Phil_in_pdx
09-23-2007, 04:03 PM
Hi all, I'm an LO based in Portland and have been in the industry for about 2 years. I've been a top producer for a fairly large firm that has several branches and working live transfer call center leads. The only thing is that my split has been pretty low.
I've been doing research on other firms I'm considering switching to including Amerisave and Ascent. If anyone has much knowledge about these companies or others that my fit my criteria I'd appreciate hearing from you.
Some of the key things I'm looking for in a company include: Good technology like pricing / prequal engines, multiple lenders to choose from, NO PADDING OF RATES, decent commission split, good processing, minimal fees / junk fees that I would have to charge, potential deals on lead purchasing.
The last thing I mentioned (potential deals on lead purchasing) is one of the things that seems attractive about Amerisave. Because of the number of leads they purchase per month they offer an ability to buy Lowermybills / Lending Tree leads for as low as $9 or $10. Amerisave also offers "overrides" on volume of LOs that you recruit and that your personal recruits bring in. That turns some people off because it smells like MLM but I'm assured that they ONLY hire LOs that have proven track record of experience & production. I personally had a bad experience with my first firm (Global Equity Lending) because they hired all kinds of inexperienced LOs and their loan closing ratio was apparently pretty low. From what I see Amerisave seems very competitive, doesn't appear to pad the rates and has a pretty slick website that allows for pricing. The downside of that is if your clients go to the website and pull up basic pricing based on their credit situation it could limit your ability to price a loan the way you'd want to.
Ascent seems to offer a higher split than Amerisave and also have some good tech (a pricing engine), but I'm not sure if they're able to offer discounted prices on quality leads like Amerisave does. I think both these companies use Encompass which I've heard good things about and supposedly they both have good processing and get your deals closed relatively fast.
Although I'm not crazy about the split I've been getting for the last year and a half, the company that I'm with has basically treated me right, is solid, and gives me a consistent stream of leads. If I'm going to leave what I have now whatever company I choose definitely needs to be solid and a clear cut above. I glad this forum exists and I look forward to hearing anyone's input on my search and learning more about what's happening in our industry in general through all these interesting posts.
Regards,
Phil
I've been doing research on other firms I'm considering switching to including Amerisave and Ascent. If anyone has much knowledge about these companies or others that my fit my criteria I'd appreciate hearing from you.
Some of the key things I'm looking for in a company include: Good technology like pricing / prequal engines, multiple lenders to choose from, NO PADDING OF RATES, decent commission split, good processing, minimal fees / junk fees that I would have to charge, potential deals on lead purchasing.
The last thing I mentioned (potential deals on lead purchasing) is one of the things that seems attractive about Amerisave. Because of the number of leads they purchase per month they offer an ability to buy Lowermybills / Lending Tree leads for as low as $9 or $10. Amerisave also offers "overrides" on volume of LOs that you recruit and that your personal recruits bring in. That turns some people off because it smells like MLM but I'm assured that they ONLY hire LOs that have proven track record of experience & production. I personally had a bad experience with my first firm (Global Equity Lending) because they hired all kinds of inexperienced LOs and their loan closing ratio was apparently pretty low. From what I see Amerisave seems very competitive, doesn't appear to pad the rates and has a pretty slick website that allows for pricing. The downside of that is if your clients go to the website and pull up basic pricing based on their credit situation it could limit your ability to price a loan the way you'd want to.
Ascent seems to offer a higher split than Amerisave and also have some good tech (a pricing engine), but I'm not sure if they're able to offer discounted prices on quality leads like Amerisave does. I think both these companies use Encompass which I've heard good things about and supposedly they both have good processing and get your deals closed relatively fast.
Although I'm not crazy about the split I've been getting for the last year and a half, the company that I'm with has basically treated me right, is solid, and gives me a consistent stream of leads. If I'm going to leave what I have now whatever company I choose definitely needs to be solid and a clear cut above. I glad this forum exists and I look forward to hearing anyone's input on my search and learning more about what's happening in our industry in general through all these interesting posts.
Regards,
Phil