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CoolMtgGuy
2003 Posts |
 Posted - 04/30/2008 : 3:32:42 PM
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me know if anyone on BO is interested, or know someone who might be.
The real estate office is located in Ridgefield, CT and has about 75 agents/licenses. The mortgage company is based in the same office. I am looking for a capable, competent and polished LO who can handle the challenges of being an inhouse LO. I must see a resume (via email) first before I would discuss any compensation-related items.
Questions may be asked publicly here on BO but I may choose which to answer publicly and which to answer privately. Remember that this, or any other opportunity, is or will be what an individual wants to make of it.
Any info? |
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CoralSnake
10320 Posts |
Posted - 04/30/2008 : 3:34:47 PM
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| How much is the sign on bonus? |
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BobbyBouchee
92 Posts |
Posted - 04/30/2008 : 4:33:50 PM
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| Hmm...a real estate office is looking to hire an L.O. with compensation? Do I have to give the agents kickbacks? |
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mantixmortgage
2669 Posts |
Posted - 04/30/2008 : 4:50:11 PM
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how many loans do you get from the agents per month?
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CoolMtgGuy
2003 Posts |
Posted - 04/30/2008 : 5:00:21 PM
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quote:
Originally posted by mantixmortgage
how many loans do you get from the agents per month?
Zero. I do not "get" anything from anyone. I work for, and earn evey piece of business. How many do you think that you can "get" from such an agent environment and population? When I fired the LO 2 weeks ago, I found 12 physical files in the office. Two are now ready to close and two are in underwriting. FIles have been neglected. |
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CoolMtgGuy
2003 Posts |
Posted - 04/30/2008 : 5:01:37 PM
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quote:
Originally posted by BobbyBouchee
Hmm...a real estate office is looking to hire an L.O. with compensation? Do I have to give the agents kickbacks?
Wrong. There is no real estate company hiring anyone. My joint venture mortgage company is located in the real estate office as my original post says. |
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CoolMtgGuy
2003 Posts |
Posted - 04/30/2008 : 6:23:38 PM
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| Are there no CT-based originators here on BO? Perhaps some already making plans to move to CT where things are not as bad as CA or FL? Do people know that the average sales price of a home in Ridgefield ... right now ... is over $900K? Surrounding towns (Redding, Wilton, Weston, etc.) are similar! |
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Mandyvilla
2747 Posts |
Posted - 04/30/2008 : 8:50:18 PM
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Do you have (or will you disclose) the dollar volume on the purchase transaction in the real estate office?
And, is there any capture rate at present or must whoever come in have to overcome the damages of the prior two?
Those are the 1st two questions as a producer of quality loans I would want to know. Volume will follow.
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mantixmortgage
2669 Posts |
Posted - 04/30/2008 : 10:27:46 PM
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quote:
Originally posted by CoolMtgGuy
quote:
Originally posted by mantixmortgage
how many loans do you get from the agents per month?
Zero. I do not "get" anything from anyone. I work for, and earn evey piece of business. How many do you think that you can "get" from such an agent environment and population? When I fired the LO 2 weeks ago, I found 12 physical files in the office. Two are now ready to close and two are in underwriting. FIles have been neglected.
sorry, but if i worked in a real estate office, i would expect all the agents to just hand me their files. i think i could get at least 10 a month. |
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CoolMtgGuy
2003 Posts |
Posted - 05/01/2008 : 05:22:01 AM
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quote:
Originally posted by Mandyvilla
Do you have (or will you disclose) the dollar volume on the purchase transaction in the real estate office?
And, is there any capture rate at present or must whoever come in have to overcome the damages of the prior two?
Those are the 1st two questions as a producer of quality loans I would want to know. Volume will follow.
Good questions. Of course I have no way of knowing what the numbers will be for 2008 but 2006 was close to $100 million and 2007 I think was about $70 million.
Conversation rate is unpredictable. I have had great success when I was doing the job and physically present in the office almost every day. Now I live in Florida and I'm handling it remotely and so it is very difficult for all of us. There are no guarantees anywhere in this business so people must decide for themselves what they are capable of doing with any given opportunity. Top producers do not get that way by being "given" any business. This is about having a sufficient number of "at bats" and then the rest is up to the LO. I know that I can introduce three LOs to the same 10 prospects and one of those three LOs will close probably twice as much as the others. Why is that? It certainly is not the environment.
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CoolMtgGuy
2003 Posts |
Posted - 05/01/2008 : 05:22:55 AM
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quote:
Originally posted by mantixmortgage
quote:
Originally posted by CoolMtgGuy
quote:
Originally posted by mantixmortgage
how many loans do you get from the agents per month?
Zero. I do not "get" anything from anyone. I work for, and earn evey piece of business. How many do you think that you can "get" from such an agent environment and population? When I fired the LO 2 weeks ago, I found 12 physical files in the office. Two are now ready to close and two are in underwriting. FIles have been neglected.
sorry, but if i worked in a real estate office, i would expect all the agents to just hand me their files. i think i could get at least 10 a month.
Thanks for your "contribution".
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Mandyvilla
2747 Posts |
Posted - 05/01/2008 : 06:33:15 AM
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FWIW, I spent over 5 years housed in a RE office as a JV, affinity, ABA, call it what you will. I have many mixed opinions on "opportunity."
In 2001/2002 I had a partnership w/ another loan officer that we split all transactions. We each had our own strong points, one did most of the smoozing, the other one technical, and we covered for each other, both very familiar where each transaction stood. At one point, we developed relationships for our declines, and pretty much decided on our "go-to" for declines and then our backup "go-to."
The shoe dropped when I realized shortcuts were being taken and putting us at risk (orchestrating ways to misrepresent or outright fraud so the loan would fly). He perfected the phrase "no problem" so that on the eve of a closing I was explaining to all parties why there was a problem. My name was on those files and the exposure to the owner of the real estate company was huge.....and this was 7 years ago before the word "fraud" was in our daily vocabulary - Realizing this situation did not happen overnight. One or two little things crop up and the radar was turned on. And, the realization I needed proof. And with my radar in overdrive, I found files that were not only going to our outsource for declined loans (subprime was just beginning to get a foothold), but he was sending many on his own, outside of the JV, and in a couple of instances, straight to someone else - taking deals on the side. The nail in this relationship is he relished the roll of the smoozer and would not relay conditions. And for the deal to get done (and right) I had to be the beech. So, in addition to facing my name being associated w/ tainted loans, diversion of income, I was now the bad news beech and he was Mr. Party Boy.
At this point, we were closing about 20 to 30 loans a month. Proving the fraud w/ my name on many of the 1003's was not going to happen. However, proving he was diverting income was relatively easy to document. Once I had documented significant diversion (20K -30K), I brought it forward. It was all kept very quiet the whys, whats, hows, but he was gone w/in an hour.
Recovering and regaining the agent's trust back took in some cases, years. He knows why he was asked to leave, but making it public was not in anyone's best interests. So, I was the "bad" guy that squeezed him out.
While letting the two loan officers go solved one problem for you, you may find a whole new problem has been created - regaining trust back. I don't envy trying to find the right person in this market.
I was in a unique position, in that the RE company interviewed the mortgage company and I went with the deal (after the big split, the owner trusted me). I worked for 2 different companies in a 5 year time-frame. But "we" interviewed many. The target capture on the purchase business was 10%. Anything over 7% was considered a success. And that was in 2005.
This will be quite a challenge - you just need the right person. I would suggest find one LO first, make it worth their while to build bridges and if all goes well, bring in a commissioned assistant. Just being present in an office does not guarantee success - but one of the reasons we did so well in 2001 was because of the tough market and being on hand to help the agents compete in a stressed market. |
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clarenceworley
3845 Posts |
Posted - 05/01/2008 : 07:05:59 AM
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A conversion rate should be between 20-50% of buyer side sales...I worked in two different successful mtg/real estate affiliations and that is about what can be expected.
There will always be rate issues, brother in laws, cash buyers, etc. |
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CoolMtgGuy
2003 Posts |
Posted - 05/01/2008 : 08:15:49 AM
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Thanks for the previous two posts. You folks clearly understand the challenge that I have. With that said, I believe this to be a great opportunity for the right person. I worked this office for 4 years and made a lot of money from it and then replaced myself in the role once everything was working well. Now its like starting over ... but I am upbeat about it because it is a great source of purchase business ... has been, slower now, but will be again. Many of the agents have lost their mortgage contacts as so many have left the industry ... and that spells opportunity to me. The local market is driven by huge amounts of corporate relocations. The area has some of the biggest known companies around (eg: GE, IBM, Pepsi, Boeringer Ingleheim, etc.) and employees are always on the move. This is not a declining market ... check out Fairfield County and you will find it is one of the richest counties in the US. This is prime territory for our business ... assuming of course that we could find reliable jumbo wholesale lenders!
Based on the responses I have seen, I am assuming that there are not many CT-based LOs on BO. I just had to try. Your comments are very helpful to me.
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clarenceworley
3845 Posts |
Posted - 05/01/2008 : 08:36:35 AM
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I would try recruiting some lo's currently with other real estate based firms...or go to CT based LO's here on BO.
Relo business is tough, however. |
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velecico
3249 Posts |
Posted - 05/01/2008 : 08:39:36 AM
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what sources do you have for jumbo money ? |
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CoolMtgGuy
2003 Posts |
Posted - 05/01/2008 : 09:43:45 AM
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quote:
Originally posted by velecico
what sources do you have for jumbo money ?
The majority of my jumbo loans over the past 6 years have been funded by CW, WF, IndyMAc, National City and World Mortgage.
Today, I am looking fo rnew lenders ... but they all are chasing agency loans. Any suggestions? |
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CoolMtgGuy
2003 Posts |
Posted - 05/01/2008 : 09:46:18 AM
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quote:
Originally posted by clarenceworley
I would try recruiting some lo's currently with other real estate based firms...or go to CT based LO's here on BO.
Relo business is tough, however.
I do not get a lot of relo business but the constant movement of company employees keep the local market vibrant. Very few of my buyer clients have relo packages. |
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