| Author |
Previous Topic | Next Topic |
|
MisterVA
5309 Posts |
 Posted - 05/04/2008 : 3:57:56 PM
|
Some things don't seem to change. The problems in the mortgage industry and now with Congress is this: Everybody from homeowners, to brokers, to lenders, to CDO issuers, ad nauseum all wanted the reward without any of the risk. That is a basic investment principle. Finance 101.
Now, there is a multitude of posts here from people who want all of the reward and none of the risk. "Looking for 100% with availablity to do all 50 states" or some variation on this theme appears daily. The advice to set up their own shop falls on deaf ears. They want someone else to assume 100% of the risk, while they reap 100% of the reward. It doesn't work that way. And if you think it does, Matthew Lesko has a book he wants to sell you. |
|
clarenceworley
3530 Posts |
Posted - 05/04/2008 : 4:46:02 PM
|
| I agree..I mean how do people expect such a business to stay in business? |
|
|
khoiey
1179 Posts |
Posted - 05/04/2008 : 7:41:07 PM
|
Well.. do the people who seek 100% commission get what they want?
quote:
Originally posted by clarenceworley
I agree..I mean how do people expect such a business to stay in business?
|
|
|
Banker0679
7671 Posts |
Posted - 05/04/2008 : 7:42:18 PM
|
Paul...dont you offer 100%?  |
|
|
oldmlb
112 Posts |
Posted - 05/04/2008 : 7:45:41 PM
|
| Que? How is it done in Barcelona? |
|
|
ML
1807 Posts |
Posted - 05/04/2008 : 8:09:26 PM
|
quote:
Originally posted by clarenceworley
I agree..I mean how do people expect such a business to stay in business?
Make it up in volume! |
|
|
MoneyLenderP
1211 Posts |
Posted - 05/04/2008 : 9:06:11 PM
|
| I'm more then happy with my 55% and no overhead once so ever. |
|
|
1stintegritymort
1280 Posts |
Posted - 05/04/2008 : 9:57:08 PM
|
you should make a list of all the net branch companies that are out of business due to their high pay out. its nice for a company to have over 500 LO's but seriously, how do you manage that? it only takes one LO to ruin it for everyone. to start the list i will name:
Premier Mortgage Funding
Global Mortgage
CFIC
anyone else have any others to add? |
|
|
MisterVA
5309 Posts |
Posted - 05/05/2008 : 04:31:34 AM
|
quote:
Originally posted by oldmlb
Que? How is it done in Barcelona?
It is learned from a boooook. |
|
|
MisterVA
5309 Posts |
Posted - 05/05/2008 : 04:32:26 AM
|
quote:
Originally posted by Banker0679
Paul...dont you offer 100%?
We are retail. w/2. The more you close the higher the commission. |
|
|
clarenceworley
3530 Posts |
Posted - 05/05/2008 : 05:08:17 AM
|
| I would rather have good support and product, plus solid underwriting. |
|
|
kellamtom
557 Posts |
Posted - 05/05/2008 : 05:19:43 AM
|
quote:
Originally posted by clarenceworley
I agree..I mean how do people expect such a business to stay in business?
most los are paid strictly commission, most of the 95-98%(there is no 100%) shops invest no marketing dollars and provide no leads little or no support ect.. so who is really taking the risk, broker/owner or lo? |
|
|
CoolMtgGuy
1608 Posts |
Posted - 05/05/2008 : 05:29:48 AM
|
I agree totally. I have posted responses to some of the posts you refer to.
I think that most of the people making those unreasonable requests have never ownned their business. As employees, people do not care about the cost of running that business or keeping it viable for the long term. Originators know that they can simply walk into another shop and milk it until it too dies.
For the broker/owner who makes the decision to give these greedy, selfish people most of what they want, such a business model will collapse ... it is only a maytter of time.
Good post. |
|
|
EMScommercial
4444 Posts |
Posted - 05/05/2008 : 6:11:08 PM
|
| if you want 100% - go out on your own.... take on all the responsibility.... liability.... etc..... then you can 'enjoy' the 100%.... |
|
|
brandie
2976 Posts |
Posted - 05/05/2008 : 6:22:17 PM
|
The one that gets me is companies stating that we will pay you 100% commission, but there is a 595 per file fee and some other fees.
Sorry people but you are not getting 100% commission! |
|
|
CoolMtgGuy
1608 Posts |
Posted - 05/05/2008 : 7:01:57 PM
|
quote:
Originally posted by brandie
The one that gets me is companies stating that we will pay you 100% commission, but there is a 595 per file fee and some other fees.
Sorry people but you are not getting 100% commission!
You expect those greedy originators to do math? If they knew math, they won't ask for 100% of anything unless they own 100% of it. |
|
|
Banker0679
7671 Posts |
Posted - 05/05/2008 : 8:39:10 PM
|
i once had a borrower who didn't want to go with me because....
builder was offering 10k towards closing cost.
His closing costs came out to 6k
I was offering nothing...and my closing costs were at 5k.
Borrower wanted to know why I wasn't offering any incentives.
SOME PPL JUST DONT GET IT! |
|
|
hmorales007
59 Posts |
Posted - 05/05/2008 : 9:16:56 PM
|
You are getting 100% of your origination and YSP under those plans. The $595 broker fee should be charged to the borrower. Can't sell that and you are in the wrong biz.
quote:
Originally posted by brandie
The one that gets me is companies stating that we will pay you 100% commission, but there is a 595 per file fee and some other fees.
Sorry people but you are not getting 100% commission!
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
