Why did MFG choose this business model?
www.MFGopportunity.com
After all... the mortgage business has been around for
awhile and has prospered with the traditional model for
a long time...
Not only that, this business model seems to be a lightening
rod for controversey in the industry... multi-level or tiered
compensation plans seem to draw fire every time they pop
up on mortage forums around the net...
Why is that? And why would MFG want to jump into the fray?
The answers are simple, really.
First, mulit-level comp plans are often villified... not because of
the plan itself... but because of the manner in which many promoters
of these types of companies... in and out of the mortgage business...
present them.
There seems to be a kind of fast buck mentality associated with
this type of plan... and there have been many people who made
tons of money... fast. Some of them even made it honestly...
Sadly, many of them made it by scamming people into programs
that were illegal no matter what type of comp plan they used.
That's not a legitimate knock on the plan... they were just crooks.
Everyone knows someone who was in some kind of multi-level deal
and didn't make money. Of course they didn't. Most of the fools in
this kind of business are willing to sign up anyone who can fog a mirror,
thinking that sheer numbers means success... like I said... fools.
We aren't interested in signing up everyone and their brother in the
hope that they'll refi their own mortage or talk their cousin Joe into
refi-ing his. We want people who want this to be their profession.
So should you.
Last... but most important... is this fact. Typical multi-level companies
sell things like nutritional supplements and cleaning products. There's
nothing wrong with that... people buy those things.
The problem for a serious businessperson is that you have to sell a
TON of $20 bottles of vitamins to make any serious money... and
you have to sell them to people who are convinced that your $20
bottle of vitamins really is better than the $8 bottle they can buy
at Wal Mart... not so easy... lol
My personal belief is... and has been for a long time... that mortgages
and muti-level comp plans were made for each other. There's plenty
of profit to go around while remaining competitive in the market.
You don't have to mark a mortgage up 300% to make a buck!
Finally, those who say negative things about companies just because they
use a multi-level comp plan don't really understand the power that plan brings
to a business.
I call it the power of the network...
The power lies in leverage. We're all in a real estate related field
so we understand the power of leverage. There really isn't a better
investment vehicle on the planet than real estate because of the
power of leverage.
This plan gives you the same kind of power.
Sure... there are a bunch of places you can hang your hat and get
a larger split... even 100%... with a modest per file fee to the broker.
All you get with that model is a guarantee that you'll have to work
your ass off to make the really big bucks... oh... and you also get the
promise that if you don't personally produce you get nothing.
That's called linear income... trading time for dollars... that's how the
rest of the world operates. In the mortgage busines you can at least
trade that time for above average dollars if you're good at generating
new business.
I'd rather have leverage...
With this plan you have the power to leverage time and money by
duplicating yourself through recruiting other LO's nationwide.
You're free to originate as many new loans as you have time for... but
you also have the opportunity to earn additional overrides on new business
generated by those on your marketing team.
So... tell me... how many new loans can you originate in one month?
5... 10... 20... maybe...
But how many new loans can a team of 100 LO/s originate in a month?
100... 200... 500... maybe...
A team of 100 LO's need only average 2 loans per month (each) to
have 200 new loans on your team.
I don't know how you feel about it but I'd rather have a smaller % override
on 200 new loans than 100%, minus a fee, for 5 or 10 of my own.
So... every time someone asks me if this is one of those multi-level deals
I say...
"Hell yes! If it weren't, I wouldn't be here."
Tsnyder
www.MFGopportunity.com or visit me at
www.MFGinfoforum.com