list of the general fees

Fee & Explanation

Table Header

Monthly fees at NEXA

$65 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 55bps out of your 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 business expenses, computer and travel, 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.

Customary fees for borrowers on each loan

  • Procession 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 and loan scenario

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 fees are not collected upfront, they will be taken out of your future commissions