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velecico
3991 Posts |
 Posted - 07/08/2008 : 8:30:13 PM
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I saw a post and someone was questioning a fellow closing 9 to 15 loans per month , my company just posted the top 50 in YTD production , Number one did 100 loans $23,482,164 she is from Hamilton NJ , her partner did 68 loans at $15.203.520 , number 3 had 55 loans 9,663,124 .
Lets make some money in the second half of 2008 !! much less competition , rates are good , tons of iventory , great time for first time buyers , and if you have some money put away for an investment , positive cash flow is coming back now that prices have gone down on 2-4 units .
If you dont believe someone can close 9 loans per month , you really cant contribute to this forum , lets keep the doom and gloom post to ourselves |
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Managing Prime
2802 Posts |
Posted - 07/08/2008 : 8:31:48 PM
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quote:
Originally posted by velecico
If you dont believe someone can close 9 loans per month , you really cant contribute to this forum
AMEN!! |
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hpmfinancial
1554 Posts |
Posted - 07/08/2008 : 8:43:14 PM
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| Right on. |
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KHufford
5993 Posts |
Posted - 07/08/2008 : 9:01:24 PM
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You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
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Brianquigley
1824 Posts |
Posted - 07/08/2008 : 9:02:57 PM
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| It's 100 loans year to date. Top guy at my company did 114 year to date. |
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KHufford
5993 Posts |
Posted - 07/08/2008 : 9:05:39 PM
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2007 totals:
From my company;
#21 in the US
Jon Volpe
Nova Financial
$176,835,503
771 Units
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financeone
1646 Posts |
Posted - 07/08/2008 : 9:06:11 PM
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quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
What? That just smells bad. I'm a single LO/Broker I did 38 last month! Sweet...approx $72k...wanna buy some swamp land? |
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KHufford
5993 Posts |
Posted - 07/08/2008 : 9:09:45 PM
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Dude, I just Googled "top mortgage originator 2008"
My BO profile comes up as the 4th option down!! Nice..
Where do I get that 1st quarter list without paying 100 bucks?
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financeone
1646 Posts |
Posted - 07/08/2008 : 9:13:56 PM
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| and you need that list because...? Looking for some bps people? |
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KHufford
5993 Posts |
Posted - 07/08/2008 : 9:16:20 PM
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quote:
Originally posted by financeone
and you need that list because...? Looking for some bps people?
Just curious, we usually have a lot of people on it. Most companies that have the actual figures charge for the research I guess.
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dkendall1979
10261 Posts |
Posted - 07/08/2008 : 9:25:44 PM
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| Can AE's play this game? |
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financeone
1646 Posts |
Posted - 07/08/2008 : 9:28:09 PM
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| Ask Kyle, he's #4! I would vote aye. |
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dkendall1979
10261 Posts |
Posted - 07/08/2008 : 9:32:42 PM
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I can't calculate YTD, but I did 51 last month!
Come get you some! |
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financeone
1646 Posts |
Posted - 07/08/2008 : 9:32:44 PM
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quote:
Originally posted by KHufford
quote:
Originally posted by financeone
Ask Kyle, he's #4! I would vote aye.
Im not #4, Nova's part owner is. Get it yet, Bob Van Winkle?
There's the testy boy! Got it, thanks for the clarification, Pyle. |
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dkendall1979
10261 Posts |
Posted - 07/08/2008 : 9:34:25 PM
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Winkle = Einhorne
Einhorne = Winkle!!!
OMG!!! |
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KHufford
5993 Posts |
Posted - 07/08/2008 : 9:35:32 PM
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quote:
Originally posted by financeone
quote:
Originally posted by KHufford
quote:
Originally posted by financeone
Ask Kyle, he's #4! I would vote aye.
Im not #4, Nova's part owner is. Get it yet, Bob Van Winkle?
There's the testy boy! Got it, thanks for the clarification, Pyle.
I deleted my response, I thought you were saying I was #4 in the country for volume. I realized you were talking about my Google statement. Our part owner, Jon, has been number #1 in the country many times however, I wish I personally had those numbers! = six figure income, no joke.
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financeone
1646 Posts |
Posted - 07/08/2008 : 9:39:59 PM
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quote:
Originally posted by KHufford
quote:
Originally posted by financeone
quote:
Originally posted by KHufford
quote:
Originally posted by financeone
Ask Kyle, he's #4! I would vote aye.
Im not #4, Nova's part owner is. Get it yet, Bob Van Winkle?
There's the testy boy! Got it, thanks for the clarification, Pyle.
Exactly what I was referring to... Crap don't go Winkle on me!
Do that to Johnnyboy.
I deleted my response, I thought you were saying I was #4 in the country for volume. I realized you were talking about my Google statement. Our part owner, Jon, has been number #1 in the country many times however, I wish I personally had those numbers! = six figure income, no joke.
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ritabradley01
3228 Posts |
Posted - 07/08/2008 : 9:46:32 PM
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quote:
Originally posted by velecico
I saw a post and someone was questioning a fellow closing 9 to 15 loans per month , my company just posted the top 50 in YTD production , Number one did 100 loans $23,482,164 she is from Hamilton NJ , her partner did 68 loans at $15.203.520 , number 3 had 55 loans 9,663,124 .
Lets make some money in the second half of 2008 !! much less competition , rates are good , tons of iventory , great time for first time buyers , and if you have some money put away for an investment , positive cash flow is coming back now that prices have gone down on 2-4 units .
If you dont believe someone can close 9 loans per month , you really cant contribute to this forum , lets keep the doom and gloom post to ourselves
Yeah baby! |
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KHufford
5993 Posts |
Posted - 07/08/2008 : 10:03:39 PM
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quote:
Originally posted by financeone
quote:
Originally posted by KHufford
quote:
Originally posted by financeone
quote:
Originally posted by KHufford
quote:
Originally posted by financeone
Ask Kyle, he's #4! I would vote aye.
Im not #4, Nova's part owner is. Get it yet, Bob Van Winkle?
There's the testy boy! Got it, thanks for the clarification, Pyle.
Exactly what I was referring to... Crap don't go Winkle on me!
Do that to Johnnyboy.
I deleted my response, I thought you were saying I was #4 in the country for volume. I realized you were talking about my Google statement. Our part owner, Jon, has been number #1 in the country many times however, I wish I personally had those numbers! = six figure income, no joke.
I will slap Johnnyboy in his face! You'll be next if you dont stop drinking and posting my man..
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cervera01
169 Posts |
Posted - 07/08/2008 : 10:43:18 PM
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I'm really curious to know how the top producers are pulling this off. 10+ loans a month! WOW! I'm currently work with 4 realtors exclusively and not closing 10+ a month. I wonder if I should be diversifing myself by targeting refi's...
Then we have Darkstar who has so many leads that he's giving them away... good for him! |
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KHufford
5993 Posts |
Posted - 07/08/2008 : 10:51:46 PM
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quote:
Originally posted by cervera01
I'm really curious to know how the top producers are pulling this off. 10+ loans a month! WOW! I'm currently work with 4 realtors exclusively and not closing 10+ a month. I wonder if I should be diversifing myself by targeting refi's...
Then we have Darkstar who has so many leads that he's giving them away... good for him!
Apparently you didnt take the time to read this entire thread because I laid out exactly how they do..
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clarenceworley
4228 Posts |
Posted - 07/09/2008 : 03:26:25 AM
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| It is possible for sure- I worked in a small shop in Delaware years ago that had lo's doing 20-30 purchase money deals a month. |
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Kevinc with DME
13 Posts |
Posted - 07/09/2008 : 06:00:25 AM
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quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
And how exactly are these LO's originating business?
Cold Calling
Realtors
Leads
I'm curious to know. Cold calling has been terrible lately for me personally. I network as much as I can but often times people who are in need are people who cannot be helped.
This is wonderful motivation but I'd love to learn how you guys are doing this so I can apply it and make some big money in the Midwest! |
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darkstar
18293 Posts |
Posted - 07/09/2008 : 06:15:22 AM
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quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
I just laid out this concept, to a point,
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=230944
You can move forward at a much greater speed if you the have the best people in the right places and everyone is on the same program instead of each person doing their own thing impeding the company's progress...LOs may not want this, but owners should demand it...If Bob ***** after he gets an app because he has no organizational skills and Joe can't close a door but can structure and place deals, why do you let Joe call and Bob process?...Use their best skills and make a team...Some can do it A-Z, but if Bob can only do A-G, partner him with the one that's good from H-Z!...This would have to cause a spike in closings... |
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Coffee Is 4 Clos
1638 Posts |
Posted - 07/09/2008 : 06:22:41 AM
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| We have a loan officer in Chicago who has closed 160 loans YTD. 90 of those loans were submitted in Jan and Feb when rates dropped. Not sure what his volume is but he does a lot of jumbo loans and the median loan amount in his area must be around 230k. Now, I don't know much about him because the guy doesnt have a social life and works 15 hours a day... but I do know he's making 1pt or sometimes less per loan... which makes total sense when you are doing volume like that. |
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Coffee Is 4 Clos
1638 Posts |
Posted - 07/09/2008 : 06:23:55 AM
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| OH- and the best part of it is that he's 30 years old and has only worked for my company- no where else. He was recruited out of college and had been in the military before that... so, he only has about 6 years experience! |
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velecico
3991 Posts |
Posted - 07/09/2008 : 07:37:44 AM
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quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
No she does not , its a small office in Hamilton NJ , you can look it up , juts go to the Gateway Funding web site and hit NJ , then click Hamilton , she may have 1 assistant , thats it , its not 100 loans per month , its 100 YTD to May 31 |
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clos25
419 Posts |
Posted - 07/09/2008 : 08:07:05 AM
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| last yeat I was averaging 5-7 loans a month working my ass off. the thing is is I was babysitting every single file making sure nothing was missing and that it will close...I was going to my closings, etc. all refis. The thing is you want to produce more you need a good team, a good processor you can rely on, app taker, assistant, etc,,,so all you ned to do is put deals together and sell them. |
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phisig6057
72 Posts |
Posted - 07/09/2008 : 08:15:08 AM
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quote:
Originally posted by darkstar
quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
I just laid out this concept, to a point,
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=230944
You can move forward at a much greater speed if you the have the best people in the right places and everyone is on the same program instead of each person doing their own thing impeding the company's progress...LOs may not want this, but owners should demand it...If Bob ***** after he gets an app because he has no organizational skills and Joe can't close a door but can structure and place deals, why do you let Joe call and Bob process?...Use their best skills and make a team...Some can do it A-Z, but if Bob can only do A-G, partner him with the one that's good from H-Z!...This would have to cause a spike in closings...
Very good point! This system of allowing individuals to focus on the areas in which they specialize significantly increases productivity. It has worked very well for me in the past. |
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delmer01
39 Posts |
Posted - 07/09/2008 : 08:58:27 AM
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| how are they getting their business? cold calling? developer? and what type of paper? any ideas?? |
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velecico
3991 Posts |
Posted - 07/09/2008 : 09:33:56 AM
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I am trying to find out , Hamilton is pretty diverse , you drive 15 minutes , mansions in Princeton go another 15 minutes , crack houses in Trenton LOL , she does lots of NJHMFA , we pay 1.5 pts on the back end , so you can offer 100% financing with no closing cost , the state gives a 4% grant towards closing cost |
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velecico
3991 Posts |
Posted - 07/09/2008 : 09:34:41 AM
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quote:
Originally posted by velecico
I am trying to find out , Hamilton is pretty diverse , you drive 15 minutes , mansions in Princeton go another 15 minutes , crack houses in Trenton LOL , she does lots of NJHMFA , we pay 1.5 pts on the back end , so you can offer 100% financing with no closing cost because the state gives a 4% grant towards closing cost
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lukyk22
1700 Posts |
Posted - 07/09/2008 : 09:57:12 AM
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This statement is not true. I was the #2 senior processor for one of the top 50 loan officers in the counttry 4 years in a row. It was just the one loan officer. That loan officer has been in the top 50 in the country every year since 91. There is no team of loan officers. there is no splitting profits.quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
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acibella
618 Posts |
Posted - 07/09/2008 : 10:32:18 AM
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Lot's of talk on this thread, most I'm guessing from people who have only worked the broker side of the business, here's my 2 cents.
1st - Go to mortgageoriginator.com and look up the top 200 list, they post it every year, it shows the top producer's in the country. Jon Volpe (while he does many more loans than I'll ever dream about) was never #1 in the country, maybe #1 at Nova, and certainly top 25 in the country, but never number 1.
2nd - If you work only as a broker I agree it'd be damn near impossible to put up 20+ deals a month without a team of at least a few assistants. Thing is, most of the guys closing 30+ loans work at banks. To that end, I've worked (currently working) at 2 banks that routinely put guys on the top 200 list every year. I know 4 or 5 folks that make the list year in and year out. I don't personally know anyone as high as say Jon Volpe, but I do know several folks that do 40-50+ deals a month. In addition I spent a little less than 5 years brokering loans. What I'll say is this:
When you work at a bank, and are doing almost exclusively Fannie/Freddie deals, it's not incredibly difficult to close large numbers of loans, without an assistant. It requires a commitment, your working 40-50+ hours a week, actually working, not time spent at work. But the biggest issue is sourcing the loans (building a network to produce the leads), not actually closing them. The guys I know that are top flight are dealing primarily in purchase deals, the refi's they do (maybe 30-40% of their biz) is from past clients, they do no direct mail, no lead purchasing etc. They are all affiliated with top flight Realtor teams. To the guy who said he has 4 exclusive realtors, but not 10 deals a month, the people closing big numbers have aligned themselves with the agent teams closing 10+ deals a month themself. If you get 3-4 teams, producing 10-15 transactions a month, and you are their number 1 lender source, there's your 30 deals a month. It's like Wall Street the movie. You can call guys making $150k a year and get a lot of them to give you a little, or you can sign up Gordon Gekko and make a big income from 1 guy. In this case 3-5 top teams, not 15-20 realtors doing 1-3 deals a month.
It's incredibly hard to do this overnight, it's all about building relationships. Most of these guys "grew up" in the business with the Realtor teams, they helped the Realtor grow and now they both benefit. You don't often step into someone doing 10+ deals a month, that guys already got a rock solid LO.
As for the "teams" thing, again working for a bank is much more streamlined of a process than brokering. All the ops folks are on the same team as you, so when you need to take a file from app to fund in 4 or 5 days it can happen without having to drop EVERYTHING to focus on that 1 file. The guys I am speaking of, all closing 250+ units a year (the highest I know personally does about 500 per year) range from having no assistants and 1 dedicated processor, to a woman who has an assistant, two processors, and an UW, all dedicated to her alone. Lastly, as for the splitting fees etc, the people I know don't do that. Working at a bank, the bank is making money off every deal you write. If you close 30-90 million a year in loans (I'm in Ohio, that's what the people I know are doing that are top tier), the bank is more than happy to pay a couple people 40k a year to make sure the paperwork gets done. It's just smart business.
Not trying to be a wise-ass, but I figured laying out the experiences I've had with these people might help some of you understand how it works for these "Super LO's".
AC
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ZoolanderMSM
213 Posts |
Posted - 07/09/2008 : 11:52:43 AM
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AC,
How do "Super LO's" handle getting their butts kicked on rates and fees all the time? I've been with a couple of banks and found it was difficult to build rapport with my clients when brokers humiliated me in front of them because they were priced so much better. Often we couldn't even do a manager approved price match (which makes the LO look like an impotant fool by the way). So you have to bring in twice as many leads as a broker does to close the same number of loans.
Even when you get a 1003, you have to hope and pray that the client doesn't talk to another LO before you close. If they talk to another LO, you're back at square one with your client. |
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KHufford
5993 Posts |
Posted - 07/09/2008 : 11:59:26 AM
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quote:
Originally posted by lukyk22
This statement is not true. I was the #2 senior processor for one of the top 50 loan officers in the counttry 4 years in a row. It was just the one loan officer. That loan officer has been in the top 50 in the country every year since 91. There is no team of loan officers. there is no splitting profits.quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
Who is it then? Nobody can do 100 loans a month personally its impossible. Now if your talking 20 loans, maybe. With an assistant and good processors of course.
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KHufford
5993 Posts |
Posted - 07/09/2008 : 12:01:28 PM
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quote:
Originally posted by acibella
Lot's of talk on this thread, most I'm guessing from people who have only worked the broker side of the business, here's my 2 cents.
1st - Go to mortgageoriginator.com and look up the top 200 list, they post it every year, it shows the top producer's in the country. Jon Volpe (while he does many more loans than I'll ever dream about) was never #1 in the country, maybe #1 at Nova, and certainly top 25 in the country, but never number 1.
2nd - If you work only as a broker I agree it'd be damn near impossible to put up 20+ deals a month without a team of at least a few assistants. Thing is, most of the guys closing 30+ loans work at banks. To that end, I've worked (currently working) at 2 banks that routinely put guys on the top 200 list every year. I know 4 or 5 folks that make the list year in and year out. I don't personally know anyone as high as say Jon Volpe, but I do know several folks that do 40-50+ deals a month. In addition I spent a little less than 5 years brokering loans. What I'll say is this:
When you work at a bank, and are doing almost exclusively Fannie/Freddie deals, it's not incredibly difficult to close large numbers of loans, without an assistant. It requires a commitment, your working 40-50+ hours a week, actually working, not time spent at work. But the biggest issue is sourcing the loans (building a network to produce the leads), not actually closing them. The guys I know that are top flight are dealing primarily in purchase deals, the refi's they do (maybe 30-40% of their biz) is from past clients, they do no direct mail, no lead purchasing etc. They are all affiliated with top flight Realtor teams. To the guy who said he has 4 exclusive realtors, but not 10 deals a month, the people closing big numbers have aligned themselves with the agent teams closing 10+ deals a month themself. If you get 3-4 teams, producing 10-15 transactions a month, and you are their number 1 lender source, there's your 30 deals a month. It's like Wall Street the movie. You can call guys making $150k a year and get a lot of them to give you a little, or you can sign up Gordon Gekko and make a big income from 1 guy. In this case 3-5 top teams, not 15-20 realtors doing 1-3 deals a month.
It's incredibly hard to do this overnight, it's all about building relationships. Most of these guys "grew up" in the business with the Realtor teams, they helped the Realtor grow and now they both benefit. You don't often step into someone doing 10+ deals a month, that guys already got a rock solid LO.
As for the "teams" thing, again working for a bank is much more streamlined of a process than brokering. All the ops folks are on the same team as you, so when you need to take a file from app to fund in 4 or 5 days it can happen without having to drop EVERYTHING to focus on that 1 file. The guys I am speaking of, all closing 250+ units a year (the highest I know personally does about 500 per year) range from having no assistants and 1 dedicated processor, to a woman who has an assistant, two processors, and an UW, all dedicated to her alone. Lastly, as for the splitting fees etc, the people I know don't do that. Working at a bank, the bank is making money off every deal you write. If you close 30-90 million a year in loans (I'm in Ohio, that's what the people I know are doing that are top tier), the bank is more than happy to pay a couple people 40k a year to make sure the paperwork gets done. It's just smart business.
Not trying to be a wise-ass, but I figured laying out the experiences I've had with these people might help some of you understand how it works for these "Super LO's".
AC
Nice try buddy:
"NOVA was one of the first mortgage brokers in the country. NOVA is currently licensed as a mortgage bank, which means decisions may be made locally, but continues to offer the flexibility of a broker, relying on the extensive network of resources developed over the past 25 years.
Jon has ranked among the Top 200 Loan Officers in the U.S. since 1998. He was ranked the #1 originator in the U.S. for 3 years 2000-2003 by Mortgage Originator Magazine, Origination News and Broker Magazine."
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lukyk22
1700 Posts |
Posted - 07/09/2008 : 12:08:38 PM
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my bad, she closes 65 loans per monthquote:
Originally posted by KHufford
quote:
Originally posted by lukyk22
This statement is not true. I was the #2 senior processor for one of the top 50 loan officers in the counttry 4 years in a row. It was just the one loan officer. That loan officer has been in the top 50 in the country every year since 91. There is no team of loan officers. there is no splitting profits.quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
Who is it then? Nobody can do 100 loans a month personally its impossible. Now if your talking 20 loans, maybe. With an assistant and good processors of course.
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acibella
618 Posts |
Posted - 07/09/2008 : 12:21:42 PM
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1.) Kyle - show me the PDF of the list. I've got back to 2002 on my laptop at home. I swear Melissa Cohn has been #1 since I can remember. Entirely possible I'm wrong, I'll check tonight and if so I'll gladly post an apology....
2.) Zoolander - not sure what bank you worked for, or how broker's were kicking you butt, but the 2 I've worked at, 1 a regional, the 2nd, and current, is a top 3 national bank - I rarely (I won't say never) lose a deal due to price. 1.) Especially now, consumers are more than happy to work with a name, a brand, someone that's been in business 200+ years as opposed to a broker. Secondly, even before this crazy market, most bank LO's aren't as dumb as brokers would like to think, and most banks price more competitively than they think as well. I'll give you an example that you can't touch -
Today, on a 30 year, best case scenario (300k LA, 720+ score) I can get as low as 6.125% on a 30 year, with $1700 total closing costs. That's total costs, including all title fee's, recording fee's, appraisal, etc. Even if you could get that low on rate (my guess is that's close to par for most brokers today), you can't touch those costs. There may be banks that have inflated rates, dumb LO's etc, but I can also tell you that there are plenty that are just as competitive with brokers. On top of this, we haven't even touched how difficult it can be to maintain top relationships with Realtors when you don't have control over the closing process. At the rate lenders and programs are dropping, how can you maintain a relationship. I heard from a broker friend that their main FHA lender (a lender who gets named here on a regular basis) is running 20 day FHA turn times. I've got 48 hours. I've got an appointment Monday for an out of state purchase closing the 30th of this month and that's par for the course for us. Could you consistently take a brand new app from app to close in 13 business days right now? Not humanly possible if you have 20 day turn times, even with 5 day turn times it's probably a stretch because the file has to get sent, registered at the lender, pre-processed then sent to UW. If you get stipped at all it won't happen. I'm not saying brokering doesn't have it's advantages, as a whole you will make a lot more per loan than a bank LO, but a bank LO can write a lot more volume a lot easier due to the process. |
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KHufford
5993 Posts |
Posted - 07/09/2008 : 12:24:56 PM
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quote:
Originally posted by lukyk22
my bad, she closes 65 loans per monthquote:
Originally posted by KHufford
quote:
Originally posted by lukyk22
This statement is not true. I was the #2 senior processor for one of the top 50 loan officers in the counttry 4 years in a row. It was just the one loan officer. That loan officer has been in the top 50 in the country every year since 91. There is no team of loan officers. there is no splitting profits.quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
Who is it then? Nobody can do 100 loans a month personally its impossible. Now if your talking 20 loans, maybe. With an assistant and good processors of course.
How many assistants, processors, UW's? How much work does she do on each loan, does she take the app herself? Anyone can do 65 in a retail evironment, but not possible as a single independent broker, sorry to call you out.
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frank drigotas j
1518 Posts |
Posted - 07/09/2008 : 12:30:37 PM
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I have to agree with kyle on his statement.
My neighbor (true story) boasted that he moved 1000 cement blocks to put a patio in last Saturday.
I later found out he had the help of a wheelbarrow and threee teenagers from the neighborhood.
Some people get carried away.
For those who don't understand the analogy: numbers by yourself are one thing. Numbers with assistance are another. Neither case is inherently wrong, it is just when the definition is blurred. Then it might become something else.
dollar |
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KHufford
5993 Posts |
Posted - 07/09/2008 : 12:30:57 PM
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quote:
Originally posted by acibella
1.) Kyle - show me the PDF of the list. I've got back to 2002 on my laptop at home. I swear Melissa Cohn has been #1 since I can remember. Entirely possible I'm wrong, I'll check tonight and if so I'll gladly post an apology....
You are wrong, why would I be lying? The website is down so I cant post the form but its fact.
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mgraham224
1008 Posts |
Posted - 07/09/2008 : 12:52:24 PM
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quote:
Originally posted by financeone
quote:
Originally posted by KHufford
You guys, these people who do 100 loans a month, have 15 LO's under them, along with 5 processors and dedicated UW's...its not a single independent LO doing that many, they just all go uner their name and they split profits up.
What? That just smells bad. I'm a single LO/Broker I did 38 last month! Sweet...approx $72k...wanna buy some swamp land?
your blog subscription fee just doubled... |
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lukyk22
1700 Posts |
Posted - 07/09/2008 : 12:55:54 PM
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| Kyle she dropped off between 2-6 HANDWRITTEN loan apps a day EVERY DAY. Her 'team' consisted of 2 processors. we worked from 7am-9pm almost every work day and saturdays. she has been doing business with the top producing real estate agents in southern california since the 80's. She is also bilingual. I am not going to argue this point with, I lived it. I was signing docs with clients in the middle of the night at airports, hosting realtor parties in the middle of newports finest dining locations for 50+ realtors ALL THE TIME. She would buy platinum jewelry for all her AE friends, go to hawaii and cabo on vacation WITH THEM. This is all A money. Again, I lived it. we had no underwriters in our office, this was when interfirst first released MOAI ... drawing your docs online was brnad new... she did it all herself. there was no team other than us. I dealt directly with the broker coordinators and uw's and funders.... no special treatment for us.... she had only herself and us .. |
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jtobysmith
146 Posts |
Posted - 07/09/2008 : 1:04:31 PM
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with so many different environments to originate, process, and close, comparing the most closed loans is straight up stupid.
It should be judged on compensation. If you work at a bank and close 65 loans one month but made less than a broker who closed 18 loans that month then who is really better?
If you have to pay a team of 3 assistants $2.5K a month each then you should take that into account as well -- the net number to you is what counts.
and speaking of which where is our boy ---name escapes me that wanted to post his 1040? he triple submitted cause he was straight hardcore? can't remember.
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darkstar
18293 Posts |
Posted - 07/09/2008 : 1:04:44 PM
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quote:
Originally posted by frank drigotas jr
I have to agree with kyle on his statement.
My neighbor (true story) boasted that he moved 1000 cement blocks to put a patio in last Saturday.
I later found out he had the help of a wheelbarrow and threee teenagers from the neighborhood.
Some people get carried away.
dollar
My wife's like that, I'll set the table for thanksgiving and she'll tell everyone she's been up since 5am slaving over the meal all BY HERSELF, if they only knew! |
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lukyk22
1700 Posts |
Posted - 07/09/2008 : 1:05:37 PM
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| lol, that's classic |
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KHufford
5993 Posts |
Posted - 07/09/2008 : 1:15:28 PM
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quote:
Originally posted by lukyk22
Kyle she dropped off between 2-6 HANDWRITTEN loan apps a day EVERY DAY. Her 'team' consisted of 2 processors. we worked from 7am-9pm almost every work day and saturdays. she has been doing business with the top producing real estate agents in southern california since the 80's. She is also bilingual. I am not going to argue this point with, I lived it. I was signing docs with clients in the middle of the night at airports, hosting realtor parties in the middle of newports finest dining locations for 50+ realtors ALL THE TIME. She would buy platinum jewelry for all her AE friends, go to hawaii and cabo on vacation WITH THEM. This is all A money. Again, I lived it. we had no underwriters in our office, this was when interfirst first released MOAI ... drawing your docs online was brnad new... she did it all herself. there was no team other than us. I dealt directly with the broker coordinators and uw's and funders.... no special treatment for us.... she had only herself and us ..
Alright I hear you, well props to her and you...hard to believe still but no sense in debating any further.
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lukyk22
1700 Posts |
Posted - 07/09/2008 : 1:16:39 PM
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| needless to say she could have used a meeting.... workaholic |
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jtobysmith
146 Posts |
Posted - 07/09/2008 : 1:17:31 PM
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quote: | | | |
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