list of the general fees
Fee & Explanation
Monthly Fees at Nexa
$65 - $70 technology fee: Lending Pad Loan Origination System and company email.
NEXA Academy (Mentor/Instructor Support) – Mandatory for MLO’s who do not meet production requirements
Technical closing support for the first 6 loans. The mentor is paid 70 bps out of your 220 bps commission for their assistance.
NEXA Academy (Coaching support) – Mandatory for MLO’s who do not meet production requirements
The investment for the coaching program is $250 per month.
MLO’s must be enrolled in the coaching program until the first six loans are successfully closed.
if 2 loans are closed in any calendar month the $250 is reimbursed.
if 3 loans are closed in 60 days you may qualify for early graduation.
Business expenses
You are responsible for all business expenses: computer, travel, leads, marketing, etc. if applicable.
Administrative fee (W-2)
There is a 12% fee applied to each loan of W-2 employees to cover the administration of employer matching taxes.
Onboarding fees
• Background and credit check (soft pull): $75.
• Sponsorship fee for each state you sponsor with NEXA: fee depends on the state, typically $75 - $150.
• NOTE: These onboarding fees are not collected upfront, they will be taken out of your future commissions. If you decide to leave NEXA after NEXA pays for these Onboarding fees, and before these fees can be reimbursed out of your commissions, you will be responsible for reimbursing NEXA for these fees and any other charges you incur while with the company.
Customary fees for borrowers on each loan
• Processing fee: $895 – $995 is the average cost depending on the type of loan.
• Credit Reporting fee: typically ranges from $27 – $54 depending on the credit vendor.
• Underwriting fee: typically no underwriting fee for QM loans but it depends on the lender.