This Article Is About CEO Doug Schukar Of USA Mortgage Sells Company To Employees
USA Mortgage is the largest mortgage lender in the state of Missouri. It took many years for Gustan Cho Associates to become the top mortgage lender in Missouri. The company has a business model that works and perfect. When we say we have no lender overlays, we mean it. We have ZERO OVERLAYS on government and conventional loans. Now Gustan Cho Associates is ready to take its successful business model nationwide. Currently, USA Mortgage is licensed in 25 states and is working on being licensed in 49 states by the end of 2018. Over 75% of our borrowers at Gustan Cho Associates are folks who could not qualify at other lenders due to their overlays or get a last-minute loan denial. Borrowers, real estate agents, and loan officers do not realize that a company like Gustan Cho Associates exists. Watch out America, Gustan Cho Associates is coming to a neighborhood near you.
Our Founder & CEO Of USA Mortgage Doug Schukar
The founder and sole owner of USA Mortgage Doug Schukar made a major announcement to all its employees on February 19th, 2018 that he has transferred 100% ownership of USA Mortgage to its almost 600 employees. The announcement came at the annual USA Mortgage Kickoff Event in front of almost 600 employees. The emotional event came as a surprise to all of the employees of DAS Acquisition Company LLC, the parent of USA Mortgage. USA Mortgage is now classified and under ESOP, Employee Stock Ownership Plan. Mr. Schukar, COO Linda Pring as well as upper-level management were structuring the Employee Stock Ownership Plan (ESOP) for the past year and had it finalized in December 2017. All managers, loan officers, underwriters, processors, and support staff were not aware of this great news until Monday, February 19th, 2018 when the secret was announced by CEO Doug Schukar.
What Is An Employee Stock Ownership Plan?
Effective immediately, all ownership of USA Mortgage has been transferred to its employees.
- All of our full-time employees of DAS Acquisition Company LLC are now owners of USA Mortgage
- An employee stock ownership plan, commonly known as ESOP, is where employees own shares (ownership) of the company they work for
- ESOP is called a qualified investment plan where the company and the employee/owner both are recipients of tax benefits
- Employees are the shareholders and owners of the company
If the company does well, the shareholders do well.
Have ESOP Been Successful?
Studies and statistics prove that ESOP encourages participants of the plan to treat their company like its their business and do what is best for the company and shareholders:
- The American Dream of owning your own business is a reality with ESOP
- There is no costs involved with participating in the ESOP
- No upfront costs and/or fees are required
- Shareholders can take ownership under the trust or in their own name
- The shares under ESOP can be cashed in and resold to the company once the employee resigns or retires from the company
The shares are then redistributed or can be voided.
How Is ESOP Structured
ESOP can be structured in numerous ways. Most Employment Stock Ownership Plans have the majority of their shares owned by their employees and the founder can own a large percentage. However, the way CEO Doug Schukar structured USA Mortgage ESOP to be transferred 100% ownership to its employees.
All employees who participate in ESOP at DAS Acquisition Company LLC will be fully vested in the plan after six years of full-time service.
USA Mortgage Sells Company To Employees: Mission Statement From Doug Schukar
USA Mortgage Sells Company To Employees: Join Our Winning Team At USA Mortgage
DAS Acquisition Company LLC, the parent of USA Mortgage, is always looking for hard-working goal oriented experienced loan officers to join our growing winning team. Not everyone is a good fit but there are those who are.
Here are the types of individuals we are looking for to become owners/partners at USA Mortgage:
- 3 years full-time experience as a full time licensed loan originator
- Self generator with realtor partners
- Knowledge in government and conventional loans
- Knowledgeable in Encompass or other compatible LOS
Licensed in multiple states.
USA Mortgage Sells Company To Employees: Here Is What The Company Offers
Here is what USA Mortgage offers:
- Remote Loan Officer Positions
- 100% full marketing support
- USA Mortgage has an in-house state of the art marketing department where we offer co-branding partnerships with realtors
- Licensed in 25 states and plans on being licensed in 49 states by end of 2018
- Chance of promotion to lead your own team
Employee Stock Ownership Plan (ESOP):
- All of our full time employees are owners of USA Mortgage
Full medical, dental, vision benefits the following month after the start date:
- Bi-weekly draw
- 5-day training/orientation to our corporate headquarters (all expenses paid)
- No overlays on government and conventional loans
- Loan Officer Assistants
- All our pre-approvals are full credit approvals fully underwritten and signed off by our mortgage underwriters
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February 25, 2018 - 4 min read