Hello!
Some background on me:
I have a Bachelor's in Finance and 4+ years in mortgage compliance. I want to jump to the broker side of the business, and would like to get some good advice about this move to 100% commission....
Right now, I am being recruited by a broker that is very upfront with fees, they only charge origination points and the YSP (all earnings less than 5% of loan amount) and have internal leads (mostly refi's). They also have internal processing, and have a fair amount of processors for every originator so things get moved through the pipeline.
Last year the brokers did fairly well on just the leads with most making over 100k in salary. I think that these leads will serve as a good base to support me until I can build up a network of realtors, construction companies, and other finance professionals... but I need some encouragement taking the leap...
How hard is it to close 5 loans a month? How hard is it to build a steady, strong pipeline?
What is your advice to a young mortgage professional?
Thanks for any help/suggestions/ideas...
Elizabeth