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Originally posted by katbunk

I am personally offended with all the broker bashing on this site. I can't control other brokers, but let me give you a reason of why I am in business. The USA has always been about choices. And I am a choice that any borrower can have. I cite myself here but I know there are many more brokers just like me out there.

I am 56 years young, have 15 years in Executive Management, a BS in Chemistry, and an MBA. I have originated 1000's of loans in my career, and have over 15 years solving problems in mortgage transactions.



That is right. I am a problem solver, not a broker. I do the tough transactions and work hard at my craft. There are times I do easy loans, but those clientele have usually done their homework and have shopped me around, so the commission is not that great. The harder loans, and they are all hard nowadays, are time consuming and require problems to be solved in credit, income, and paper trailing all the asset accounts we need to get. And that is before the deal breaker conditions get placed on the loan.

I do my own marketing, my own lead generation, my own phone work, and truly originate all my own loans. I end up processing many of the tough conditions on any loan. I don't mind working hard or being constantly "on call." When I do talk to my clients I have to educate my them with multiple phone calls and one on one meetings to go over every detail of the transaction. I am available 24/7. My loans are more profitable to BofA than their own retail branches. I give better deals than the retailers and MUCH better service. I provide much value added to the system and to my clients. All of this on a non-level playing field.

If you think it is easy, just try it. Try spending enough money so you can get 1 client to talk to you. Try to make the client trust you with their largest financial transaction and their personal information. And just try to get a loan funded. Paper pusher? Hardly.....

As I said, the US is about choice. You can choose me, a proven problem solver that has experienced 1000's of transactions or go to your favorite retail branch, get your "8 to 5" 22 year old kid who was selling cell phones last week. Try to get him to fix your title issues. Ever try to get the title co. to get a metes and bounds property description corrected so that your Borrower is protected against future problems? Try to get the deal I can get for you. As I said, it is all about choices. You can choose the bank if you like. In fact, I encourage you to do that.

Secondly, I am a business, with overhead costs, office costs, accounting costs, hourly processing costs, advertising, licensing, and a myriad of other costs. I have to do my own marketing, advertising, and lead generation. For every 10-20 potential clients, I can put only 1 in escrow. Some deals I make $500, some I make $5000. I am in business to make a living and make a profit. Don't judge any of us for what we make on a single loan. I am a small bank origination service. BofA pays my wholesaler well to get me to deliver to them a very good loan. I am more flexible and am paid only on the loans that get funded. If you feel that I am overpaid, that is your right. But the bottom line is that I am no different than lawyers or doctors, without any retainer fees. We have a business and are in business for a profit.



If I don't originate these loans, do you think the banks would go thru all the screening and problem solving that I perform?



Just like any other business, I want to max my revenue and min my expenses. And we do have expenses. If i don't generate and fund x number of loans a month, I am out of business. I am taking a risk in being in business and I do have skin in the game. And don't mistake me for the kid at the branch.

I am a broker and proud of what I do for a living. I will still be needed somewhere and someone will always want my services. I will adapt and do whatever is legally feasible to make my business work.



Make my job harder, that is OK. Make it harder to do get licensed, that is OK. I will never work for a bank and have a quota imposed on me and lie about everything to get someone is escrow.

The ranks of brokers will be thinned out, but I will survive. Many of us will survive. You can count on it.

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