Global Equity Lending
Global Equity Lending
Global Equity Lending
Global Equity Lending (GEL). Global Equity Lending is a subsidiary of World Leadership Group (WLG). WLG is the marketing company for Global Equity Lending, Global Realty Marketing, and others. Global Equity Lending is unique among other mortgage brokers in that it allows it's mortgage loan associates to bring in other mortgage professionals and receive an over ride on business generated by that "recruit" in their downline. Even more of a unique structure is these mortgage loan accociates can recruit real estate agents and brokers, and receive over rides on their closings (if they choose to secure a real estate license in a (any) state.) It was founded in 2001 by Hubert Humphrey and is not associated with World Financial Group or National Lending Group. Hubert Humphrey sold most of the assets of World Marketing Alliance to Aegon-owned World Financial Group (WFG). After the sale, Hubert Humphrey still owned World Marketing Alliance, WMA Mortgage Services and the WMA logo. He used the remaining assets to form his World Leadership Group companies.
Global Equity Lending accepts all associates, most of them unlicensed, even with no experience. The recruit must pay a $150 criminal background fee. GEL will hire and train most applicants, over a course of several weeks. They will then be able to represent WLG and sell various home loan products directly to consumers. A new associate will generally be at a commission rate of 30-40%, that is, he or she will receive 30-40% of the gross profits the broker will generate from successfully closing a loan. Unlike an associate of most mortgage brokers, an associate of GEL (called a "Loan Originator" upon joining) may recruit others into the business. Based on the number of loans the associate closes within a certain period, the commission rate of the loan originator will go up, as will the profits they will make from their "downline," the hierarchy they have recruited beneath them.
GEL is a form of franchising. However, the company does not provide advertising or leads to its loan origninators. A new recruit must actively market loans. GEL attracts criticism for its unusual policy of charging a non-refundable administration fee of $12.50–$75.00 for all loan applications irrespective of outcome. However these charges are affiliated with the actual charges directed to the particular loan including any overnight fees and or credit report fees that are charged to GEL by the outsourced companys.
Global Equity Lending accepts all associates, most of them unlicensed, even with no experience. The recruit must pay a $150 criminal background fee. GEL will hire and train most applicants, over a course of several weeks. They will then be able to represent WLG and sell various home loan products directly to consumers. A new associate will generally be at a commission rate of 30-40%, that is, he or she will receive 30-40% of the gross profits the broker will generate from successfully closing a loan. Unlike an associate of most mortgage brokers, an associate of GEL (called a "Loan Originator" upon joining) may recruit others into the business. Based on the number of loans the associate closes within a certain period, the commission rate of the loan originator will go up, as will the profits they will make from their "downline," the hierarchy they have recruited beneath them.
GEL is a form of franchising. However, the company does not provide advertising or leads to its loan origninators. A new recruit must actively market loans. GEL attracts criticism for its unusual policy of charging a non-refundable administration fee of $12.50–$75.00 for all loan applications irrespective of outcome. However these charges are affiliated with the actual charges directed to the particular loan including any overnight fees and or credit report fees that are charged to GEL by the outsourced companys.
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