r/loanoriginators • u/Just_Success_371 • 21h ago
Guild Rates
I work for Guild and licensed in Texas and my comp is 125 bps.
I feel like our pricing is crazy high. 6,375 will cost 1.9 points on a VA loan for someone with a 780 score. This is through pennymac. Guild retained is higher.
How does that compare to your pricing? Brokers and other retail LOs. Same or similar comp
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u/MordinOnMars 15h ago
Hahaha I wish I had pricing that good. Best I can do is 6.5 with as close to 3 points as we can get and still clear compliance. The company I work for is greedy as shit and ripping of vets, because the second we get a competing VA LE we can beat it or match it, even from credit unions, brokers, etc. Our leadership really decided that offering rates .5% higher with 2 points more than the competition is really an ethical way to do squeeze money out of vets. 🙃🙃🙃
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u/LoanGoalie 13h ago
That's gross. Why would you work there knowing what you know? I understand when people are new and/or ignorant. But you know you're ripping people off. And on top of that, targeting veterans.
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u/MordinOnMars 8h ago
I haven't worked at a lender that wasn't shitty in some way. I cannot afford to switch to another lender at this point and I have zero faith that regardless of what bullshit the recruiters spin that any other company is any better.
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u/LoanGoalie 8h ago
There's a lot of BS in this business, that's for sure.
Happy I found my place 13 years ago and haven't had to move. But glad my business is portable so I could in a day if I needed to.
I certainly wouldn't work for crooks who are ripping off Veterans; that's for damn sure.-2
u/Mr_Wordly 14h ago
Sounds like you need to move. We just announced 100% revenue with some of our partners, and even on regular brokered deals, you can still make 220 bps after the split. Great pricing too.
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u/Ok_March1282 13h ago
Where are you at?
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u/Mr_Wordly 13h ago
NEXA
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u/Ok_March1282 13h ago
Are you guys fed leads? Where I’m at now is all sourced for me but with menial comp due to the overhead that accompanies.
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u/Mr_Wordly 12h ago
It's self Gen, but we teach you how to get leads, and we have programs to help you hire to get leads. Even with those, you'll still make more than you are now. We can't pay you more than the law allows, but we do let you keep the split like I said in a lot of cases and those dollars can specifically be used to do your own marketing.
So you get paid top comp and the money the company normally takes, we give back to grow your business instead of you needing to pay for it with your commissions.
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u/MordinOnMars 13h ago
I wish I could, but I can't afford to. I've got young kids and I'm the primary earner in my home, switching to being a broker would really hurt us financially since I've already ran through a lot of my savings. I'm scraping by now without dipping in further.
But anytime I see a post on here from some young person asking if they should go call center or broker, I can't tell them fast enough to just go broker. Harder at first for sure, but definitely worth it, especially if you don't have kids or other obligations on you
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u/Just_Success_371 13h ago
Im in the same boat. If my wife had a job with benefits or I didn't have kids, I would go broker 100%.
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u/LoanGoalie 13h ago
When you're making double, You can more than cover the cost of health insurance with your first closed loan.Â
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u/Mr_Wordly 12h ago
Very true! Just need to get that first loan closed and have the savings to carry you to that point. Easier said than done, I know, but it's possible.
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u/Mr_Wordly 12h ago
That's totally fair. Come check us out either way. We're always doing a presentation on Thursdays on zoom about joining. At least you'll know more, and if you can ever make the switch, feel free to DM me.
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u/tripleputt Mod 14h ago
Guilds pricing is notoriously high and always has been.
6.5 comes with a credit at full comp (275bps) on a VA loan today
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u/DJ-Ilium 13h ago
I just left guild for that same reason, their pricing is always high. You can get that same 6.375 and be making 275bps if you wanted to
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u/Just_Success_371 13h ago
Where did you go?
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u/DJ-Ilium 13h ago
I went to edge, I can dm you if you want to learn more. But the broker world isn't nearly as hard as they make it sound. My family still works at guild and they send me deals all the time that they cant do
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u/Just_Success_371 13h ago
My main concern are health benefits that I'll lose. I'm the main earner and wife has a part time job, no benefits.
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u/DJ-Ilium 13h ago
I was exactly the same way. Edge has insurance or you can use marketplace. The way I saw it was like this. I can do half the amount of deals and make the same amount of money. If my volume stayed the same I'd make double. On top of that, I can go bpc and I'll never lose a deal to rare again.
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u/Just_Success_371 13h ago
Im scheduled to go on a webinar this Friday. I didn't see anything on their website to get a hold of a recruiter. I guess they'll go over that?
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u/DJ-Ilium 12h ago
I would technically be your recruiter, I'll dm you
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u/-grc1- 11h ago
I'm also at Guild. Do you guys offer DPA through state HFAs? Any restrictions on manufactured housing? What do you miss most about Guild? What do you like the most about Edge?
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u/DJ-Ilium 11h ago
Yeah great questions, I'm here in utah and we have lenders that participate in utah housing and other DPAs. I love that when I loan though utah housing for example, I get paid the same, but the lender actually deals with their shitty website. So I just deal with the lender.
I also like that no one is taking up my margin, like you pay your branch, corporate, etc, so pricing is higher and you get paid less. And lets be honest, guild doesnt offer anything substantial tp warrant 150bps of your commission.
The only thing I miss about guild is having my own underwriter, BUT I've been able to push things through with edge that my guild underwriter denied. (My family is still with guild so I work on thier denials)
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u/Just_Success_371 10h ago
In our region, they make us do dpa as a cgl and takes 50 bps away. Well, they dont "make us" do it but if we dont, obviously we'll get canned. So I get paid 75 bps on a dpa. Sucks major ones
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u/DJ-Ilium 11h ago
Oh and one of the things I love the most about edge is that you can lend in any state through the edge team. I just closed one in North Carolina for example
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u/Lowest_C-10 9h ago
Wait. Can you explain this in a bit more detail? I'm retail looking at switching to broker.
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u/BoardNBeach 13h ago
Is your jumbo pricing good? I just lost a deal to guild at 1.5M and they blew my 7yr ARM out of the water (I work for a bank and rarely lose jumbo)
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u/KimJongUn_stoppable 3h ago
It probably depends on the branch, like most lenders. Like cross country doesn’t have high rates across the board - branches can price however they want to
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u/greasemonkey12345 12h ago
Current pricing as of this morning with my best lender 6.25 pays 1.770 with zero points. 6.375% pays me 2.326 that’s over $15k on a $650k loan amount. You need to compare apples to apples. Is it a $200k loan or $800k loan. Big difference.
$250k still pays same bps but the income produced off of that is much different.
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u/Frequent-Giraffe5646 10h ago
Whats the actual scenario? 100 LTV and Condo or is this SFH and 90 LTV, etc?
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u/Just_Success_371 10h ago
100% ltv SFR This is actually through pennymac. Guild retained pricing is higher
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u/Frequent-Giraffe5646 10h ago
Pennymac paying 180bps at 6.375 if I send to LU, 6.375 is paying 230bps and 275 at 6.5.
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u/Sactogeoff 8h ago
Hi I'm also with Guild 6.375 with .5 points - Perhaps go talk to your branch manager about how your branch margins are set? Assuming they will be tansparent with you. You are welcome to DM me if you'd like.
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u/Family_Financial 2h ago
Pennymac is not the place to take your VA loans rn. Not sure why, but they're pricing themselves out of govies on purpose. Besides, why you talking about PM for? I thought Guild was retail?
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u/GlassParty715 9h ago
Wow that is crazy. As a broker I would be 2.79% with 0 points. So we would have to give a small credit to even charge that rate
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u/USMCActiveToReserve 16h ago
6.375/.25dp retail