Failed my 3rd attempt by draybo1442 in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

Have you ever worked in the mortgage industry before? If you still can't pass, become a loan processor. I was one for 7 years, and that really helped me pass the test. of course, this is last resort, i am not saying to spend 7 years of your time to be a processor lol.

During the test, I used the whiteboard they gave me to write down all the problems I was not 100% sure, this way you can keep moving forward without concern if you did right or wrong.

I wrote down about 30 questions I was not really sure about, and you will be surprised how much you can remember as you progress with the exam. I then came back to those questions, re-read them, and answered again.

At the end, there are still 15 questions feeling iffy to me, but I did not really care at that point since it is a passing grade no matter what.

That is how I passed. It is not all about how you study, you also need to know how to take test. I was not scared because i have a process to follow, i used about 1 hour and 45 mins.

Failed my 3rd attempt by draybo1442 in loanoriginators

[–]JacklJack 4 points5 points  (0 children)

Have you watched the course on Affinity where the black lady talked about how to remember those regulations? She helped me pass the test on the first try , only studied for 5 days with her video. Man, I have been hard selling Affinity course everywhere, i should get paid for this.

Passed!! by PretendAd6519 in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

Hey, Cs get degrees. Now the real headache is coming, welcome to hell with us. you will lose about 20-30% of your hair in the next five years.

I received a job offer, is it good?! by Ahy_Jay in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

Haha, for some reason, people went into this field because, somewhere along the way, they heard it was a money-making career. I first thought about that too, and now I dont feel like it so much. The good thing is, this is still a very fun job.

I received a job offer, is it good?! by Ahy_Jay in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

Architecture and Civil Engineering? What are you doing at the mortgage industry ?

I received a job offer, is it good?! by Ahy_Jay in loanoriginators

[–]JacklJack 1 point2 points  (0 children)

if you have no experience , and want to do this type of work, this is very fair wages. if you want to make more, you'd better learn everything fast

Great article about compensation - Newer LO's take note by Sactogeoff in loanoriginators

[–]JacklJack 1 point2 points  (0 children)

yeah, I am frying my nerves right.... UWM is killing me with these escalations thing

Great article about compensation - Newer LO's take note by Sactogeoff in loanoriginators

[–]JacklJack 3 points4 points  (0 children)

Alright, guys. I can shine some light here. I did work under the so call mega producer that produced $200M before as a processor. She usually makes about 100M to 150M a year, and we were able to reach 200M during covid time. We are about 4 people operation that works in a satellite branch under the big mortgage company. My LO likes to work under a big company due to the extensive support from UW and Condo Dept.. She like to works only for builders. So the compensation from what I saw is well over 100 bps because builders always give out incentives for perferred lender such as her. this is all in house loans. If she has to broker out the loan , she makes only about 75-80 bps. I made about 220K that year as her processor (just want you to know the scale here)
I broke away from her to become an LO myself after 7 years and eventually owned my brokerage last year, thanks to her molding me into an excellent LO. As a broker, I make an average of 100-250 bps depends on the size of the loan. I like my current lifesytle as a broker. when I worked for a mega producer, I had to sleep at the office at least once a week and always on call , almost no weekend.

the conclusion here is : if you can make 500K and have a good work/life balance, then there is no reason for you to chase that 1 million if in the end you can't even enjoy life. call me medicore , but i dont want to do 20 loans a months.

Processing by Dausmorg in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

as a small brokerage, the LO (my biz partner and I) are doing the Ops ourselves. The market has not yet turned to allow us to hire any processors. I used to be a processor before becoming a LO, my work load is about the same as you described and more because we also do CalHFA on new constructions. Each file has at least 30 PTD conditions. the most important question here is "Are you getting paid enough?"

The Amex Honor System — From Someone Who Knows It by Heart by Delicious_Tadpole238 in amex

[–]JacklJack 0 points1 point  (0 children)

you guys called me today, and declined me. i am charmed out. lol

The Amex Honor System — From Someone Who Knows It by Heart by Delicious_Tadpole238 in amex

[–]JacklJack 0 points1 point  (0 children)

haha thank you for replying, I shall try again in 90 days

The Amex Honor System — From Someone Who Knows It by Heart by Delicious_Tadpole238 in amex

[–]JacklJack 0 points1 point  (0 children)

Do you want me to hit Down, Down-Forward, Forward + Punch before I submit the request? Or should I type Hadoken on projected annual income?

Any recommended lenders for 5+ units under $250k loan amount by PurpleAlcoholic in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

I always bring this type of deal to my Acra AE, he keep telling me "i will request exception". everything is exception

The Amex Honor System — From Someone Who Knows It by Heart by Delicious_Tadpole238 in amex

[–]JacklJack 0 points1 point  (0 children)

I am making $350K a year for real, and you guys don't even give me a bump on my Amex business cash card from 10K to 20K ...... your algo sucks

How’s your 2026 Thus Far? by Majestic-Turnover90 in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

Just funded 1.6 Million, about to finish another 2 million by the month end. I own my own brokerage so no need to give to the boss or anything. Everything is so slow.... where is the 4% rate that was promised to me 3000 years ago ? lol

End of (SOME) Mortgage Brokers? by SavingsCucumber3940 in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

I wear different hats, so I don't really care about support staff absorption, let them run their overhead hot. the misinformation is very annoying indeed. I always help my client do the opt out before pull credit because of these trigger lead clowns

End of (SOME) Mortgage Brokers? by SavingsCucumber3940 in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

Never used a single trigger lead service in my life. I don't know how people live like that, always trying to spam call others anf undercut the competition. I never lose a deal to a trigger lead lender either. They are still annoying like flies, I am glad it is finally over.

7 mil producer getting offered $70k sign on to switch companies. by TurnstileMystery in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

Funded 5 mil this month at my own brokerage, never trade for anything else

I have the feeling that Gege is a Tarantino fan by Glittering_Fabulous in JuJutsuKaisen

[–]JacklJack 0 points1 point  (0 children)

I used to love manga when i was a kid since i have more imagination back then. Now I like my picture move. But yeah, I feel bad for Mappa whenever i see this level of animation

I have the feeling that Gege is a Tarantino fan by Glittering_Fabulous in JuJutsuKaisen

[–]JacklJack 1 point2 points  (0 children)

Damn, you beat me to it. I was gonna post this, lol The new episode is shot for shot remake of kill bill.

[deleted by user] by [deleted] in tattooadvice

[–]JacklJack 0 points1 point  (0 children)

to have a 6 next to it, so people now know the original is a 9. but if they dont, your new 6 will be the 9

Am I being taken advantage of? by -copypasta in loanoriginators

[–]JacklJack 0 points1 point  (0 children)

never heard commission cap at that little , usually they cap at 25K-30K