How much can loan officer's make?

[alvin]

My last transaction my loan officer charged me 1 point of $450k.
Sorry i dont know any other details but i figured her broker got $4500 off the deal and my loan officer made a split from that. Also do loan officers have any expenses, franchise and office fees?

[Greg]

Hey Alvin!!! Glad to see you man.

It is typically a split like a realty company. 50/50 is typical but some offer more but then you have expenses to deduct.

Also do loan officers have any expenses, franchise and office fees?

Typically no. For example my company provides me with everything I need. I have yet to pull a dollar out of my pocket and not get it back.

But, Mortgage Brokerages that are smaller may push this expense to you. Such as marketing, postage and so on.

Nothing too expensive though. No franchise fee or office fees.

Over the past year I know you have been considering a few avenues. This would be a good one to get in to. I know you are the type to learn everything about every RE avenue you can.

I have been closing mortgage 9 years now and would gladly review your offers and give feedback if you decide to pursue it further. I can tell you what looks good or if you can do better.

CA is highly saturated though Alvin. Seek multi-state lending for more opportunity.

[alvin]

hey greg,

thanks for the response.
i know CA is oversaturated, but im mainly focusing on a few rehabs here til we get our corporate credit up and running. i will be looking at multi state lending because we plan to buy income properties nationwide within our LLC. im very confident in what ive been learning for the past year and i can easily be an influence to new investors to partner up with us to buy outside CA.

[Greg]

So this is tied in with the investment company?

There are some issues you will run into if so. Anything tied into that company (If you are an owner) you will not be able to originate.

You cannot do your own loans or say I sell my house and want to finance the buyer... I cannot.

Make sense? It is a conflict of interest.

I depends on how that investment company is set up though. Did you finalize your business card? I need to go back and check that post again.

[alvin]

i dont plan to originate the loan since it will be a conflict of interest. reason why id like to become a loan officer is to analyze the numbers and the programs before negotiating any type of investment deals. id probably outsource the loan to another officer while my LLC will be the principal in the acquisition.

i heard it was better to be the mortgage industry before jumping into the real estate industry. oh wells.

im going to finalize my business cards this week. ill post an update later on.

btw: what happened to the "edit" button?

[Greg]

Should still show the edit button somewhere.

Yes I really think this side is a better start and a quicker turn around for payment on a transaction.

Listing homes can take a long time and in this business you also have mortgage refinancing to help supplement suring slower purchase markets like right now.


Do it! I think it will work out the way everyone says.

I know loan officers clearing 1 million a year. They hardly work. Pay people to do it for them.

You are young still too. I was 18 when I got my first position doing mortgages. I wish I had done more research and started with a company like this rather than finance.

[carlo@CreditReportAtlas]

Originally Posted by Greg

Hey Alvin!!! Glad to see you man.

It is typically a split like a realty company. 50/50 is typical but some offer more but then you have expenses to deduct.



Typically no. For example my company provides me with everything I need. I have yet to pull a dollar out of my pocket and not get it back.

But, Mortgage Brokerages that are smaller may push this expense to you. Such as marketing, postage and so on.

Nothing too expensive though. No franchise fee or office fees.

Over the past year I know you have been considering a few avenues. This would be a good one to get in to. I know you are the type to learn everything about every RE avenue you can.

I have been closing mortgage 9 years now and would gladly review your offers and give feedback if you decide to pursue it further. I can tell you what looks good or if you can do better.

CA is highly saturated though Alvin. Seek multi-state lending for more opportunity.

Alvin,

Or sell leads... there's a lot of opportunity in the lead industry

[alvin]

i think i can sell leads since i know some Search Engine Optimization and internet marketing, however i also think i can do a soft sell to new investors.

[alvin]

ive heard that some loan officers have base salaries + commissions? any of you been through this type of program where you can start off at $40k + commissions? im kinda looking for a program like this to replace my IT job at $60k. im willing to take the 20k decrease to potentially make $50k more + a base salary.

[carlo@CreditReportAtlas]

Originally Posted by alvin

i think i can sell leads since i know some Search Engine Optimization and internet marketing, however i also think i can do a soft sell to new investors.

Generating leads is more than just a website, Search Engine Optimization and internet marketing. Anyone can do that. I'm talking about Live Transfers that are prequalified and transferred to the client. Also, its 4 years of experience dealing with the pros and cons of the marketing... not to mention (several legal scrunities). Anyhow, glad you can generate your own leads Alvin. It was just a thought that I wanted to share with you.

Thanks,
Carlo