trb
70 Posts |
 Posted - 05/11/2008 : 2:14:33 PM
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In my opinion, your split is gross pay / gross revenue. For instance, my current company takes 1k off the top (still charging the customer the admin fee of who they sell the loan to). Then 10 basis points of the loan amount go into a "buy back" reserve that is not refundable...ever. Then your split. Then off of your portion, you have to pay a "payroll tax fee" of 10% (more than what the employer actually has to pay btw).
I am looking for a Fed Charter where I can broker to another lender or warehouse, and pay one flat fee such as $600. Not 600 plus mandatory processing plus mandatory lender fee plus plus plus....regardless if you warehouse or broker. Let’s be honest and reveal the real commission rate. Gross pay/gross revenue.
Does this exist?
Looking to partner with a company;
X Licensed in at least the North East (VA, DC, MD, PA, NY).
X Licensed to close FHA/VA/Reverse Mortgage.
X Open to signing new lenders.
X Entrepreneurial vs. close corp. mentality.
X Allows independent processing/AUS/Credit pulling/ and the like.
X Has a functional website based on todays standards.
Thank you!
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