Consultant Compensation
At RMA, we segment consultants into 2 categories; Senior Consultants & Junior Consultants.
- Senior Consultant Qualifications
- Senior Consultant Compensation
- Junior Consultant Qualifications
- Junior Consultant Compensation
Senior Consultant Qualifications
A senior consultant is defined as one that doesn't need help underwriting deals, knows how to get mortgage business and for the most part is self-sufficient. To qualify as a Senior consultant you must have funded over 6 million dollars or 30 first mortgage deals in the preceding 12 month period.
Senior Consultant Compensation
RMA senior consultants are considered account holders and receive 100% of the Finder Fee and 100% of the VB on all their transactions.
How does RMA get paid?
If RMA is providing you with 100% of everything, how do we make money? Remember, RMA only provides payroll & compliance services to consultants. As such, we charge a standard monthly fee for this service. The set fee is $750 / month to process and pay up to 200 funded deals per year. This program is valid in all markets in Canada except Ottawa and the surrounding areas. If you are a consultant in Ottawa, please click here to send us a confidential request for an interview and to get details about the program in Ottawa.
However, for various reasons, some of you may not be comfortable in taking on a set monthly fee. For you, we have a Pay Per Deal program. Instead of the set monthly fee, we will deduct a payroll processing fee according to the following schedule.
For deals between:
- $1 - $149,999, you pay $99 per deal.
- $150K - $249,999, you pay $125 per deal
- $250K+, you pay $175 per deal.
Sales Management for Senior Consultants
It's important to note that RMA does not provide company sponsored sales managers, assistant sales managers or assistant to the assistant sales managers. As a Senior Consultant, you are the sales managers for RMA. All junior consultants that wish to work with RMA, must work on a senior consultant's team. In effect, the juniors are working under your account, under your desk fee. There are no additional charges. The senior consultant is responsible for coaching and training juniors in how to generate and underwrite mortgage applications. All commissions and volume bonuses earned by junior consultants on your team are paid to you, the senior consultant, directly. It is up to you to establish the splits for the juniors on your team and compensate them directly.
RMA does not provide company sponsored parties, company sponsored golf tournaments and other non-essential services. We simply put all the money in YOUR POCKET so you can make YOUR OWN DECISIONS on how to spend YOUR OWN MONEY to grow YOUR OWN BUSINESS.
If the RMA structure is what you are looking for in a mortgage broker firm, please contact us at your earliest convenience for a confidential discussion.
If you want to do a self-evaluation of the RMA compensation model we have an excel spreadsheet available where you can insert your own mortgage volumes and do a compensation comparison between RMA and other mortgage broker firms. For a copy of this spreadsheet, send us an email request by clicking here.
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Junior Consultant Qualifications
A junior consultant is one that needs help with growing their mortgage business, requires assistance in underwriting deals and/or has not funded a minimum of $6 million or 30 first mortgage deals in the previous 12 months.
As a junior consultant your main objectives should be to learn the mortgage business. You need to learn how to work with referral sources, learn the lending guidelines of the different lenders and learn to underwrite mortgage applications to obtain approvals. To accomplish these critical objectives you need to find a system that will provide the support you need in a timely manner. This means working with an experienced coach that has the time and the knowledge to address your needs.
Sales Management for Junior Consultants
RMA has a corporately sponsored sales management and training program available currently in the Greater Toronto Area. Our sales manager is a veteran having been in the mortgage industry since 1981. Performing the role of a "Producing Sales Manager" , he sources and funds mortgages for a small number of his own clients in addition to coaching and training a team of junior consultants. Doing his own mortgages ensures that the Producing Sales Manager stays current with the latest changes in our industry. If you want to find out more about the RMA program for junior consultants, click here to send us a confidential request for an interview.
Junior Consultant Compensation
The compensation varies based on the training requirements of the junior consultant. Every consultant's situation is unique and would need to be evaluated accordingly. For example, If you have been in the industry for awhile and have had some success in originating and funding mortgages, you would receive a higher compensation than a new entrant in to the business. New entrants in to the business would require quite a lot of coaching and training and therefore would receive a lower compensation.
To determine what type of commission split you would qualify for, click here and send us a confidential request for an interview.
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