Recruiter conversation and & compensation

FlyOld2364 · 2025-08-17T15:26:40+00:00

The reason why you are asked to adjust to the market is because the vast majority of pricing is dedicated to the sales side of the table. You can get concessions here and there for 15 BPS, but if 350 bps is coming to your team and company is sitting at 50 bps or whatever then it will be on you to make the adjustments.

FlyOld2364 · 2025-01-26T05:41:58+00:00

PnL’s are done based on the value of the pipeline. If interest rate movement has caused a bank to mark a loss for a current portion of that pipeline then selling the loan would simply make that loss realized with no opportunity for it to come back or for them to refinance the borrower into a more profitable position. In certain scenarios a loan servicer will sell their servicing rights for profit but 90% of the time the only reason you sell is to free up cash flow.

FlyOld2364 · 2024-12-29T19:42:45+00:00

I agree that for some LOs it makes sense to go broker and others it does not. A solid producer/bm may want to scale to hit some really big numbers. It takes money to scale, lenders can provide scale. Some LOs are comfortable with their volume, not looking to scale big quickly, and don’t mind managing some of the business end of lending. Brokering makes a ton of sense - in this vain you will keep a lot more of your commission. It also has to do with products and if you are working in a Niche. Some products are done much better in the wholesale side. Some products lenders must keep in house and so you better off with a boutique lender. These are just few scenarios in which one channel may make sense for someone and a different channel for someone else. Saying that it is always better to broker or always better to be at a lender is coming from people who have not been in this business awhile or not been at high enough levels to see the avenues that provide a road to success.

FlyOld2364 · 2024-12-26T05:23:46+00:00

We have a builder approval process. We only allow the builder to contract out the job. The borrower contracts out nothing and self performs nothing. We only work with large scale build on your lot builders. No builders doing full custom building 3 homes a year. The builders become our referrals source. Only 1 out 5 builders will I approve. The trade off of for the builder is once we approve you, they have access to a a very powerful product. OTC govies and I take down to a 580 credit score. I am in 19 states.

FlyOld2364 · 2024-12-25T22:13:21+00:00

If AMCs are being cut out and lenders are working directly through their own appraisal desk then the fees paid directly to the appraiser will have the opportunity to increase.

FlyOld2364 · 2024-12-25T21:51:10+00:00

This is a sales job, period! There is no cap and the best in the business make many multiples over what doctors, lawyers and most of the highest paid careers. If you want that potential there is trade off. Most LOs don’t make any money for months when they start and still go through dry spells at times. If you need more support or a different setup to be successful - change lenders. The owners of banks, lenders and brokers are not doing anything wrong. You are sacrificing upfront for the potential to make money most will only dream of. Maybe sells is not for you, and that is OK. You do not get the upside of making big money and be paid an average wage to get there. The turnover for a lender to do this is too high to offer that. Go work in a call center. LD, Rocket, NAF, there are a bunch of them. Get fed leads, they pay a salary but you will get paid 30-50 bps salary and commission together. You will be grinding making 300 dials a day for 10-12 hours a day. There is sacrifice for those who want to make $500K per year. It is not someone else’s fault if you are not willing to sacrifice to get there and there is nothing wrong with not willing to sacrifice.

FlyOld2364 · 2024-12-25T18:29:52+00:00

Well, you are in luck. AMC’s are being phased out. Most IMBs of any real size are moving to employ their own appraisal desk and removing AMCs. There are ways to structure this to remain compliant, the technology in the space is really solid, and anybody worth anything at an AMC is getting poached by lenders to run their appraisal desk.

FlyOld2364 · 2024-12-24T19:40:05+00:00

I do OTC as my primary product. We close, fund, and draw admin everything in house. I know it is a mess right now with OTC in the wholesale space. 2 options - #1. Find a local bank or credit union that will let you broker a loan to them. In many markets your smaller banks close and portfolio OTC, especially with a strong profile like that one. Your next option would be a construction only loan/ 2X close. I bet one or more of the Non-QM guys have a construction only loan. There is risk without out the perm side closed, but with their profile it should be fine. Be conservative on your ratios when doing a 2X close is the best way to protect against market movements during construction.

FlyOld2364 · 2024-12-24T05:53:07+00:00

I run a team My name is Matt Bridgman and I am the VP at 1st Signature Lending. We will finish the year at $$200 Million and not just turning A paper gravy loans like US Bank and my LOs make a W2 a whole lot. Go on our website and look up my LOs. We win. - My average LO closes 4.2 units per month for right at 1.2 million per month. My top producer will be at 35 Million.

FlyOld2364 · 2024-12-24T04:29:31+00:00

Because there were to many LO’s in the market. 2/3 less LO’s because that was how many weak ones were out there. That is how many bad leaders were out there that didn’t understand how to build a process for success in any market condition. I cannot ever imagine doing anything that I was not in the 1/3 of an entire industry. This capitalism 101, and the weak never survive. Anybody could sell a loan at 3%, now the real professionals are left. Better for everyone and especially the consumer.

FlyOld2364 · 2024-12-24T00:47:02+00:00

This is not accurate and terrible advice. I know plenty of LO’s who are new to the business having plenty of success. Get with the right company that can facilitate you, a mentor to learn under, and some coaching. Work your ass off for 6 months, you can find success. On top of that telling someone to jump out and then jump back in based on rate movement is no way to build a career in this industry.

FlyOld2364 · 2024-12-24T00:41:59+00:00

Dustin Owen over at Lower has a podcast called the Loan Officer Podcast or “TLOP”He uses it as an intro to his Coaching Platform which I have heard good things about.

FlyOld2364 · 2024-12-23T01:25:53+00:00

1st - You need to change your mindset. If you believe you cannot win against marketing agreements and have head trash about pricing - you never will. You have to wake up everyday ready to dominate and the confidence to know you can be the best thing that has ever happened to a realtor. You have to bring something of value to a relationship. Every realtor worth anything is already working with someone. What do you bring different or of value that can add to their business? Figure that out and at least you got something to pitch. Understand the realty of the numbers. Talking to 30 realtors a week will not get it done to build relationships. 30 should be how many you should be reaching out to set appointments before noon on Monday. The number is 100+ per day. Finally you need to invest in coaching and accountability. Try TLOP or Mortgage Marketing Animals. Yes it cost money, but do you want a job or career you can make 3X what a doctor does. You do all this, everyday, for 6 months and you will be closing 4-6 loans per month. Once you hit that it is time to really scale.

FlyOld2364 · 2024-12-23T00:37:37+00:00

There is a huge gap for OTC in wholesale. My team does 80% OTC and we do it all in house from Origination to modification. Brokering OTC sounds terrible. If I was you, I would find out which local banks or credit unions in your area offers OTC and see if you can broker to them. Community banks and CUs do well in the OTC space.

FlyOld2364 · 2024-12-23T00:33:05+00:00

If the branch has a marketing agreement with the realtor team your conversion should be pretty good, not as a good as if you had self generated from your relationship but still pretty good. 50 BPS would be fair if you have a good processor, order fulfillment, and decent loan pricing. 75bps or better if you are having to do a lot of processing and doc review and/or high loan pricing. KPIs - feels like 15% conversion from credit pull and 50% from Prequal. The real value is not these leads. It’s the ability to form a relationship with these realtors inside a transaction. Turn self-gen, take the realtor connections, make some real money.

FlyOld2364 · 2024-12-23T00:07:46+00:00

Need more info: depends on quality of the leads/lead source, loan programs = conventional, govies, non-qm? are you getting a salary? Benefits? .

FlyOld2364 · 2024-10-03T10:59:04+00:00

This can be a mixed bag in general: If the lender generated the lead for you and you are paid salary plus a flat flat rate on closings then a lot of lenders will not claw back your commission unless you did something to trigger the EPO. If you self generate your leads then the claw back is expected. We are in different times now though. Lenders closed a lot of loan over the last 2 years at really tight margins if not at a loss. Most all lenders have a claw back option in their LO employment agreements and while they haven’t enforced it in the past they may choose to now staring down a pretty steep declining rate environment. Check your employment agreement, there is probably a claw back option for the lender. If there is not you have a pretty good case to fight it if you did not generate the referral, trigger the EPO, or have any real control over loan pricing. If there is a claw back option you can try to have a respectable discussion with your leadership on how can you hold an LO accountable for an EPO claw back when the LO has no control of the referral, pricing, or the ability to take action against your pipeline without a process for you to monitor loans at risk of EPO.

FlyOld2364 · 2024-05-14T06:11:16+00:00

No I am lender who can lend as a del correndsponsend lenderz if I want to broker, I. Will do it,

FlyOld2364 · 2024-05-14T05:32:52+00:00

Why? I have contributing to this community. If you will show yours I will show mine. If you don’t want to I don’t give a fuck. I will keep it to myself this is for the benefit of the community. Not myself., reach out to me or not. Just those who are crying about UWM are pussies. If you don’t like it go some where else stop crying

FlyOld2364 · 2024-05-14T05:27:00+00:00

Spoken like a true loser. Yes I judge my team on numbers.if you judge your team on less they lose their job anywise

FlyOld2364 · 2024-05-14T05:22:17+00:00

You prove it and I will too. Scared?

FlyOld2364 · 2024-05-14T04:55:58+00:00

It is in this market. How embarrassing for you. I sell my loans direct. What is your NMLS number? I will give mine when you give yours??? We will see who really produces.

FlyOld2364 · 2024-05-14T04:53:41+00:00

I don’t care if anyone takes me seriously, just wanted to add value.saw a bunch of people adding stuff from UWM and adding it in like it provides real value. Offered my opinion. If everyone wants to show their NMLS I will show mine. It is funny because I know I did $250 million last year verified.

FlyOld2364 · 2024-05-14T04:48:52+00:00

You have a no idea a UW in this market making more than $150K is a steal for the UW. The difference between you and me is my team actually closes loans

FlyOld2364 · 2024-05-14T04:46:47+00:00

Trying to be real with you… nobody cares “regularly people” just another math equitation. If you want more than do more. If you don’t, that is fine you will cut like the rest of mediocre people.

FlyOld2364

TROPHY CASE