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MoneyLenderP
1282 Posts |
 Posted - 07/10/2008 : 10:35:22 AM
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I am hard working loan officer, but my 90 minute commute to NYC will not cut it anymore. I know this has been discussed alot on here but who has the best at home setup with marketing campaigns setup for LOs, whether it be internet leads, mailers, dialers etc etc....
Not looking for some unrealistic split. It can't get any worse then the one I have now.
I was just about to be on board with Amerisaves inbound program. But they put a freeze on hiring for that and cant hire outside LOs in the state of NY.
So solid support and marketing is key. 50 states would be great.
FHA/VA
Bank/Broker
Anybody have something....email me off the board and just reply to topic..
Thanks. |
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cspatmon
1667 Posts |
Posted - 07/10/2008 : 11:01:33 AM
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| Moneylender, I would be honored to recruit you but unfortunately we lend only in Al, TN, KY, FL, NC, SC, MD, MI, IN and MO. We're expanding but cautiously. |
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808
2221 Posts |
Posted - 07/10/2008 : 11:02:46 AM
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try to find a local corrospondent to do it with- that's how I do it and it's great. Bring a file in @ 9:30 walk out of there w a check @ 10:00am, if I wanna get him signed up w a new lender I just go to his office to get his signatures on the Broker pkg and as long as they don't have some sort of funky EPD clause, he'll sign off on it. If I need to get the upgraed Calyx point I just go to his office and get a copy. On leads I generate he takes $550/file + 15%, the rest is mine, if he has leads floating around the office that he doesn't want to call or files that didn't get closed from his inside sales staff and I close them we split them 50/50 straight down the middle (no $550). He's also FHA mini Eagle and were approved VA w 3 lenders so I'm covered FHA/VA wise
That's the going pay scale you should look for. If there's no local Corrospondents try Envision Lending. I think their $600/file + 18%, but there's some initial set up costs. Banker0679 is with them and he's always posting on here, get the straight scoop from him
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cspatmon
1667 Posts |
Posted - 07/10/2008 : 11:11:40 AM
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| That's entirely to much play 808. With us everything is generated from the comfort of any venue of your choosing. Split 90% and total control of the files you originate. |
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MoneyLenderP
1282 Posts |
Posted - 07/10/2008 : 11:14:13 AM
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quote:
Originally posted by cspatmon
That's entirely to much play 808. With us everything is generated from the comfort of any venue of your choosing. Split 90% and total control of the files you originate.
he also has some in house leads thrown his direction as well.
I'm looking for someone stronger on the marketing side. |
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808
2221 Posts |
Posted - 07/10/2008 : 11:16:57 AM
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quote:
Originally posted by cspatmon
That's entirely to much play 808. With us everything is generated from the comfort of any venue of your choosing. Split 90% and total control of the files you originate.
I hear you but in FL if you wanna do FHA you have to be W2 if you wanna do it legally. The 15% is his payroll tax.
Also it was $450/file and 12% until Jan08 until some rogue LO's started running bogus loans thru in 2007 that were fraudelent 1st pymt defaults in order to get c/o. This stuck my owner w $85k in buybacks (after he dumped them on the scratch/dent mkt). He says we'll go back to that pay scale once the $85k is covered. I'm not holding my breath. |
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cspatmon
1667 Posts |
Posted - 07/10/2008 : 11:20:33 AM
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| 808 I understand completely and yes we are W2. |
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Managing Prime
2742 Posts |
Posted - 07/10/2008 : 11:22:21 AM
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100% less -- $750 or 30% fee income greater of the two + $450 for full processing on self-sourced business.
100% less -- $750 or 50% fee income greater of the two + $450 for full processing on self-generated business using company dialer.
100% less -- $750 or 70% fee income greater of the two + $450 for full processing on company provided leads.
20 leads provided on hire and 50 leads provided for every loan that makes it's way into processing.
50 State Fed Charter
FHA Available- Maxed at 1.5% on front of loan. Paid as adviser on FHA and loan originated in-house.
If that strikes your fancy I can point you in the right direction.
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mdiclemente
1015 Posts |
Posted - 07/10/2008 : 11:25:24 AM
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That's a pretty good setup.. what company is that?
quote:
Originally posted by Managing Prime
100% less -- $750 or 30% fee income greater of the two + $450 for full processing on self-sourced business.
100% less -- $750 or 50% fee income greater of the two + $450 for full processing on self-generated business using company dialer.
100% less -- $750 or 70% fee income greater of the two + $450 for full processing on company provided leads.
20 leads provided on hire and 50 leads provided for every loan that makes it's way into processing.
50 State Fed Charter
FHA Available- Maxed at 1.5% on front of loan. Paid as adviser on FHA and loan originated in-house.
If that strikes your fancy I can point you in the right direction.
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cspatmon
1667 Posts |
Posted - 07/10/2008 : 11:29:18 AM
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| 90% split accross the board net. In-house $750 fee waived on loan amounts $100k+. |
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808
2221 Posts |
Posted - 07/10/2008 : 11:36:29 AM
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quote:
Originally posted by cspatmon
90% split accross the board net. In-house $750 fee waived on loan amounts $100k+.
do you portfolio any loans currently or is everything sold to secondary??? |
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cspatmon
1667 Posts |
Posted - 07/10/2008 : 11:39:19 AM
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| Both.... |
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808
2221 Posts |
Posted - 07/10/2008 : 11:43:27 AM
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quote:
Originally posted by cspatmon
Both....
email me your company/contact info. I'm assuming your approved states posted above are correct |
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MoneyLenderP
1282 Posts |
Posted - 07/10/2008 : 12:07:34 PM
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quote:
Originally posted by Managing Prime
100% less -- $750 or 30% fee income greater of the two + $450 for full processing on self-sourced business.
100% less -- $750 or 50% fee income greater of the two + $450 for full processing on self-generated business using company dialer.
100% less -- $750 or 70% fee income greater of the two + $450 for full processing on company provided leads.
20 leads provided on hire and 50 leads provided for every loan that makes it's way into processing.
50 State Fed Charter
FHA Available- Maxed at 1.5% on front of loan. Paid as adviser on FHA and loan originated in-house.
If that strikes your fancy I can point you in the right direction.
So Managing Prime,
On company provided leads you take 70% plus 450 processing fee? Not much left over even if they are company provided, I'm guessing there pretty good leads? (what kind? )
I am intrigued. |
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Managing Prime
2742 Posts |
Posted - 07/10/2008 : 12:11:11 PM
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Prime Processors exclusive telemarketed leads. Same leads that this client just funded two loans on...off 15 leads:
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=228338
I should add that the processing is full processing. All the LO needs to do is run du/lp, sell the loan, register the loan and turn over to processing and get back to work selling. |
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dtabar
748 Posts |
Posted - 07/10/2008 : 12:20:53 PM
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This is my steup...
Laptop
Dual Monitors
E-Fax
Blackberry over wireless network
Business based on referrals from business associates
My processor/assistant works from home too(not my house)
I do have an office, but work out of home 90% of the time. Saves big bucks on gas. |
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Bobbi
134 Posts |
Posted - 07/10/2008 : 12:30:32 PM
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| I signed up with a local broker and I never leave home. I do everything from here and I send my files in once a month... |
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MoneyLenderP
1282 Posts |
Posted - 07/10/2008 : 12:31:51 PM
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| ok looks good and what bank would this be with? |
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cspatmon
1667 Posts |
Posted - 07/10/2008 : 2:38:50 PM
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| Bobbi, once a month? Please, clarify..... |
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cspatmon
1667 Posts |
Posted - 07/11/2008 : 09:25:28 AM
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| Bobbi, please explain how that concept of sending monthly files work for you? We're always trying new ways to improve our service..... |
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peter
4181 Posts |
Posted - 07/11/2008 : 11:44:20 AM
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I like the idea of signing up with the nearest local broker
to save money on gas. My current broker is some 15-20 miles
away and that translate into $15 a day round trip. I just
interviewed a local broker who is just 5 miles away, and this
would translate into less than one gallon of gas round trip
or $4.50 to futuristic $6,00 per gallon. I will need to see
the in-house processors who are with the broker at least
2 times a month until we can more cost-effectively communicate
by phone, or e-mail. I love e-mailing as there is no time
wasted for waiting calls or phone tags.
My processor and I use Encompass and we both can access
data anytime while we are apart. All other documents such
as paystubs, W-2s, etc. can just be transmitted to her
e-mail via Mongo Fax and lately I try not to deal with
obsolete lenders who are still using transboxes. The cost
of driving to a transbox and drop the package is some dollars
during these days of high gas prices. I only work with
lenders with paperless technology such as quik doc, or
else.
And the savings on high prices of gas could be re-invested
into advertising or mailing that could bring a better return.
Peter
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peter
4181 Posts |
Posted - 07/11/2008 : 11:45:34 AM
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I like the idea of signing up with the nearest local broker
to save money on gas. My current broker is some 15-20 miles
away and that translate into $15 a day round trip. I just
interviewed a local broker who is just 5 miles away, and this
would translate into less than one gallon of gas round trip
or $4.50 to futuristic $6,00 per gallon. I will need to see
the in-house processors who are with the broker at least
2 times a month until we can more cost-effectively communicate
by phone, or e-mail. I love e-mailing as there is no time
wasted for waiting calls or phone tags.
My processor and I use Encompass and we both can access
data anytime while we are apart. All other documents such
as paystubs, W-2s, etc. can just be transmitted to her
e-mail via Mongo Fax and lately I try not to deal with
obsolete lenders who are still using transboxes. The cost
of driving to a transbox and drop the package is some dollars
during these days of high gas prices. I only work with
lenders with paperless technology such as quik doc, or
else.
And the savings on high prices of gas could be re-invested
into advertising or mailing that could bring a better return.
Peter
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cspatmon
1667 Posts |
Posted - 07/11/2008 : 12:48:48 PM
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| That's the best way to go saves time and money. Paperless that is..... |
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ncorning
204 Posts |
Posted - 07/11/2008 : 6:40:58 PM
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quote:
Originally posted by cspatmon
That's the best way to go saves time and money. Paperless that is.....
cspatmon, I am a little confused on your stated pay structure. If the loan size is 150k you only take 10%? And no per file fee? what company are you with? |
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cspatmon
1667 Posts |
Posted - 07/11/2008 : 7:17:36 PM
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| Norman, don't be confused you are correct. We offer the highest commission paid in the country. Sell our products @100k+ the $750 per file fee will be waived. Creative Mortgage Lending. Troy, MI 1-800-764-7800. If you're interested let me know. It's unheard of but it's true and without gimmicks. |
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cspatmon
1667 Posts |
Posted - 07/14/2008 : 7:34:18 PM
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| Bump! |
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benjamin
1815 Posts |
Posted - 07/14/2008 : 9:06:23 PM
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| Creative Mortgage, have any recent rate sheets to share? |
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ncorning
204 Posts |
Posted - 07/15/2008 : 9:16:36 PM
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Am I correct to assuume , you must price loans off your internal rate sheet, not lender direct web sites? If I remember correctly, payroll taxes for a w-2 employee are 11%, so it looks like your company is losing money (if you do not pad your rate sheet) on a deal over 100k.
I could be wrong on this, let me know.
thanks
quote:
Originally posted by cspatmon
Norman, don't be confused you are correct. We offer the highest commission paid in the country. Sell our products @100k+ the $750 per file fee will be waived. Creative Mortgage Lending. Troy, MI 1-800-764-7800. If you're interested let me know. It's unheard of but it's true and without gimmicks.
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HMDApproved
684 Posts |
Posted - 07/15/2008 : 9:25:42 PM
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The padding on this guys rates are thicker than a Sealy posturpedic.....
Leave the last "S" off for SCREWED!!!!! LMAO |
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MoneyLenderP
1282 Posts |
Posted - 07/15/2008 : 9:39:12 PM
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| ????? |
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waynepbright
3658 Posts |
Posted - 07/15/2008 : 10:44:41 PM
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www.amerisave.com |
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ncorning
204 Posts |
Posted - 07/16/2008 : 03:40:40 AM
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quote:
Originally posted by MoneyLenderP
?????
yeah...huh??????????? leave the s off? off of what? |
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mgd
112 Posts |
Posted - 07/16/2008 : 06:12:17 AM
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| E-mail me off the board |
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Miller192
173 Posts |
Posted - 07/16/2008 : 06:23:22 AM
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He's referring to the old Mattress Discounters (I think that was the company) commercials where the guys says "Leave the S off for savings"
quote:
Originally posted by ncorning
quote:
Originally posted by MoneyLenderP
?????
yeah...huh??????????? leave the s off? off of what?
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HMDApproved
684 Posts |
Posted - 07/16/2008 : 06:26:48 AM
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You got it Miller...
It was a joke...
Some guys are wound up way too tight these days. Lighten up dude, the market will come back, don't worry
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cspatmon
1667 Posts |
Posted - 07/16/2008 : 06:39:27 AM
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| No padding, volume..... |
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cspatmon
1667 Posts |
Posted - 07/16/2008 : 06:42:42 AM
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| Betting, in today's market most loans will be under $100k. Take it for what it's worth. Rates are competitive. It was a necessary move to sell in declining markets. Does this make since? |
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ncorning
204 Posts |
Posted - 07/16/2008 : 07:44:52 AM
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| Do you allow pricing directly from lenders web site's? |
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cspatmon
1667 Posts |
Posted - 07/16/2008 : 08:47:23 AM
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| Yes!ncorning. May I add to stay a float and stay competitive in these difficult economic times you have to be a lot flexible and a little forgiving. Most of all you will operate within the confines of your market, which now is quite volatile. |
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cspatmon
1667 Posts |
Posted - 07/16/2008 : 09:34:05 AM
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| benjamin, I will email you providing your email ad. is valid. We receive daily rate sheets. Therefore, I'll send the latest. |
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Mortgage Glass H
217 Posts |
Posted - 07/23/2008 : 7:58:58 PM
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| Hey we have a great set up. give me a call if you are serious. |
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MoneyLenderP
1282 Posts |
Posted - 08/10/2008 : 8:02:09 PM
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bump...
Managing Prime,
Can you setup a blend of each setup?
Working your exlusive leads along with maybe jumping on the dialer myself sometimes? |
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Janlynn
90 Posts |
Posted - 08/11/2008 : 06:59:17 AM
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Managing Ptime,
Can you please email me some more detailed info on the Fed Charter setup you mentioned above?
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Managing Prime
2742 Posts |
Posted - 08/11/2008 : 08:28:18 AM
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| email me at patrick.lawson@emeryfed.com |
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MoneyLenderP
1282 Posts |
Posted - 08/11/2008 : 08:44:02 AM
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| Just sent the email. |
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Managing Prime
2742 Posts |
Posted - 08/11/2008 : 10:01:25 AM
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quote:
Originally posted by MoneyLenderP
Just sent the email.
replied |
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