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trb
70 Posts |
 Posted - 05/11/2008 : 2:44:52 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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gotdebt123
99 Posts |
Posted - 05/12/2008 : 10:38:36 AM
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| I can get this set up for you asap. Please email or call |
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CoralSnake
10298 Posts |
Posted - 05/12/2008 : 10:43:34 AM
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| What is your percentage now using that formula? |
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trb
70 Posts |
Posted - 05/12/2008 : 1:19:14 PM
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| it can go under 50%. Was at a straight 70% prior to coming on with current lender. Just really looking for a high rate of commission (as I think most are) with any drama or backdoor fees. It was a bait and switch in my opinion. Just to re-clarify, most flat fee or high comm split structure are setup so the LO pays for the credit, DU, marketing and work from home...so the commission the company (broker) takes is pure profit. Thanks |
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