| Author |
Previous Topic | Next Topic |
|
beatory
104 Posts |
 Posted - 05/09/2008 : 5:33:46 PM
|
I just happen to know Sterling Mortgage in Arizona. They said they have most of states licensed, and they pay out 100% commission. Monthly $399 is the only the cost they charge to the agents.
I tried to contact there, but it's hard to reach them.
Susan called me in the morning and left message. I called back but no one answerd. I sent an email in the morning, but haven't got any response till 5:24 pm today. A few minutes ago, i called her again, but only a machine picks up my call.
Too great offer doesn't seem really have great services.
By the way, anybody who has experience with this company, please leave some comments here.
I'll appriciate that your any comment. |
|
hockeyguy
137 Posts |
Posted - 05/10/2008 : 06:53:00 AM
|
| I'm currently using them. Actually I never ran into any problem with getting information. As for contacting them and response speed its been great. I'm in MN and they have about 50+ lenders, FHA and VA. They do charge 399 per month but also they will take out a % for payroll. Usually I just charge a 399 processing fee. |
|
|
beatory
104 Posts |
Posted - 05/10/2008 : 11:15:28 AM
|
Thanks for your time.
Can I ask you a cuple of questions if you don't mind?
Other than % charge for payroll, what other fees,if there's any, you have to pay at closing. Do they charge any processing fee to you? What percentage they take out from your payroll?
Are you 100% satisfied their system and service? What's ur dislike, if you have any?
Please response with your best knowledge. I'll appriciate that.
quote:
Originally posted by hockeyguy
I'm currently using them. Actually I never ran into any problem with getting information. As for contacting them and response speed its been great. I'm in MN and they have about 50+ lenders, FHA and VA. They do charge 399 per month but also they will take out a % for payroll. Usually I just charge a 399 processing fee.
|
|
|
hockeyguy
137 Posts |
Posted - 05/10/2008 : 10:31:14 PM
|
Self processing fee is $99 you can just add that on the HUD.
Payroll fee - 0-$7,000 is 11.9%, $7,001 is 8.9% and it keeps going down untill $99,000 than its like 1%.
I've only been with them for about 3 months so not excatly sure the numbers for payroll.
I really do like there service but not sure if I can find a better fit for fees? The only thing I really don't like is your just a loan officer. If you want to start up an office and be a branch manager were you can hire other employees and take a certain % that just not possible. |
|
|
Banker0679
6480 Posts |
Posted - 05/10/2008 : 11:19:24 PM
|
| envision lending 450 per file.....and 83% w2 FHA |
|
|
hockeyguy
137 Posts |
Posted - 05/11/2008 : 08:55:51 AM
|
| Yes Sterling is FHA and VA approved W2. AZ, WY, MN, CA, OR, ID, SD, NM,. Banker is the company you work under called envision lending? |
|
|
hockeyguy
137 Posts |
Posted - 05/11/2008 : 11:53:44 AM
|
| beatory if you have any questions feel free to send me an email. I can let you know about lenders and other things they have set up for employees. There web system is pretty cool. |
|
|
Banker0679
6480 Posts |
Posted - 05/11/2008 : 5:18:03 PM
|
it will be...my wife already joined them
quote:
Originally posted by hockeyguy
Yes Sterling is FHA and VA approved W2. AZ, WY, MN, CA, OR, ID, SD, NM,. Banker is the company you work under called envision lending?
|
|
|
beatory
104 Posts |
Posted - 05/11/2008 : 5:27:31 PM
|
Thanks.
I have many questions regarding Sterling Mortgage actually.
First of all, I don't know how to self processing my loan..It's sad, but it leaves only option to go with company's processor. How much can I get charged If I don't process myself.
Secondly, why the Sterling charges payroll cost up to 11%? It's no more 100% then.
Thrid, how can I start this without any branch available in my area (Los Angeles).
I have many more, but limit myself up to three questions. So, please tell me with your best knowledge.
I'll appriciate that.
quote:
Originally posted by hockeyguy
beatory if you have any questions feel free to send me an email. I can let you know about lenders and other things they have set up for employees. There web system is pretty cool.
|
|
|
hockeyguy
137 Posts |
Posted - 05/11/2008 : 6:00:56 PM
|
As for having the company process loans I will find out, I have done my own so not sure.
As for payroll it goes by how much you've made the first 7,000 is 11.9%, once you get to $7,001 its 8.9% and it goes down to like 1%. So it all depends on how many loans you can do. If you can crank them out you can get the % down fast. I will get more info for you on those numbers.
As for not having a branch in LA. You basically work from your own shop or home. They have great support for helpping you along the way. Its pretty cool they have a lender email so when you have a scenario and not sure where to go you send out a massive email to all lender. Also they have a discussion board that the other 400 LO can all email questions to each other. The also have a daily rate sheet so you can see who has the best rate and how many points. Like I say the support is great. I'm pretty new to the industry only 2 years and they have helpped me with a lot of questions.
Like I say I'm not sure if there is better options out there but I'm pretty happy with things. I'm sure if you look hard enough you can find someone that offers something. If your cranking out 3 loans a month you only have to pay the $395 per month once and not per file. So the other 2 loans would only cost me $100 each for self processing plus what ever % I'm in for payroll. |
|
|
hockeyguy
137 Posts |
Posted - 05/11/2008 : 7:19:33 PM
|
| beatory - $495 in house processing and $695 FHA in house processing. |
|
|
beatory
104 Posts |
Posted - 05/11/2008 : 10:58:56 PM
|
Thanks, hockyguy
Speaking of support, how can I get FHA training other than video tutorial that Sterling provides on the public.
Also, I believe Stering provides conventional loans. Does Stering have approved from following lenders like Wells Fargo, Suntrust, HSBC, Sierra Pacific, Provident, Homecomings, Citimortgage, Wachovia, and ING?
What is your the most frequent lender for FHA deal? |
|
|
hockeyguy
137 Posts |
Posted - 05/12/2008 : 07:02:42 AM
|
There are a couple of links here on BO that have FHA training.
As for FHA lenders: TBW, WF, FH, American Sterling bank, Citi, there are a total of 24 lenders depnding on which state |
|
|
FLProcessor
190 Posts |
Posted - 05/12/2008 : 07:35:24 AM
|
| HockeyGuy - What states are they approved in? I looked for a website with this sort of info, but couldn't find it. I'm assuming they pad rates or receive some other compensation, otherwise it would be impossible to keep the doors open for a simple $400/month fee + basic utility fees? |
|
|
hockeyguy
137 Posts |
Posted - 05/12/2008 : 07:38:47 AM
|
| I'm sure they like almost everyone pads the rates a bit. I've had no problem competing with rates. |
|
|
FLProcessor
190 Posts |
Posted - 05/12/2008 : 07:49:55 AM
|
| Any ideas where they're licensed or a site that mentions this? |
|
|
hockeyguy
137 Posts |
Posted - 05/12/2008 : 07:50:30 AM
|
| www.shmaz.com |
|
|
ehm3
818 Posts |
Posted - 05/12/2008 : 08:29:30 AM
|
I believe Sterling is the company that does the awesome FHA training presentaion
www.freefhatraining.com |
|
|
beatory
104 Posts |
Posted - 05/12/2008 : 1:52:43 PM
|
I just got emails from Susan, a regional manager, in Sterling and said there's no paded rate sheet. I want to believe her.
Their only conventional lender approved now is Sierra Pacific.
|
|
|
FLProcessor
190 Posts |
Posted - 05/12/2008 : 4:47:57 PM
|
If they allow you to get go off standard ratesheets directly from the investors, there may not be a markup; however, I would hope they are making something somewhere else. A company can't get by on $400/month and some psss-through fees!
As far as conventional lenders; they're only approved with one, that also happens to be a net branch?! Beatory, the manager you spoke with.. Did she tell you their policy on signing up new lenders? |
|
|
hockeyguy
137 Posts |
Posted - 05/12/2008 : 5:04:43 PM
|
| I don't know who Sarah is but 1 conventional lender? Sterling has over 50 lender for me here in MN to use. If your charging $400 per month with over 400 LOs plus your payroll % thats a lot of money. |
|
|
beatory
104 Posts |
Posted - 05/12/2008 : 5:06:29 PM
|
Nope,I haven't talk to her regarding signing new lender policy.
Short of conventional lender volume. I think that's the only reason I am heistate to sign in though. Only one conventional lender is not enough to work with. However, their on-line FHA training is owesome. I like that.
Is there any better NB outthere that covers Los Angeles area? |
|
|
hockeyguy
137 Posts |
Posted - 05/12/2008 : 5:09:01 PM
|
| I guess I'm confussed 1 conventional lender? I know from my own experiance First Horizon and CNB National Lending. What do you mean by conventional? |
|
|
beatory
104 Posts |
Posted - 05/12/2008 : 5:13:45 PM
|
I was mistakenly represent Susan's reply.
There's 35 lenders in CA according to her quote.
Following is the part of our email correspondence with her in this morning.
Second, do you have following conventional wholsale lenders approved?
(Provident, Wells Fargo, Suntrust, ING, HSBC, Sierra Pacific, Homecoming)
In CA, we only have Sierra Pacific out of these you
have listed. We do have 35 lenders we are approved to broker to in CA.
|
|
|
hockeyguy
137 Posts |
Posted - 05/12/2008 : 5:24:10 PM
|
Lenders available in CA.
Accredited
American Mortgage Group
American Sterling Bank
Bear Sterns
Bismark Mortgage
Chase Rural
Chase Manhattan
CMG
Creative Finacial Service
Desert Hills Bank
Equifirst
First Horizon
GMC Financial Corp
Home Loan Network
Imperial Lending
Indymac
Interbay
JB Nutter
Just Mortgage
Lehman brothers
M & I
MortgageIT
Omni Bank
Paramount
Plaza Home Mortgage
Security National
Sierra Pacific
Silver Hill
Sun America
United Residential
Wilmington
|
|
|
beatory
104 Posts |
Posted - 05/12/2008 : 6:28:55 PM
|
| Thanks, hockeyguy..^.^ |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
