Quote:
Originally posted by Veterans Day
loan officers are 100% commission, meaning the broker will probably give you between 40-50% of the deal. Mind you trhe broker is finding the leads, the clients think they are god cause every mortgage company is contacting them, Its a fuckin nightmareunless well established with word of mouth. Say your gonna do a re-fi on a house for 150k Now the rate is 5% and the lending institution is paying the broker 1% out the "back end" to bring that mortgage to XYZ bank. Ok 1% of 150k is 1500 depending on your commission structure you will typically get 50% of that 1500 bucks minus taxes health insurance and so on. BUT it might take 2 months to close tha loan, so you figure you need to have atleast 10 loans in your pipeline cause shit always fucks up
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Sure, I see your point. You're right. But I swear to god nothing could be more fucked up than dealing with the models I deal with on a daily basis. I'd much rather deal with competition, and overcoming objections about how old I am, than dealing with a couple decent models per week that don't have the decency to show up or even call to say they can't make the session. Right now I'm feeling vulernable, and I don't really see the mortage business as being any less volatile than what I'm dealing with currently. I'd welcome the opportunity to talk to people with two braincells to rub together, rather than talking to the trash that's ruining my will to live.