New and Excited Mortgage Broker Prospect

[lenderama]

Originally Posted by HopefulBroker

Hello!
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)

This is not actually worth bragging about. Most lenders cap what a broker can earn in YSP at 5 points (5% of the loan amount). If a broker is actually collecting 5 points for commision (not to pay closing costs, or finance a buydown) then that broker is charging quite a lot for the deal. As much as most lenders will allow them to. Noting that you never charge more than 5 points in YSP is like saying, "I take care of my kids".

[HopefulBroker]

Well, working in a large lender's compliance department, I can tell you that some brokers try to get more through...

They load up on junk fees instead of being upfront with an origination fee and disclosing YSP to borrower...

[HisHouseMortgage]

Welcome aboard hopefulbroker, Looks like you are already getting some very valuable info and insight from some of our most distinguished members here at MBL. Hope to be of assistance to you in the future as well.
Jim

[HopefulBroker]

What is a good start for a broker in terms of salary in a shop that provides leads and has both subprime and prime products?

[brendo927]

If you have a broker liscense why do u need to go work for another broker? I am a little confused. What state do you live in? Can't you just go open your own shop, hire a processer, tech guy, some LO's and get a nice juicy cut from commisions your LO's take in?