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By Rob
Real Estate & Mortgage Broker... Creator of the Sink or Swim Loan Closing System
I get a lot of emails
from loan officers who are currently working for a mortgage company, but
are looking to advance their career and go out on their own. When they
see the kind of money that can be made in this business, it’s no wonder
they aren’t satisfied with their 50% commission spread (or even less!).
When I first started in
the industry, my commission spread was 20% of the yield spread premium
or YSP. And, if that wasn’t bad enough, we worked on teams of three
people—two loan officers and a processor. This meant that any
commissions I and my team earned, had to be split three-ways amongst us
all. I’m not kidding! My commission after all was said and done was a
measly 6.5-7.0% of the YSP. So, on a $3,000 loan, I would make about
$200 at most. You don’t want to see what it looked like after they took
taxes-out. Absolutely pitiful. Being ignorant (of the mortgage
industry), didn’t make me stupid.
That was many years
ago. You can see why I was eager to get out of there ASAP. Of course,
not having any mortgage experience at all, at the time, I didn’t know
any better. I had no idea what the “reasonable” commission structure
was. I figured this was how the industry worked. How shocked I was
when my eyes were opened. And to think on that original $3,000 loan, I
could have at least had $1,500 or more (depending on the mortgage
company). But, I have no regrets because it gave me my start and is the
main reason I am successful today.
I’m sure many of you
encountered the same dilemma as I did. You have to start somewhere.
You have to learn the business inside and out. You have to put a stake
in the ground. So, no matter where you work currently, or how bad you
think the pay scale is, think of me and my first loan and my sad
paycheck. ;-)
My point is, learn all
you can learn. Observe everything. Take lots of notes and ask
questions. Be curious. Make contacts with as many wholesale reps as
you can. And network like crazy. Yes, there is a steep learning curve
to this business. The first 6 months are grueling, but if you keep the
faith and learn as you go, your rewards won’t be too far away.
And even if you can’t
stand the mortgage firm you currently are with, the good news is that
there is always a way out. Mortgage companies are always hiring and
bigger commission checks may be only a phone call and an interview
away. :-)
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Click
here to read just some of the success stories from users of the Sink or Swim Loan Closing System ®...
Click here to see a printout from a recent commissions report with my biggest
month ever!
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