Mortgage Creeps

[mpg]

Is it just my experience or do you have to pull teeth to get paid in this industry?

[Erik]

Just your experience. No problems for me ever. Probably depends on your broker/owner.

[The Wizard]

I agree we have numerous clients and as a 3rd party vendor, have only experienced one delay. When i worked directly for brokers only had one in 10 years that was flakey I only stayed a short time. Life is too short to be surrounded by people who are less than professional.

Go UCLA!!!

[Greg]

Usually that means the broker has a money problem. Pay dates are established in every company so when someone does not deliver a pay check it is either the above or an honest mistake.

1x understandable in small business and 2x run away

[brendo927]

I am very bitter towards broker shops...

FYI.....In Rhode Island you are supposed to have 5 years of mortgage experience to get a broker liscense.....and we are the worst state as far as enforcing it. Shows how corrupt this state is.

[florida man]

hi
To me its honestly up to your broker. If the broker actually wants to be a broker and have a business, he will rob his own paycheck to make sure you are paid. Why? Because without you -there are no paychecks -and it only takes one incident to spread thru the industry to destroy any chance of him getting and keeping good LOs.

Apex EXPRESS overnights my checks asap and tells me when they are coming . They handle it with kid gloves , and do it because they are in this business for the long haul.

[brendo927]

florida man.....I dont agree with you on this one at all. Why not hire some average LO's wait until they have loans in processing and then fire them taking all of the comissions. Thats the way a lot of these broker shops in RI work. I don't know about other states but this is a very big industry.

[mamoore]

Carteret Mortgage has never not paid me . I have made mistakes and money was owed back to the customer. It wasnt my mistake it was the lender oh well.We get paid every week and w2 wage earner. We get a 70% split and work in 49 states. You really need to find a good mortgage company similar to Carteret . We retain most of the Loan officers because Our company is awesome. There are some others out there that have a good reputation and can offer a lot. keep your chin up and you will find a great company . fyi, I have some Loan officers in RI.

[florida man]

Hi.



I see your concern. I dont work in RI and i talk to other branches in Apex quite often. To my knowledge nobody is getting 'ripped off' at all.

I dont know about 70% commiss . Even with inhouse leads. Then it becomes about their advertising sources and the quality of the leads. I get 100% minus either 600 or 300 depending if its first or second. I get to control the quality of leads and they basically let me do my gig. I really enjoy that. I put out about 2k per month on advertising and average 5 to 7 loans. We can easily do the math , i make about 12 to 15k per month profit . I set up an 'S' corp and can write off everything up to and including the dog food it seems.

Take an honest look at what the other LOs are raking in, not just the top one or 2 guys . Look right at the middle guy. If his cut per year is not over 50k , i myself wouldnt get out of bed, and you might look elsewhere.

Hope this helps.

[midas]

the real creeps are the lead companies like lendinghope. i have been getting tons of complaints lately about this particular company stealing money and never producing any leads at all. i have found that they are illegally selling leads across state lines without a license and they are actually a mortgage broker in florida. they work the leads to death and the resell them over and over again if you even get anything. please help me stop this kind of activity by calling every agency you can think of and complain about this company that is preying on innocent loan oficers.