? About Mortgae Broker split

[mplmortgage]

Hi I just applied for a job at a mortgage broker business and they're offering a 50/50 split is that normal, average or low any advice is helpful thanks!:confused:

[kandue]

Welcome to the forum. I am new to the business but I think 50/50 is about the average minimum. My commission is based on how many loans (value) I close per month, the minimum I get paid is 50 % if my RFCC below $10,000 and it can go up to 95 %. I hope this help, good luck.

[OregonLO]

that is pretty standard in the business when you start out. That is what I was on. Eventually I found a new company that pays me more but I also produce on a monthly basis. Our company is getting into the lead generation areas for the loan officers but on those loans LO's will only get 40%. If your company is providing you with any leads and paying you 50% then that is a pretty good deal. If not, then I would get some time under your belt and get some business going and then try to renegotiate.

[kandue]

Good advise Rick.
While making money is really important especially if you don’t have other source of income, but as a starter I think it is really important that you pick a company that offer good training and to work with experienced co-workers that support you and share their knowledge with you.

[OregonLO]

the support you get is crucial when you are new. I spent the first 6 months of my career with a office that didn't do anything for me. I would never get a hold of my broker when I called him and he'd never return my calls. It was hard to teach myself how it all worked. Then I switched companies and I knew a decent amount but they taught me and molded me to what I am now. Now I golf with my broker and hang out with him. We've become pretty good friends. I'm also the Sr. Lo here now and working on putting together my own staff of LO's. :)

[kandue]

the support you get is crucial when you are new. I spent the first 6 months of my career with a office that didn't do anything for me. I would never get a hold of my broker when I called him and he'd never return my calls. It was hard to teach myself how it all worked. Then I switched companies and I knew a decent amount but they taught me and molded me to what I am now. Now I golf with my broker and hang out with him. We've become pretty good friends. I'm also the Sr. Lo here now and working on putting together my own staff of LO's. :)

Good for you, I wish you the best of luck. :) I am working under a guy who just got promoted last month. Great guy to work with, I went to closing with him last week, he is very impressive. I am very happy with the support level I receive at work too, it seem like every other day we have some kind of training going on. and since I am new into the business I feel I have to grab on every little piece of information, because that will me make the difference of how good of an LO I am going to be.

[stock_post]

50/50 is good for a starter.

My broker is giving me 60% and I think, I am kind of lucky.

But did not get close too many so, I am still on my full time job.

Thanks

[Vegaslending]

It depends what your broker is supplying to you. If they are supplying leads, health benefits, 401k... your looking at a lower payout due to the expense they are providing you.

A lot of places go all the way up to 100%, but they provide you nothing. You have to find your own deals, pay for everything... credit pulls, software, desk rent etc...

50% is not a bad deal if they are providing you some of the items I listed above.

Good luck! :rolleyes:

[kandue]

It depends what your broker is supplying to you. If they are supplying leads, health benefits, 401k... your looking at a lower payout due to the expense they are providing you.

A lot of places go all the way up to 100%, but they provide you nothing. You have to find your own deals, pay for everything... credit pulls, software, desk rent etc...

50% is not a bad deal if they are providing you some of the items I listed above.

Good luck! :rolleyes:


Welcome to the forum Vegaslending.. I agree benefits are big factor. Since I am an outside sale I don’t get leads at my company, I have to generate my own which I think I am doing okay for a rookie.. I heard about desk rental fee I even met an LO who paid $ 3000 for training...
How long have you been in this business? How is the market in Vegas?

[Vegaslending]

$3000 is rediculous! The market isn't as bad as everyone complains about.

I focus on refi's and since the market is still up a ton in the past few years, people still have a lot of equity to tap into.

I'm just getting started with a new company and am excited to get rolling. I've been here for about 18 months. Originally from Cincinnati. Anytime I feel sorry for myself in this market, i remember the $90k loans in Cincy!!

[carlel]

50/50 is pretty good considering that you've just started, check to see if they'd be an increase once you become more experienced!

[Loangenius]

I think all of this is good feedback. You to remember the mortgage industry is a revolving door of sales people not because it's not a good industry to work it, it's GREAT but it's one of the most competitive industries out there and most people have difficulty handling the stress, unstable income and getting out of their comfort zone. I think Rick made an excellent point. To help get over some of these obstacles I mentioned so you don't end up in the revolving door you have to find a place that will TRAIN you, not give you a phone book and some low producing mentor. Only go to people that are making money and closing loans for training and advice. You have to be able to recognize that there may be people willing to help but they are not all successful. Best of luck, take the 50/50 and gain the experience...once you have that you can get the 100%!

[uthai]

Hai Friends !!

What is a Mortgage Broker?
Why deal with a Mortgage Broker?

I don't really understand the purpose of the mortgage broker.

Can anyone tell me about it?

I hope I can get some answers and advices to my questions.

Thanks in advance.

[princess275]

50/50 sounds about right. You may want to train for a while and then set up yourself once you are in a position to. So 50/50 while you train is not so bad.