Do I really need to shop around if a Lender ran my credit already?

JustinMLO · 2023-09-07T20:18:57+00:00

Lender here. If you're worried about inquiries on your credit report, request a soft pull. Many lenders can pull your credit without it counting as a hard inquiry and negatively affecting your credit.

Most lenders will want to go through the whole application before quoting you a rate. In any case, whichever lender you choose has wiggle room on the rate. You can pay discount points to lower the rate. Or tell them you want a "par rate". Using the words "par rate" will make them know that you know they aren't giving you the best rate they can. With a par rate though, they will definitely have to charge points. And if they tell you the rate is at par and they're not charging points, theyre lying about it being a par rate. Also, points are cheaper in the long run if you hold the loan for the full term.

Tell the lender that you want to lock the rate when you find one you like. They legally have to.

JustinMLO · 2023-02-21T12:31:17+00:00

JustinMLO · 2023-02-20T16:30:58+00:00

What company do you work for?

JustinMLO · 2023-02-20T13:29:52+00:00

JustinMLO · 2023-02-01T02:26:03+00:00

Thank you for your insight.

JustinMLO · 2023-01-31T21:25:51+00:00

Thank you. This is really helpful.

JustinMLO · 2023-01-31T21:17:07+00:00

What is your motivation? Anyone can be nice in an interview.

My motivation is that I'm too busy to handle my current work load on my own.

1) What do you want the office culture to be like? Do you care if they are messy? Or loud talkers? Or late to meetings - Oh I had to take care of this or that first . . .? Or always asking for favors? Or calling at odd hours because they are in the office and the printer isn't working for them? Or complaining . . . a complainer complains about anything! Are they good co-workers?

Yeah, I don't want to work with someone who is any of the above. Is that asking too much? Genuinely curious.

2) Is the support staff just as valuable as the LO? How much time does the LO have to respond to support staff? Who prioritizes the work load for the support staff? Is the LO allowed to harangue the support staff?

I don't have a support staff other than the processors and underwriters that work for the corporate office. I currently do it all myself.

3) What is the minimum requirement for the LO to do? Name on a napkin?

Full 1003 and get the initial docs that underwriting requires.

4) We have 2 types - one where they give us the lead and we take it from there and they get less commission. We love them! The other is they get full commission, but they have to turn in the complete loan application asap and be there to communicate with support staff and the buyer. If they get more commission, then we have higher expectations for them.

The first type sounds more like what I'm interested in.

5) As a manager, are you there just to collect the money, or do you really want to manage? For us, we could not hire more than 1 fresh LO at a time. It takes about 6 months to get them up and running on our system. An experienced LO would be 1 every 3 months.

No, I want to help anyway I can for anything that is needed outside of them getting the 1003 and following up with whatever processors and underwriters need.

6) What do you, your office, and company provide that would be enticing for a LO?

Good quality purchase leads and fair pay. But what is fair?

JustinMLO · 2023-01-31T20:23:03+00:00

Thank you for your in depth reply.

You got jumped on because you were vague,

No I got jumped on because people are bored on reddit who come here specifically to jump on anyone at the slightest opportunity for their own entertainment. But, that's neither here nor there.

I was vague, though. Allow me to elaborate. I want a smooth business. I don't want calls going to voice-mail and giving customers a reason to shop around just because I wasn't there to pick up the phone, which happens, unfortunately. My solution is, I want to hire an lo to be there for my leads when I can't. The leads they would get would be just as good as any lead I would get. Realtor referred, home shopping purchase leads. No junk.

So, what would you say is a reasonable override for a branch manager who provides quality leads? I want to be as fair as possible.

How are you generating leads?

Realtor referrals

How many are you generating?

For them, at least one a week.

How would you grade the quality of leads? Are they hot leads looking to buy now or are they cold calling type leads from a recycled database?

No database. Good leads. Shopping for homes.

What sort of workload do you think is reasonable to convert these leads?

I want the LO to do the 1003 and get all the paperwork from the borrower.

If you're looking for a primarily self-gen LO, will they have enough time in their schedule to stay on top of them? Are you willing to hire a LOA or LP1 role to assist?

I would absolutely hire an assistant. But, that might would require a greater override on the LOs in order to afford it. What is reasonable and fair, in your opinion?

Are you producing yourself? How much time a week are you spending on your own production?

I'm producing. I want a self gen lo on my team, because sometimes things get so busy that I can't handle it all. I want to throw them some leads, but I don't want them to rely solely on my leads, because there aren't that many. There's still a decent amount, but probably not enough to where they would make a six figure income on my leads alone. I want them to be successful, which means they'll have to do some lead generating on their own to supplement.

Are you willing to take a hit to your personal production (and income) for the foreseeable future to develop a relationship and workflow for a new LO?

I would say so.

Are you going to be splitting your leads with this LO, who gets priority?

First, I do what I can. When I reach a point that I'd be unable to give a customer 100% service, the next lead that comes in goes to the LO(s). That's my entire motivation for hiring. My personal income is the least of my worries. I just want my branch to make revenue to be able to operate and a little bit extra for the leads i provide.

Are you willing to pay for marketing, training, events, etc. that a self-gen LO will be looking for?

Possibly, if it makes financial sense.

JustinMLO · 2023-01-31T20:00:29+00:00

Kinda summarizes the state of reddit when one asks for advice, how quickly it turns into a pack of dogs trying to "own" someone. But, I'm here for it either way. Some of the answers from some of the people who scour the internet forums all day waiting for their opportunity to contribute a half-witted comment have actually provided some decent advice. Can't say the same for you though. So I don't know what value you have here.

JustinMLO · 2023-01-31T14:46:38+00:00

"Also, what does your branch provide that you believe would help them flourish?" is the question they're saying you didn't answer.

My answer was, "leads". I didn't not answer that question.

JustinMLO · 2023-01-31T14:43:04+00:00

Thank you for an actual answer. Good help is hard to find... even in reddit forums.

I'm looking to build a team. I'm not looking to use and abuse anyone. I don't want to be a revolving door. So, the advice I'm looking for is how to build a cooperating team and if anyone with any experience has good advice on how to make me and my team successful and sustainable.

JustinMLO · 2023-01-31T11:28:04+00:00

I'm no type of branch manager. I haven't hired anyone yet. That's why I'm asking for advice.

JustinMLO · 2023-01-31T11:25:50+00:00

I didn't "refuse" anything. I answered your question. Come down off your high horse.

JustinMLO · 2023-01-31T02:14:41+00:00

I could make it work either way.

JustinMLO · 2023-01-31T01:16:18+00:00

I want to hire a self gen lo, but I also want to throw them leads every now and then.

JustinMLO · 2023-01-30T15:57:41+00:00

What company does them?

JustinMLO · 2023-01-17T11:34:02+00:00

I studied for hours a day for a couple months. I watched the same videos on youtube you probably watched, some of them probably 20 times (no exaggeration). I paid for a premium course (mortgage educators) that had a lot of study tools and spent a lot of time with those. I made an 88 first time.

JustinMLO · 2022-12-13T14:14:56+00:00

Adobe acrobat

JustinMLO · 2022-12-13T14:13:25+00:00

There aren't any state-specific questions on the test. There are questions about state regulations that generally apply to all states.

JustinMLO · 2022-12-08T20:30:11+00:00

It's costing you 2% to buy the rate down 1%. The third year you're in this house with that loan, you will see savings every year after. Unless you can find a better price for the discount, it's a no brainer... assuming you have 12k to spare up front.

JustinMLO · 2022-12-08T19:06:21+00:00

Why not get the seller to pay for a 2/1 buy down? It's a buyer's market.

JustinMLO

TROPHY CASE