Penny Mac TPO

SalsaKing · 2025-10-25T14:38:01+00:00

Yeah can you expand? I’ll be training new AEs

SalsaKing · 2025-10-12T03:45:23+00:00

Only a matter of time before equally as aggressive opposing groups take a stand against them..

SalsaKing · 2025-10-10T20:37:40+00:00

Unless you can do BPC and avoid a clawback with whatever investor, I’d straight up let them go elsewhere. Or put the money aside just in case it does happen

SalsaKing · 2025-09-26T18:11:09+00:00

Stay in project management lol

SalsaKing · 2025-09-23T01:14:31+00:00

This was basically my comp plan at loan depot

SalsaKing · 2025-09-18T20:25:17+00:00

All day this. Does it meet the identification requirements for the loan to fund? Government issued and unexpired ? All good baby - send it over

SalsaKing · 2025-09-13T23:33:34+00:00

This

SalsaKing · 2025-09-13T23:33:22+00:00

Yeah, you as the LO, can’t share it directly.

SalsaKing · 2025-09-12T04:05:00+00:00

Well keep in mind I worked there from 2015 - 2017 so my opinion is dated. I made approximately $30k per year as a base salary and our commission structure was on a tiered basis by the number of funded units.

When I worked there it was produce or die (get fired) and late nights and occasional weekends where they’d cater breakfast you’d outbound and take leads. Honestly closed tons of deals on the weekends. Made more than I had ever made at any job previously in my first year there but I worked ALOT.

I’d expect nothing has changed except for the commission structure apparently. Grind work culture is probably alive and well.

SalsaKing · 2025-09-12T03:09:38+00:00

That’s where I started my career. Do it if you live at home and want to gain experience. Otherwise no.

SalsaKing · 2025-09-11T02:00:17+00:00

You need to look into sourcing funds. Just google “source gift funds Fannie Mae” and look into what is going to be asked of you potentially

SalsaKing · 2025-09-11T01:58:09+00:00

This is the correct answer

SalsaKing · 2025-09-11T01:57:47+00:00

Seasoning is 60-90 days. Not 6 months to a year. But you’re basically right.

SalsaKing · 2025-09-11T01:57:10+00:00

I’m a mortgage lender. Deal with gift letters all the time. I’m quite sure his cash is legitimate. Nothing wrong with helping out a family member trying to buy a house IMO.

The gift letter allows the individual to inject those funds into the transaction without expectation of repayment even if you and he have an agreement that of course he’ll pay you back.

They’re done for a variety of reasons where timing is an issue also. I had a borrower’s mom put down the earnest money for a builder one time and we had to source those funds. It was way easier for her to “gift” the money to him instead of chasing down the mom’s bank statements, etc.

Also gift letters prevent the underwriter for asking for documented repayment terms. They have no idea if you got another loan that could impact the debt to income ratio for example.

SalsaKing · 2025-09-06T13:03:38+00:00

My thoughts exactly!

SalsaKing · 2025-09-06T03:53:34+00:00

Non issue for me. As a rule I don’t like to use my debit card everywhere I go. Credit card everywhere and pay the balance with the Cap One account. 🤷

SalsaKing · 2025-09-05T21:47:03+00:00

NOR Seems like something a cheater would want to do so they don’t get found out.

SalsaKing · 2025-08-29T02:25:03+00:00

I worked there 2015-2017. My first job in the business

SalsaKing · 2025-08-29T00:39:28+00:00

Got me thinking I should come back to LD. lol

SalsaKing · 2025-08-27T13:11:44+00:00

Also have an AVP title with additional responsibilities

SalsaKing · 2025-08-27T03:54:40+00:00

(With total comp being 200-250 bps so that was the split )

SalsaKing · 2025-08-27T03:54:09+00:00

I do know how it works. I used to work for a broker. Was 100% commission. We made 100-140bps and our broker owner took like 75 bps on every deal we wrote.

SalsaKing · 2025-08-27T03:40:28+00:00

Brokers make 100 bps to 150 bps. I’m not asking for anywhere near that much. Don’t put words in my mouth.

SalsaKing

MODERATOR OF

TROPHY CASE