers. Since we offer credit in all sizes from a small purchase/refinance to a super jump loan, we can help most borrowers find the right loan for purchasing or refinancing a primary residence, vacation house, or home equity project. In addition, Key is committed to providing superior service so the borrowing process is quick and easy. We focus on closing your loan so you can focus on what you do best.
What is an Affiliate Branch Partner?
An Affiliate Branch Partner is a Branch of a larger Mortgage Banking Platform wherein the Mortgage Banking Platform maintains effective oversight & quality control of originations and operations while the Owner/Branch Manager retains the profits from such activity as stipulated within the contract between the two entities. Key Financial Branch Affiliate partners have access to all of Key's mortgage services, warehouse lines of credit and the benefits offered to other Key employees including health insurance, retirement and savings plan.
As an Affiliate Branch, will I continue to do business under my own name?
No. As a licensed affiliate branch, you will become a licensed mortgage banker with the authority and responsibility of an employee of Key Financial. You will do business under the Key Financial name, using our lending licenses (by state) and tapping into our warehouse lines of credit to facilitate your loan closings.
How does this arrangement benefit me as a Branch Partner?
As a branch Partner you will be able to focus on running your business while having access to all of the support offered by the larger organization. The Branch partner can focus on originating and closing loans while being able to draw on the larger resources, loan programs and long-term benefits offered by Key.
What is the financial arrangement between Key and my company (as an affiliate)?
This information is outlined in our Affiliate Branch Employee Contract once you have been qualified as a viable candidate and completed the contract inquiry form listed on our site. We can provide you with financial terms.
Can I get paid as a 1099 contractor?
No, you must be a W2 employee. It is against the law to sub-contract our lenders license to individuals or companies.
When and how do I get paid?
You get paid weekly and bi-weekly. Once a loan is closed, you will receive a copy of the HUDI, account rendering, profit and loss statement for your branch along with a check request informing us how to disperse the funds.
- The cutoff for payroll is Tuesday at 5PM and you will be paid the following Friday.
- If you broker a loan, you will be paid in a one lump sum.
- If you bank a loan, then you will get upfront fees first, and then when the loan is purchased off our warehouse line, you will receive the rest of your funds unless any interest incurred if the interest rate is lower than the warehouse line. In both cases, you will get the same paperwork and the same process.
Since we are an employee of Key Financial Corporation, can we get insurance and 401K?
Yes. You will be contacted by our human resources department when you qualify.
Who handles the accounting, payroll, and expense management for affiliates?
As a member of Key's Branch Partner team and as a Key Financial Employee, you will turn over many of the day-to-day operational functions to Key. Key will assist all of its affiliate branches with accounting, HR, and other functions so that you can focus on originating and closing loans.
What paperwork do I have to submit for Human Resources, Payroll or other functions as an affiliate?
All applicable forms will be provided to you and your staff for inclusion in the Key Financial H.R. systems including payroll, benefits, and other functional areas of the company.
Will you take out any taxes for my branch?
Yes. We withhold 9-19% for your state taxes plus whatever you choose for your federal withholding.
Can I have you pay miscellaneous bills before taxes for my branch?
Yes. You would note them on the check request and we will simply send the checks to your office. We may request receipts case by case.
What types of loan programs does Key offer the Branch Partner
Key offers a wide variety of loan programs including but not limited to fixed and RMS, sub-prime, Alt-A, Jumbo and Super Jumbo mortgages. Affiliates will have access to warehouse lines of credit and the ability to fund nearly any loan. Since Key is also a FHA and VA direct lender, these programs will be available to qualified Branch Partners.
Can I do DBA or Third Party Loans?
No.
What training materials are available to new affiliates?
Most training is conducted online with Key's in-house trainer or through printed materials.
Do I have to have a physical office?
No. Key Financial Retail Lending has offices in every state necessary to fulfill all requirements.
Can I have as many employees as I want?
Yes as long as we have them in our system. They will also be a Key employee.
Can I use my own account executives?
No. They all must come through the corporate office.
Can I choose my own title company?
Yes. This is also an excellent source for leads.
Can you help me find a title company?
Yes. We have a nationwide company that we have dealt with for years.
Do I have to process my own loans?
We want the branches to process their own loans but if you absolutely need one, we can provide you with an outsource processor.
Will I get all of the lender contacts when I sign up with Key?
Yes. You will have access to this information online in the Branch Management Center.
Do I get free leads?
No. We do not give out free leads. A good source for leads would be with a local title company that you intend on doing business with. When you sign up with Key Financial, we will provide you with a good lead source where you may purchase leads.
As a Key Branch Partner, can I lend in the states you are licensed in?
Currently, Key is licensed to do business in most states. As a Branch Partner, you are licensed to originate in each of the states where Key is licensed. Some specific limitations may require individuals operating from affiliate branch offices to be individually licensed on a per-state basis. This will be discussed in detail when you enter into discussions with Key Financial about this Affiliate Branch Opportunity.
If Key is not currently licensed in a state where you do business, Key Financial will acquire the necessary license at the state level if it is warranted for this type of relationship between your organization and Key. Key pays for all state and federal licensing associated with new licenses and annual licensing costs for Key's in-state activities. All individual branch licenses or principal broker licenses are the responsibility of the Branch partner management.
Do I have to have a mortgage broker's license?
No. You will work under our lenders license.
Do I have to have a license to be a loan officer?
Yes/No. There are 18 states nationwide where a license is required.
What kinds of on-line systems does Key Financial provide to the Branch Partner offices?
Key is proud to offer various on-line tools to make your branch more productive and better able to communicate with its customers and within its area of operation. We offer on-line price & program, and management tools as well as multiple on-line resources regarding mortgage industry information, money rates, research sources, company policies, and documents and operations. On-line accounting and banking facilities are also part of Key's national platform as well as back-office support and systems dedicated to making your customer's loan experience a profitable and positive one.
Can I run my own loans through your AUS system to get an approval?
Yes. You will be assigned logins to our AUS system once you are signed up.
Can I lock rates with your AU system?
No. You can look at any company's rate sheets to get a general idea, but you must call our corporate office to lock rates once we have fully completed the file in-house.
How does the company communicate with its Branch Partner offices?
Key Financial uses email, phone, and fax to communicate with its Branch Partner offices. The company also uses a highly-productive internet-based portal which allows for many functions and information sources to be available 24-7 to employees of the firm. The portal services, operational questions, discussion boards, expense-reporting mechanisms, calendaring, and CRM just to name a few. We also have weekly conference calls as well as provide constant updates via phone and email.
What happens when I broker a loan?
You work directly with the wholesale lender on approvals and pricing. The original package always goes to Key Financial and then is pre-underwritten and sent to the wholesale investors for final approval – NEVER SEND A PACKAGE DIRECTLY TO THE INVESTOR.
How long does the process take for an independent office to become a Branch Partner?
With qualified candidates, the initial screening process usually takes about 7-10 business days to complete.
What if some of my questions are not answered in this FAQ section of the website?
We would be pleased to discuss any additional questions you might have in person or via e-mail. You can fill out the form here regarding your interest in Key Financial's Affiliate Partner Branch program and we'll be in touch with you directly. You may also call us toll free at 800-735-0945.