Mortgages and mortgage professionals (Mega Bucks)

[ThumbGal]

I have this pot o' gold staring me right in my fucking face and I have yet to find out a way to grab it. A wee bit o' background:
I'm a loan officer for one of the largest mortgage refinance companies in America. The pay scale is outrageous (as a n00b, I've made 20k in 4 months without any mortgage experience whatsoever). If I could just get a few more loans a month, I would be raking in at least 10k per month.

I would love to discuss things over with other mortgage professionals (who also dabble(d) in adult 'net work) and brainstorm ideas on how to use our experience in other fields to help with getting more loans closed per month.

If anyone knows how an affiliate program would work in this situation...let's talk about it.

hit me up at thumbgal @ comcast.net

[HARDC0R3]

name a few mortgage refinance companies??

[Jdoughs]

Ive developed leads for all the US's top mortgage companies.

We set up a script and cold called 100-200 (homeowners) people a day (per TSR, and 100 TSR's) to offer refi's and second mortgages.

I myself brought in between 20-30 a day, some of the real good dialers brought in 40-50.

Word is the banks were paying between 150$ to 300$ per loan approved and 3 out of 4 we sent became approved.

But you want to know how you can get more loans or leads?

[ThumbGal]

Jdoughs,
I'm averaging about 25-30 leads per day (leads that requested information)...only about 3-5 new leads per day in the states that I work (three states AL, MS, and FL).

I'm looking for qualified leads (homeowner looking to refinance, wants cash out or debt consolidation...or lower rate/payment if their's is too much)...home value over 70k (the higher the better).

I would be more than willing to give some very nice compensation for each loan closed based on which leads were sent to me. ... I'm still thinking about how that could all be worked out...which is why I'm posting...trying to get ideas and hopefully partners.

[ThumbGal]

BTW, just started working out a scale for payments...rough scale goes like this:

Loan amount closed from one of your leads | Your payout
60-70k | $100
70.1k-80k | $150
80.1k-99.9k | $200
100k+ | $250
300k+ | $500
There's some serious money to be made if we can coordinate this all out.

[DrewKole]

Uhh...

Considering if you're talking about Ameriquest (which you probably are).

And with their reputation for ass raping customers.

You'll be making between 2.5 and 5 points on each file.

Paying out that low, is not much.

I'll tell you what...

Anyone who doesn't mind prequalifying the customer, based on a few guidelines I set.

I'll pay 25-30% of gross commission to.

[ThumbGal]

The company I'm talking about is highly respected and does right for it's customers...not sure where you get your information from but I'm sure you're a broker so whatever comes out of your mouth is a lie anyway.

Most of the people who are fucked in the mortgage industry are fucked by brokers who tell them one thing, drag them out a couple of months, and then put something different in front of them at the closing table than what they've "offered" initially. They're the scum of the earth.

BTW, whether I charge points or not, my commission stays the same...ask yourself if that's true for you. We give people a choice to take the points (and a lower rate which = lower payment) or take little to no points and take a higher rate (one that they qualify for).

And for anyone thinking over DrewKole's proposition..ask yourself if you'd rather go with a national lender or some little pissant broker who will fuck as many people as he can just to get a check.

[DrewKole]

Banker. =)

And, it's not my fault you get paid on a commission basis only.

Real LO's that work for bankers or brokers, get up to 80% commission.

So if you're getting only $500-1000/loan, the house is raping you AND the customer.

And, you're sadly mistaken if you think that your prices are anywhere NEAR what a real broker or banker gets.

The house inflates your prices to cover their own expenses.

The only people you'll get to respond to your newbie ass, are the spammers...

And good luck with that. =)

I've been in the mortgage business infinitely longer than you.

I'm thinking your newbie ass should just shut it, before your embarass yourself any further. =)

What company do you work for again? =)

[ThumbGal]

Oh Noes! A Banker! If you make so much bank, why are you selling your sig for $500? http://www.gofuckyourself.com/showth...05#post3747805

How about I give you the $500 out of my wallet and you can write how much of a flaming asshole you are in your sig?

You're a sorry, two-bit, got his brokerage license by mail, punk-ass broker who probably has a full-time day job just so he can pay his utility bills.

Next thing you know, you'll be e-mailing me wanting me to send you some of my leads because your regular source (the phonebook) is all but tapped out. Back off, bitch.

[DrewKole]

You're so far off, its not even funny. =)

Im a principal, not a broker. I wouldn't be dealing with the leads, more than passing them onto one of my LO's.

I don't even have my brokers license. =) And I've been in the business almost a decade now...

I think you're the 2 bit broker who just got his license in the mail no?

As for my sig? Uhh, why the fuck not, it paid for some nice new toys.

And sure, I'll sell it to you and you can put whatever you want there.

Or are you gonna punk out now? lol

[<IMX>]

interesting....

[Sosa]

w00t a fight!

[wdsguy]

you guys that are in the mortgage biz, any tips for a college graduate who wants to jump into the biz?

[DrewKole]

Originally posted by wdsguy
you guys that are in the mortgage biz, any tips for a college graduate who wants to jump into the biz?

Hmm, unless you've got reserves in the bank, you probably need to go to a cold calling shop, like the above guy... preferably one that gives you leads.

Otherwise, you're looking at no paycheck for several months, while you build up your contacts.

You have to be the sort of person, who has no problem talking to people, and would go out and visit realtors and schmooze them a bit, for business.

You could get a list of recent alumni from your college, and mass mail them though.... with something like, Grats! You're out of college, now take the next step, and buy a house, blah blah blah.

Or... start off as an assistant, and learn the business, and then move up from there.

You have to be credible, something that takes more than a few months to really do...

What state are ya in wds?

[wdsguy]

Originally posted by DrewKole
Hmm, unless you've got reserves in the bank, you probably need to go to a cold calling shop, like the above guy... preferably one that gives you leads.

Otherwise, you're looking at no paycheck for several months, while you build up your contacts.

You have to be the sort of person, who has no problem talking to people, and would go out and visit realtors and schmooze them a bit, for business.

You could get a list of recent alumni from your college, and mass mail them though.... with something like, Grats! You're out of college, now take the next step, and buy a house, blah blah blah.

Or... start off as an assistant, and learn the business, and then move up from there.

You have to be credible, something that takes more than a few months to really do...

What state are ya in wds?

I am in CA, just graduated from uc davis. Looking at different industries to get into like banking or mortgage lending. One thing I've noticed is that alot of banks have vacancies for underwriters but most require experience and I don't have none in that dept. Any advice would be appreciated bro.

[DrewKole]

Originally posted by wdsguy
I am in CA, just graduated from uc davis. Looking at different industries to get into like banking or mortgage lending. One thing I've noticed is that alot of banks have vacancies for underwriters but most require experience and I don't have none in that dept. Any advice would be appreciated bro.

Well, being an underwriter most definately means you need to know your shit. =)

If you're going in that direction, you probably need to start off as a processor.... 30-45k/yr most likely.... hopefully you can find someone to train ya.

Then after you have some experience, you can move up to underwriter perhaps...

But if you're sales driven, being a Loan Officer will suit you better, and almost anyone will take you on, and train you.... perhaps. =)

[wdsguy]

Originally posted by DrewKole
Well, being an underwriter most definately means you need to know your shit. =)

If you're going in that direction, you probably need to start off as a processor.... 30-45k/yr most likely.... hopefully you can find someone to train ya.

Then after you have some experience, you can move up to underwriter perhaps...

But if you're sales driven, being a Loan Officer will suit you better, and almost anyone will take you on, and train you.... perhaps. =)

haha yea thats the hard part, finding a company thats willing to train you nowdays. I'm looking into a couple management training programs that several banks have. I was suppose to do a internship at Wells Fargo on insurance for commercial loans but that didn't work out. I figure right now I just need a entry job so I'm apply for just financial rep positions and stuff. Well if this doesn't work out I could always go back to school I guess lol

btw what are the crucial differences between the underwriter and the processor position?

[DrewKole]

Originally posted by wdsguy
haha yea thats the hard part, finding a company thats willing to train you nowdays. I'm looking into a couple management training programs that several banks have. I was suppose to do a internship at Wells Fargo on insurance for commercial loans but that didn't work out. I figure right now I just need a entry job so I'm apply for just financial rep positions and stuff. Well if this doesn't work out I could always go back to school I guess lol

btw what are the crucial differences between the underwriter and the processor position?

Basically, a processor is an inhouse person, who puts together the file, with all the correct information... in order to:

1) Submit the file to the proper lender/underwriter.

2) Make sure every single issue with the file is dealt with, from prequalification to funding.

Once the LO takes the loan application, its in your hands to get the file completed and done.

Most pay rates, are base salary + commission.

Underwriter, is the person that receives the file from the processor, and has a set of guidelines to go through, to make sure the file is of proper risk to be bought by fannie, freddie, or serviced inhouse.

They're the ones that everyone goes to, to see if a loan will flly.

They have to know their shit, because if they approve a file, that shouldnt have been approved, its their ass.... and its pretty hard to tell someone after they've moved into their house, that the loan was no good.

Just like what it means, an underwriter is someone who approves on the risk of a loan/policy.

[wdsguy]

Originally posted by DrewKole
Basically, a processor is an inhouse person, who puts together the file, with all the correct information... in order to:

1) Submit the file to the proper lender/underwriter.

2) Make sure every single issue with the file is dealt with, from prequalification to funding.

Once the LO takes the loan application, its in your hands to get the file completed and done.

Most pay rates, are base salary + commission.

Underwriter, is the person that receives the file from the processor, and has a set of guidelines to go through, to make sure the file is of proper risk to be bought by fannie, freddie, or serviced inhouse.

They're the ones that everyone goes to, to see if a loan will flly.

They have to know their shit, because if they approve a file, that shouldnt have been approved, its their ass.... and its pretty hard to tell someone after they've moved into their house, that the loan was no good.

Just like what it means, an underwriter is someone who approves on the risk of a loan/policy.

Thanks for all the advice !

[DrewKole]

Originally posted by wdsguy
Thanks for all the advice !

sho nuff...

Good luck bud. =)

[Theo]

hey drew,i dont think i have you on my icq. Send me a message when you get a chance #142032164

[jimmyf]

Originally posted by Sosa
w00t a fight!

[DrewKole]

Originally posted by Soul_Rebel
hey drew,i dont think i have you on my icq. Send me a message when you get a chance #142032164

msg sent

[The Bootyologist]

drewkole i have 2 home loan issues looming :
1. heloc for my current home
2. i am buying another home for rental

if you can offer me as sweet a deal as I can find anywhere PLUS cut me in on some of the commissions, i'll go with your company

what's your icq?

[DrewKole]

good talkin to ya. =)

[bleh99]

DrewKole,

Please ICQ me:

263353553

[ztik]

Msg or email me lots of money to be made here

ICQ: 92837597
AIM: ztcashwill
Email: WilliamR (AT) ztikmedia.com

[Alex From San Diego]

This is classic, chick comes in looking to make deals and the next thing you know, drew is about to pick up a few loans...LOL

Nice job...

Funny thing, is he is right.....

[ThumbGal]

It's no loss for me. I've got five people set up right now to start making some serious money and when the people who went with Drew realize that he's a two-bit broker, they'll come my way as well.

[Illicit]

Im looking for a mortgage, but I want to see some reputable company names

[DrewKole]

Originally posted by ThumbGal
It's no loss for me. I've got five people set up right now to start making some serious money and when the people who went with Drew realize that he's a two-bit broker, they'll come my way as well.

Honestly, you can have every single spammer around.

I was only busting your balls, because you're not paying enough.

I'm more than happy to help anyone on this board with any questions they have regarding getting into the business, or a home loan.

And, you, can have every single lead out there, it doesn't bother me one bit.

The funny thing is, I make way more than what you make, and I don't have to telemarket anyone. =)

It's obvious you don't know jack SHIT about the business... (4 months in?) with all this... broker that, broker this talk.

Not being tied to a single lender will give both you AND the borrower way more options, and a better rate.

On any given day, we have 5-10 reps come into our office, and we use EVERYONE including ourselves, because there are niche products only a few people offer, or for some reason, someone got aggressive that week on pricing.

Do me a favor, next time you want to piss, do your homework first, so you atleast sound credible.

Luckily, I'm probably sure the people sending you leads, don't care if you know your shit or not. =)

I can't believe I've spent so much time arguing with someone who will be at a cubicle tomorrow, with a headset on, reading from a script. "Hello, Mrs. Johanson, this is "Insert Name Here" , I am with XYZ Mortgage company, and I hear you are looking ot refinance your house?

12 repo's?, 3x120? NO PROBLEM! Your rate will be 15.5%, oh, we'll roll in those 4 points on the front, no worries!"

Get a grip on reality son. You aren't in my league, and never will be....

You certainly pissed in the wrong industry with me... =)

[DrewKole]

Originally posted by ajpiii
Im looking for a mortgage, but I want to see some reputable company names

Buzz me in the morning, and I'll help you out.

I only deal with a few states, so... I'll give ya a few quotes, and some local offices to deal with, if you like.... =)

[ThumbGal]

Originally posted by DrewKole
Honestly, you can have every single spammer around.

I was only busting your balls, because you're not paying enough.

I'm more than happy to help anyone on this board with any questions they have regarding getting into the business, or a home loan.

And, you, can have every single lead out there, it doesn't bother me one bit.

The funny thing is, I make way more than what you make, and I don't have to telemarket anyone. =)

It's obvious you don't know jack SHIT about the business... (4 months in?) with all this... broker that, broker this talk.

Not being tied to a single lender will give both you AND the borrower way more options, and a better rate.

On any given day, we have 5-10 reps come into our office, and we use EVERYONE including ourselves, because there are niche products only a few people offer, or for some reason, someone got aggressive that week on pricing.

Do me a favor, next time you want to piss, do your homework first, so you atleast sound credible.

Luckily, I'm probably sure the people sending you leads, don't care if you know your shit or not. =)

I can't believe I've spent so much time arguing with someone who will be at a cubicle tomorrow, with a headset on, reading from a script. "Hello, Mrs. Johanson, this is "Insert Name Here" , I am with XYZ Mortgage company, and I hear you are looking ot refinance your house?

12 repo's?, 3x120? NO PROBLEM! Your rate will be 15.5%, oh, we'll roll in those 4 points on the front, no worries!"

Get a grip on reality son. You aren't in my league, and never will be....

You certainly pissed in the wrong industry with me... =)

You are hilarious. You're not a broker ...you're a banker, yet you talk just like a two-bit broker. The four months I've got in this industry, I've probably doubled your annual salary.

What's your day job? I know you only do this brokering on the side to make some small-time cash. Loser.

[DrewKole]

Originally posted by ThumbGal
You are hilarious. You're not a broker ...you're a banker, yet you talk just like a two-bit broker. The four months I've got in this industry, I've probably doubled your annual salary.

What's your day job? I know you only do this brokering on the side to make some small-time cash. Loser.

Sighs...

Do me a favor, and get a clue... A banker can outsource loans for products they can't or WONT do inhouse.

Hell, if our prices are out of the water for the week, I'll send em somewhere else.

So let me get this straight, if you don't have a product to suit the customer, you go ahead and just tell em to fuck off, eh?

I've already explained this, I DO do this full-time crackhead!

Hayzeus Christ, learn how to work on your thread skimming if you can't pay attention.

[Khun]

Am I the only one thinking that this guy needs to read the name of the board and take a hint from it?

[ThumbGal]

Originally posted by DrewKole
Sighs...

Do me a favor, and get a clue... A banker can outsource loans for products they can't or WONT do inhouse.

Hell, if our prices are out of the water for the week, I'll send em somewhere else.

So let me get this straight, if you don't have a product to suit the customer, you go ahead and just tell em to fuck off, eh?

I've already explained this, I DO do this full-time crackhead!

Hayzeus Christ, learn how to work on your thread skimming if you can't pay attention.

I'm sure your bank loves the fact that you're brokering. If I don't have a product that can suit the customer, because they're 3x120, have foreclosures on their credit, or for any other reason, I sure as fuck am not referring them to a broker. I'd rather not let them get ass-reemed.

The funny thing about this is, you know in that little brain of yours that you are some piece of shit broker who has nothing better to do than dream of the big bucks. That $500 that bought you "some nice toys" is fucking chump change. I spend that on dinner with one of my lady friends.

Keep talking your smack, and I'll keep making bank. You'll get there eventually....I know you will. Keep at it, Drew and you'll be a big boy with some big toys one day.

[lil2rich4u2]

i work for Argent which is the wholesale side of Ameriquest, i have worked on the retail side for some years though and have worked out deals with people on this board for generating leads.

if you wanna chat, hit me up.

[email protected]

or 175171926

[wdsguy]

Originally posted by ThumbGal
I'm sure your bank loves the fact that you're brokering. If I don't have a product that can suit the customer, because they're 3x120, have foreclosures on their credit, or for any other reason, I sure as fuck am not referring them to a broker. I'd rather not let them get ass-reemed.

The funny thing about this is, you know in that little brain of yours that you are some piece of shit broker who has nothing better to do than dream of the big bucks. That $500 that bought you "some nice toys" is fucking chump change. I spend that on dinner with one of my lady friends.

Keep talking your smack, and I'll keep making bank. You'll get there eventually....I know you will. Keep at it, Drew and you'll be a big boy with some big toys one day.

You had to lay down 5 bills just to get laid??

[Veterans Day]

http://www.insidethebroker.com

Feel free to stop by. Its not done but me and the wife owned a brokerage and sold it to the partners and now own a title company. Need some mortgage consulting? My rate is a falt fee unlike brokers. I will tell ya if your gettin fucked. Touche'

[DrewKole]

Originally posted by ThumbGal
I'm sure your bank loves the fact that you're brokering. If I don't have a product that can suit the customer, because they're 3x120, have foreclosures on their credit, or for any other reason, I sure as fuck am not referring them to a broker. I'd rather not let them get ass-reemed.

The funny thing about this is, you know in that little brain of yours that you are some piece of shit broker who has nothing better to do than dream of the big bucks. That $500 that bought you "some nice toys" is fucking chump change. I spend that on dinner with one of my lady friends.

Keep talking your smack, and I'll keep making bank. You'll get there eventually....I know you will. Keep at it, Drew and you'll be a big boy with some big toys one day.

Uhh.... ok.

I have 0 respect for people who do ALL of their business from leads, because thats exactly what you do, you fuck them over. =)

Broker, Banker, it doesnt really matter if your business comes from REAL referrals from your realtors.

#1, you have a moral obligation not to screw over your clients.

#2, if you screw over your clients, it'll get back to your realtor, and no more business from them.

Our LO's go to THEIR closings. They explain any questions they may have.

When have you EVER gone to one of your closings? Or better yet, sat face to face with one of your clients?

Seriously, you're embarassing yourself. =)

Veterans, you know we're friends, but.... YSP or SRP's happen on both a broker or banker level, the only difference is when they come...

So any argument about fee this, and fee that, are completely bogus... Just because some brokers or some bankers charge a shitload of fees, doesnt mean each does.

On that note, EVERYONE pays the same fucking price for the fed's money.

Bankers have everything priced into their rate. PERIOD. Waive this, Waive that, it doesnt matter, they're paying for salaries out of the yield.

ANY day of the week you can find a better rate through a network of lenders.

If an LO is going to fuck someone over, it's gonna happen either way. And 99% of thbe people that get fucked over...

Get fucked over by little shits that buy leads, and have no real morals.... They won't ever meet the person, so who fuckin cares. =) By the time they make their first payment, they wont even be working at the same place.

Banker vs. Broker, it doesn't mean shit, except for your relationship to the underwriter.

We've been both a broker, and a banker... and one definately outweighs the other one.

[LoanLeads]

We are a mortgage bank who can do loans in all 50 states. Something you guys need to realize is it doesn't matter how much money the loan officer makes, if its banked or brokered. It all comes down to if the loan officer is knowledgable enough to get the client a product that saves them the most money. Does it really matter if you go to Mortgage Broker/Banker A and he only makes $1000, but mortgage Broker/Banker B makes $10,000 from the same client. If the second mortgage broker saves the client the most money over the long run, who cares how much he makes.

We specialize in Niche products that save customers the most money. We have thousands of in house products we lend with our own money. Even though we still end up brokering out quite a few loans, just simply because its a much better deal for the client.


If anyone has leads for sale, has any questions, or just wants to shoot the shit, email me at [email protected].

We go through a couple hundred leads per day, and are quite possibly looking for more.



If you are a loan officer looking to do loans in all the states feel free to email myself as well.

[swami]

Nice thread.
I have a lovely pr7 site related to homes that is available for text or banner links for home loans.
$400 per month.