origin8loans
11 Posts |
 Posted - 10/03/2009 : 6:11:26 PM
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First off, I hope I'm posting this in the right place. I'm not trying to break any rules or get kicked out of this forum.
So0o0o I'm new to the origination side of the business. I was a loan coordinator for several years for an office in Beverly Hills which was pretty easy work. I used to fill out 1003's, and obtain basic info from borrowers to submit a loan packages to our processor (bank stubs, tax forms, ran credit, ordered services, etc). I also cleared conditions on almost all the approvals we received and followed up with borrowers regarding the status of each loan. Our processors and LO's mostly handled the number crunching in terms of pricing, qualification and so forth.
Since our office was constantly busy I never really learned much in terms of qualifying the borrower, picking a lender, choosing a rate, pricing a loan, etc. I was always to busy with my own work which amounted to endless amounts of files and I never really got a chance to learn about the other side.
After a brief absence from the industry I recently decided to jump back in, but this time as a LO. I have 3 potential clients who need refi's that I will be working with, and well.....I need some help.
I'm on the verge of signing up with a mortgage company that's licensed in 50 states and offers a wide variety of lenders, but only gives about 65% commission. The reason I initially wanted to work with them was because I was told that they give all LO's free live transfer leads, which to me was nice to hear because I could spend less time trying to generate my own business and more time on the phones with potential clients. Well about 30 minutes ago after I was sent all the paper work to fill out I was also told I now had to pay for these live transfer leads. I'm not sure if I'm getting the bad end of the steak here which is why I was wondering if anyone could offer me advice on this matter and possibly recommend a better company to work with.
I would also like help with these 3 borrowers and was hoping maybe someone could coach me through the process. I will gladly pay you pending the closing of each deal. I would greatly appreciate any feedback as well as anyone willing to offer there services in coaching me.
Thanks,
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