is there something better than my company?

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azucarero75

192 Posts

Posted - 04/25/2008 : 1:13:43 PM

can anyone tell me if this pay structure from my company is fare or if there is something better out there?
$750 per File
13% Payroll fees
350 Admin fees
130 monthly fees
No leads and no company e-mail account.

Now… be honest.

mykal5

3291 Posts

Posted - 04/25/2008 : 1:29:56 PM

You are getting screwed. I imagine you are bringing in your own business, if so you are getting really screwed. Not only that, but I think lead shops by and large are going the way of the dinosaur.

Managing Prime

2804 Posts

Posted - 04/25/2008 : 1:41:11 PM

There are companies that will charge $400-500 in admin fee's per file. Pay 100% on non govt deals and 90% on FHA. You should get company email even if you have to pay $30-50/yr.

CoralSnake

11206 Posts

Posted - 04/25/2008 : 1:49:42 PM

It sounds like alot.
Figure the average gross is $4,000 (Just taking a round number).
That would mean the first 4k you grossed every month, you are paying $1750 back to the company.
I dont know how much biz you bring in, but it seems high.
What percentage are you paying over the last year on this system?
Or if you havent yet been with your campany for a year, what percentage would you have paid using this system over the last 12 months?
That will be a better indicator.
But it does seem like alot iof 'junk' fees.

mykal5

3291 Posts

Posted - 04/25/2008 : 1:54:12 PM

quote:
Originally posted by Managing Prime

There are companies that will charge $400-500 in admin fee's per file. Pay 100% on non govt deals and 90% on FHA. You should get company email even if you have to pay $30-50/yr.

This is a more common setup in my experience. Take a look at Envision if you can.

financeone

1721 Posts

Posted - 04/25/2008 : 2:05:16 PM

Bo Gus

azucarero75

192 Posts

Posted - 04/25/2008 : 3:03:54 PM

quote:
Originally posted by Banker0679

is the 350 admin fee monthly or per file?

quote:
Originally posted by azucarero75

can anyone tell me if this pay structure from my company is fare or if there is something better out there?
$750 per File
13% Payroll fees
350 Admin fees
130 monthly fees
No leads and no company e-mail account.

350 admin fee is per fiel...
i genrate my own leads (cold calling). they provide nothing.

Now… be honest.

azucarero75

192 Posts

Posted - 04/25/2008 : 3:04:44 PM

350 admin fee is per fiel...
i genrate my own leads (cold calling). they provide nothing.

808

2871 Posts

Posted - 04/25/2008 : 3:09:04 PM

quote:
Originally posted by azucarero75

can anyone tell me if this pay structure from my company is fare or if there is something better out there?
$750 per File
13% Payroll fees
350 Admin fees
130 monthly fees
No leads and no company e-mail account.

Now… be honest.

unless your getting unlimited golf and use of the pool, weight room & suana your getting screwed. Tell your owner to drop the Admin & Monthly fees or start sending him your monthly credit report bill.

azucarero75

192 Posts

Posted - 04/25/2008 : 3:18:17 PM

i'm happy with a 70/30 cut. they can do the procesing and keep the fees. i'll do the selling. is there something like that around. no admin fees and no monthly fees. just straight 70/30.

azucarero75

192 Posts

Posted - 04/25/2008 : 4:44:05 PM

quote:
Originally posted by Banker0679

envision is 83....and 450 per file
so i guess 75%

quote:
Originally posted by azucarero75

i'm happy with a 70/30 cut. they can do the procesing and keep the fees. i'll do the selling. is there something like that around. no admin fees and no monthly fees. just straight 70/30.

do they have monthly fees or set up fees?

ZoolanderMSM

220 Posts

Posted - 04/25/2008 : 5:16:26 PM

What states are you in?

azucarero75

192 Posts

Posted - 04/25/2008 : 6:23:53 PM

Mass.

azucarero75

192 Posts

Posted - 04/25/2008 : 6:35:34 PM

i'm in MA.

Hustler12

1331 Posts

Posted - 04/25/2008 : 7:49:28 PM

I pay $500/file. I get 100% of my fees. I get company email and broker will sign up with any lender I ask him to. The biggest thing, I trust him and I get paid as soon as I turn in the QC'ed file. I think it's a good deal.

808

2871 Posts

Posted - 04/25/2008 : 8:35:24 PM

quote:
Originally posted by Hustler12

I pay $500/file. I get 100% of my fees. I get company email and broker will sign up with any lender I ask him to. The biggest thing, I trust him and I get paid as soon as I turn in the QC'ed file. I think it's a good deal.

It is nice to walk in your owners office at 9:30 w a closed/funded file and leave at 10:00 w a fat commission check. That's my set up too. Get paid on the loan then you can move on to the next one 100%. Also my owner will go w any lender I or any other LO finds as long as they don't have some funky EPD clause.
I pay my Corrospondent $550/file minus 15% payroll, then the rest is mine. Were also FHA/VA approved (have been since 2000) so that's been pretty sweet for the last 6mos as well.

windyctymktg

591 Posts

Posted - 04/25/2008 : 8:44:28 PM

Okay so what do you have to pay, credit, fed ex, DU/LP? For someone to only make $550 per file and have to cover the expenses is kinda nuts unless you are doing a decent number of loans each month. Now i am assuming the 13% payroll fees are because you are W2. The email may not be a bad thing since if you leave you don't have to worry about your clients sending emails to your old employer.

mgd

121 Posts

Posted - 04/25/2008 : 9:04:04 PM

E-mail me off the board

azucarero75

192 Posts

Posted - 04/26/2008 : 06:35:37 AM

I heard Ascent Home Loans are good. Does anybody knows if there rates are padded or have problems paying? anythinga? I'm thinking of signing with them.

Hustler12

1331 Posts

Posted - 04/26/2008 : 09:00:00 AM

I pay for my own credit thru my own account and I utilize their processor for DU/LP. He(the processor) is actually a really cool guy. I just take the app, order the appraisal and when the stips are faxed to me I just forward to him. He stacks the file, submits the loan, opens title, etc. He even calls the notary when it time to sign. I pay him $500 a file and I think it is well worth it.

The only issue is my broker is not FHA approved yet.

808

2871 Posts

Posted - 04/26/2008 : 10:12:13 AM

quote:
Originally posted by Hustler12

I pay for my own credit thru my own account and I utilize their processor for DU/LP. He(the processor) is actually a really cool guy. I just take the app, order the appraisal and when the stips are faxed to me I just forward to him. He stacks the file, submits the loan, opens title, etc. He even calls the notary when it time to sign. I pay him $500 a file and I think it is well worth it.

The only issue is my broker is not FHA approved yet.

that's a pretty big issue

CoolMtgGuy

4094 Posts

Posted - 04/26/2008 : 10:36:27 AM

quote:
Originally posted by Hustler12

I pay for my own credit thru my own account and I utilize their processor for DU/LP. He(the processor) is actually a really cool guy. I just take the app, order the appraisal and when the stips are faxed to me I just forward to him. He stacks the file, submits the loan, opens title, etc. He even calls the notary when it time to sign. I pay him $500 a file and I think it is well worth it.

The only issue is my broker is not FHA approved yet.

It sounds like you are certainly doing your share to enable the process to do a great job for you. How complete is the file you turn over to the processor? Who contacts the borrowers for needed information or documentation? Please help me understand this as I am constantly arguing with originators that it is their responsibility to put together a complete file .... app, supporting docs, credit report, etc. In CT, no unlicensed individual is allowed to communicate directly with the borrower.

azucarero75

192 Posts

Posted - 04/26/2008 : 4:53:45 PM

how about Western Thrift and loans? are they good? i hear thy pay 80%.

Hustler12

1331 Posts

Posted - 04/26/2008 : 7:53:03 PM

I definitely contact the borrower if there is a need to talk to them with regards to pricing, lock, turn time, etc. If its just for a random stip (like another month of bank statements or something)I have the processor call. Just the other day I had a trust issue and I wanted to explain about taking the borrower out and putting them back in at signing.

As for what I turn over? I turn over a complete 1003, bwr auth, credit and stips. I upload pricing once locked into the point file. I lock all my loans. When the approval comes back, we decide what is a LO condition and a Processor condition and go after it. I make all the tough calls. I also call out final pricing and go over the HUD before we send out a notary so we don't have any busted signings. The notary always has my cell and his cell in case of questions.

To me, if there is a conversation the salesman(LO) needs to handle the call. If its a paper or detail issue, the detail orientated person needs to handle it.

azucarero75

192 Posts

Posted - 05/02/2008 : 2:35:07 PM

has anybody heard of the Money Tree? out of PA.

azucarero75

192 Posts

Posted - 05/02/2008 : 2:58:23 PM

you need to have a license and operate by yourself in order to work with them. or have your borker sing with them whish i know they aren't.

benjamin

2849 Posts

Posted - 05/02/2008 : 3:19:41 PM

? How many of you are paid 1099? In Michigan, and I thought it was nationwide, a loan officer is an employee of only one entity, paid via w-2. Is this state specific?

chasjh46

210 Posts

Posted - 05/02/2008 : 3:29:19 PM

quote:
Originally posted by azucarero75

i'm happy with a 70/30 cut. they can do the procesing and keep the fees. i'll do the selling. is there something like that around. no admin fees and no monthly fees. just straight 70/30.

To bad your not in CA, I pay 90% and no admin fees. Just $450 processing charged to the borrower.

azucarero75

192 Posts

Posted - 05/02/2008 : 4:03:45 PM

who has a per fiel flat fee?
I'm in MA.

azucarero75

192 Posts

Posted - 05/02/2008 : 4:38:29 PM

sorry!! i did mean file.
It's a hand-eye coordination thing.

NRU2

85 Posts

Posted - 05/02/2008 : 6:17:36 PM