UMortgage is rolling out a flat-fee broker model that waives certain charges for originators who close more than 50 loans per year, part of a broader push to more than quadruple its sales force to 1,000 loan officers by December.

Under the structure, LOs earn 275 basis points per loan but pay a $995 flat fee, a $300 closing quality control fee, and 10% in administrative and payroll taxes per transaction. Once an originator funds 50 loans within an anniversary year, the $995 flat fee is eliminated.

The company is also offering a $500-per-loan recruiting details ⇒

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