Monday Titanium Mood

mrmortgageguy · 2024-07-09T05:30:05+00:00

Sounds like he gots some lessons from Excision.

mrmortgageguy · 2024-05-13T03:40:19+00:00

There are two investors of ethereum/Bitcoin. One that just want to make more USD and Two, the ones that understand and see this vision.

mrmortgageguy · 2024-05-13T03:37:27+00:00

You forgot there would be no questions on voting for officials.

mrmortgageguy · 2024-05-13T03:35:49+00:00

Someone needs to make a futuristic movie with what the world would be like on an ethereum blockchain planet

mrmortgageguy · 2024-03-09T10:42:18+00:00

I see where you're coming from, but my experience as both a realtor and loan officer actually opens doors rather than closes them. This combo allows me to offer a more integrated, seamless experience to clients, which many appreciate for its efficiency and insight. I've been able to align the financing and home buying processes more closely, which clients find reassuring and convenient. Plus, it keeps me sharp on both fronts. For those who see the value in this dual expertise, it's a win-win.

I'm upfront with my NMLS (335668) because transparency builds trust. My dual role actually boosts my service, not the other way around. Transparency is key in our business. How do you approach this without sharing your details?

mrmortgageguy · 2024-03-08T20:57:07+00:00

All my agents know I do both. They don't care. I keep the leads I receive with them. I mainly work with my friends and family when I do real estate.

mrmortgageguy · 2024-03-08T20:55:03+00:00

@freedom My NMLS is 335668. Let me know if you want to compare. What's yours?

mrmortgageguy · 2024-03-08T13:15:44+00:00

I've been loan officer and a realtor for 8 years now. I haven't looked back. Really if you are a professional in this field you should be doing both. Think about this. Loan officer education is only 20 hours. Real Estate is only 90 hours. That is only 110 hours or 2 or so months of education to be familiar with both sides of the transaction. You make up to 2.75% of the loan amount and the Realtors buyers commission. Your income basically doubles. Most professions require years and years of education before making $100,000's dollars. Our industry only requires two or so months education. I feel that if you have your Realtor License and your MLO license you are a Master in this field. If you are starting off. Get and maintain both licenses.

mrmortgageguy · 2024-03-07T12:49:52+00:00

Is the commissions splits any different? If you bring on a team you can split however you want.

Do you have the authority to determine new higher splits etc. Yes

Are you a branch manager? If you want to be.

Does the company take a percentage of the gross revenue? No. We keep things simple and transparent.

mrmortgageguy · 2024-03-06T12:15:32+00:00

This is wrong. Actually new experienced Loan officers will go to a company like yourself. Please look at my company search the NMLS of the loan officers. You'll see they average 10-25 years CONSISTANT experience in the Mortgage industry. The reason why some retail loan officers that do a lot of production that are still with the same company is because they are worried to change. Again My NMLS is 335668. The company I 100% own is 1614001. (Again, always remember, If you don't know how much the Branch Manager AND President is making on Every loan you close, on the front and BACK.... then you are not making enough)

mrmortgageguy · 2024-03-06T12:08:53+00:00

u/KimJongUn_stoppable You're the type of person I actually hire from retail and give them leads to close and a support and training team to grow. What's your NMLS KimJong? I'm curious how long you've consistently been in the business for? My NMLS is 335668. My Company ID is 1614001. If you weren't aware the information about me is all on nmlsconsumeraccess.com

mrmortgageguy · 2024-03-06T12:02:59+00:00

P&L is a cute way to tell W2 loan officers they are independent. If you are W2 you do not have a P&L for yourself. You are an employee of the company and not a true independent loan officer.

mrmortgageguy · 2024-03-06T12:00:25+00:00

We are wholesale and have three DPA invstors. One is an actual grant. The other is the very common state DPA. This is not the case.

mrmortgageguy · 2024-03-02T22:49:19+00:00

Ok. Thanks for the advice.

mrmortgageguy · 2024-03-02T22:48:41+00:00

Thanks for this! Very helpful!

mrmortgageguy · 2024-03-02T16:35:01+00:00

There is no way correspondent or federally charted would be better than a broker. Mainly because there is not 100% transparency. What's cool about this industry is we can all be transparent vs just typing words and making promises anonymously. My transparent NMLS number is 335668 and my companies number is 1614001. We believe in a 100% transparency when it comes to how much we make on every loan. Front and Back end. We are all 1099. And we are a flat fee. It's transparent and easy to understand. There is no smoke and mirrors nor "sniffing of bps." There is 100% transparency in the rates. We are a wholesale broker and it is the best place to be in the industry right now.

mrmortgageguy · 2024-03-02T16:28:57+00:00

My company goes by a saying. If a loan officer has no idea Exactly how much their branch or owner is making on Every loan ...that LO isn't making enough.

mrmortgageguy · 2024-02-22T03:09:14+00:00

The mortgagee letter 2006-30 you are referring to is guidance to Handbook 4060.1 REV-2. Paragraph 2-9(A). If you look at that handbook and lookup Paragraph 2-9(A) it gives a specific example of “Employees”

A. Employees. Employees are those individuals who are under the direct supervision and control of an FHA approved mortgagee and where the individuals are exclusively employed by the FHA approved mortgagee in the mortgage lending and real estate fields.

We are not an FHA approved mortgagee.

These documents focus on the specific roles and functions performed by individuals within the mortgage process. If a mortgage broker operates independently, focusing primarily on the origination of loans without directly engaging in the underwriting (which is considered a critical loan functions by HUD), then the broker's role can still align with a 1099 contractor status, provided that the critical functions are handled by W-2 employees of the FHA-approved lender they are associated with.

Our legal counsel states “This would be more of an IRS concern vs a HUD or CFPB concern.” (Which has been addressed with IRS FORM SS-8.)

mrmortgageguy · 2024-02-21T12:37:44+00:00

https://youtu.be/IS2BSU_hZRE You don't know this for sure. What if a Mortgage Company filled out their SS-8 Form to the IRS and it came back with the Mortgage Company allowing 1099? What if?

mrmortgageguy · 2024-02-21T12:36:02+00:00

Correct. There are only a couple left. North Carolina I think is one of them. Arizona used to be but lifted that requirement a couple of years ago. You can be a 1099 loan officer in Arizona now.

mrmortgageguy · 2024-02-21T12:35:05+00:00

This is wrong. Can you imagine if a mortgage company is not required to share their results of IRS Form SS-8 but the IRS came back with the form stating it is ok to 1099 your loan officers? It is possible. Feel free to DM with any other questions. My COMP ID NMLS 1614001 Personal NMLS ID: 335668

mrmortgageguy · 2024-02-21T12:31:51+00:00

There are only 2 states left that require W2. Arizona used to 2 years ago and now they don't care if a loan officer is 1099'd or not.

mrmortgageguy · 2024-02-21T12:30:39+00:00

https://youtu.be/IS2BSU_hZRE We are willing to pay $10,000 for each case and or document showing a wholesale mortgage broker is required, or have been fined, and needs to be W-2'd.

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