Your time commitment is up to you! A joint venture partnership is the creation of a stand-alone mortgage company which is jointly owned by CMG Financial and our partner (you). We have a team of mortgage professionals to run the day-to-day business, but we do need our partners to help us drive strategy and usage within your company, so that we can deliver the service your company needs as well as create a profitable mortgage lender.

We expect guidance into your agents and market. We know mortgage but you know real estate and you know your agent population. So, we will reach out for guidance and feedback always. The foundation of a successful joint venture is a strong partnership where both sides work together to create a strategy to support, promote and integrate the mortgage company into our partner’s company.

This is super important! You want to make sure you find a partner that shares the same values. You want a partner that understands your goals and that their goals either match or complement. If they don’t that will cause an imbalance in the relationship and the joint venture will not run smoothly. When a joint venture is not going smoothly, your LOs, agents and your clients can feel the tension.

LOADS! Imagine having everything under one roof. The transparency, the control, and the overall home buying experience. Since we are creating the company based on your feedback, the agents receive a tailor-made mortgage company that will complement and enhance the experience for your agents and their clients. They will have additional resources and support because of the partnering joint venture.

Even though we have built the joint venture to be proactive not reactive, we would be lying if we said that we never experience setbacks. However, we are an all hands on deck type of team. That is from the CEO to every individual involved and we strategize to find solutions to problems. We are transparent and communicative with our partners, so every party is informed if we run into an issue.

It is important to have up-to-date systems to create a more efficient experience for the agent and their client during the home buying process. Brokers have agent-specific platforms that they utilize and so do mortgage lenders but most importantly it is imperative for these systems to coexist and create a unilateral experience. Best practices would be to walk-through of both the real estate and mortgage systems to remove any redundancy. It would be beneficial for the broker or builder to really investigate the lender’s technology to see how it can bring more value to their agents. It is important to make sure that your partner has the ability to create an online and mobile presence as well. Here at CMG Financial, we invest in the top technology and work with third parties and various integrations to build a streamlined experience. Our process is more or less a turn-key process to have a smooth joint venture creation.

There shouldn’t be any distribution in processes. The lender’s systems should mainly be complementary and help the agent’s systems.

At CMG Financial our in-house developers are essential to our growth. A pain point for many companies is development. If you have a company with in-house developers, you have more opportunity to enhance and more ability to create new technology.

Find a mortgage company that has resources that can facilitate the growth of the joint venture. At CMG, we have a dedicated marketing team specifically for the joint venture. On a grander scale, we have different designers with specific specialties, videographers, coordinators, social media leaders, copywriters, and photographers. We invest in talent specifically to make the joint venture successful.

This is up to the partner. Some partners want the new entity to mirror the broker or builder company to build the bridge for their agents. Others want it to complement it so that the company as a whole can stand on it own two feet to capture additional business.

Yes, new brand guidelines are created for the entity. You can take a few different routes here. You can hire a third party to help with brand guidelines, you can have the broker marketing team take the lead or at CMG Financial we are extremely confident in the branding process. We research and build out different looks and work with your marketing team for additional guidance just to ensure that the brand would be welcoming to your agents and their clients.

If you have the name that is perfect, but we have outside counsel to make sure that the name can be used and that there are no trademark issues surrounding it. If there is a huge cost in purchasing the domain, we will have separate meeting to discuss its value in the market. If the name has not been chosen, our team will hop on a call to gather some research and identify names that best fit your business’s identity.

We do! Data is important, so we connect you with our CSO to take a deeper dive into platforms that we use to help capture more leads.

To have a thorough walk-through of one of our past joint ventures please reach out to the marketing and development manager Stefanie Akinmade at sakinmade@cmgfi.com and she will send you an example deck.

We help create content that we want the broker and builder to share internally. From past launches, the more involved the broker/builder partner is the better. The agents know you and trust you, so we rely heavily on your help to communicate the message.

This is state dependent, so the licensing turnaround varies anywhere from 30 to 90 days.

Please set up a meeting at https://www.cmgfi.com/jv-partners/get-connected to review the licensing steps.

Once the joint venture licensed, it can take as little as 3 weeks to launch the company.

Yes, we have hired operations staff specifically to help run and maintain the joint venture channel.

The joint venture operations team has weekly project calls to make sure everything is set up pre-launch. Please set up a meeting at https://www.cmgfi.com/jv-partners/get-connected to review the operations setup.

A joint venture can be delayed due to incorrect spelling, missing documentation such as fingerprints, and other items. That is why it is super vital to have a team that focuses on the collecting of information from both parties. The compiling and reviewing of data are important because it limits the back and forth with the state.

A lot of the loan officers that we recruit for a joint venture are either recommended by our partner company, or are veteran loan officers with extensive experience. So, we make sure that they have a smooth transition by providing a lot of support and resources early on. We also find it beneficial for the broker or builder company to be involved because this helps solidify the agent LO relationship which is favorable for networking.

There is a financial commitment required to start a joint venture, and the best way to help you determine if you are financially ready is to set up an appointment with us so we can discuss the financial structure to determine if a joint venture partnership makes sense for you. The number one factor that brokers and builders are more hesitant about is the initial upfront investment. You need to ask yourself if you are financially comfortable investing. You want to make sure that you have a nice safety net and an upward projection within your company that you feel comfortable enough to make that move. To discuss future financial responsibility, please set up an appointment here and we can see what type of joint venture partnership makes sense for you.

The best way to really understand your risk is through data. Connect with us today and we will create a proforma specifically for you so you can evaluate the figures. https://www.cmgfi.com/jv-partners/get-connected

Your breakeven point can be in 6 months or less. Contact us today for you very own proforma. https://www.cmgfi.com/jv-partners/get-connected

Operating a mortgage company isn’t as expensive as you think. With our turn-key method we have found cost efficient ways to eliminate waste and focus on more on platforms that will help drive the mortgage companies’ success. Talk to us today at https://www.cmgfi.com/jv-partners/get-connected.

Our compliance team runs a thorough ship – meaning, we triple check everything from contracts to licensing, so the joint venture has a solid foundation. To learn more about our operations, set up a consult here.

We work with UPSTO, state secretary, internal compliance and external counsel to make sure that our name and trademarked is protected.

Since we have launched prior joint ventures, we are staffed accordingly to handle onboarding new companies. We have individuals within the compliance department who work specifically on joint ventures. Allowing that focus allows us greater attention to detail.

We work very closely with RESPA guidelines. We go through a rigorous documentation and auditing process frequently to make sure we are compliant with RESPA. If guidelines change, we are aware of updates and we have a remarkable team that provides quick feedback, so if we did need to pivot course, we can.