Are you a loan originator?

Question

how many loans to do process a month, how many go through.
How many points does your company charge, and finally, what is your percent?

Thank you.

FYI, this is a field I am thinking about getting into, my cousin does it and does pretty well, and will help me get started.

Answer 1

Great answer Becca, and Amanda, a loan originator is a mortgage banker/broker.

If I think I understand the first part of your question, your "fall-out" or loans that do not close, is directly connected to how many loans you submit. If your putting in 5 loans a month, you may have 1-2 fall-out. If your putting in 25 loans a month, you may have 10 fall-out.

If you're taking clean loans up front, they'll obviously have a better chance of closing them. "Junk in, junk out" is a term I use.

Becca was also right that if you're trying to make the quick dollar, you're in the wrong business. Money should not lead your actions, it follows. If you do the right thing and take care of your clients they will pay you back tenfold.

This is a very lucrative business, and you can make a lot of money doing it. I typically submit 15-22 loans a month and have no complaints. I've also worked side-by-side with bankers who produced over 100 loans per month. My point here is, that there is no ceiling of how much you can make in this industry. If I want a raise, I won't leave the office until I acquire a new client.

Answer 2

I am a Branch Recruiter for my company and our office does about 20 loans a month. We only charge per file $350 to our Loan Officers and our company only charges points based on the customers file. We try to take care of our clients and make sure that they can afford the house. Our Loan Officers get 70% - 80% commission per loan.

It is an excellent field to get into, the Mortgage Industry is not going any where! If you want to know more about my company and any opportunties we might have, please contact me.

Answer 3

thank you Becca to finally tell "some" people that our job is not only about ripping people off- we brokers have more programs to offer to our costumers and in most cases we can beat the bank rates. going to your questions- the more loans you process per month, the more money you will make, buy it will take some time for you to learn the programs and to get steady flow of the costumers. every mortgage company works different- some of them require loan officers to charge costumers points, some not
(mine doesn't) the more money you produce for the company, the higher split with your broker you have. in my company i don't really know what other loan officers split is , but i know who is the producer and who is not.

Answer 4

not everyone in this field is out to rip people off and like everyone else...i dont work for free as i am sure they dont either....on a typical loan i charge 1% on the front and 1% on the back from the lender....there is a processing fee that is charged that is negotiable...the rest of the fee's charges are for title work, apprasials, state taxes, escrow accounts, pro-ration of taxes...the reason banks charge less is they have in house people to do things like title work..but the fact is banks close less then 2% of the applications they recieve becasue they are limited to the perfect borrower situations that most people don't fall into and they usually require down payments...by being a broker you have access to thousands of lenders programs that can get almost anyone into a home....and as for the % i charge it is in direct alliance with what current legislation is trying to pass for every broker across the u.s to be able to charge....if you want in this business it should not be just about the money but about helping people get into homes....as long as you are in it for the right reason you will get alot of referrell business that will keep you employed..the people in it just for the money will soon be jumping ship with the industry getting tight..

Answer 5

own loan own loan Originators can come from quite plenty everywhere - yet, virtually all agencies require a minimum of a extreme college degree, and no criminal historic past. basically knock on doorways and watch the paper and on line classified ads. Many agencies will hire absolutely everyone who breathes, as they pay fee basically and comprehend that over ninety% fail in this enterprise interior of an extremely short volume of time. in case you desire to renowned a thank you to flow into effectively, it is yet another question, yet demands a protracted reaction.

Answer 6

I think you mean an underwriter or a mortgage broker.

Answer 7

yeah you can make great money ripping people off!

Answer 8

you should try this company http://highincometeam.ws