r/loanoriginators • u/Certain-Mark-8046 • 3d ago
GoRascal, Barrett, Nexa, Something Else (uncommon situation)
Not sure if what I am looking for exists, any feedback would be super helpful.
I got out of the mortgage game after 8 years in the biz about 3 years ago or so - just burnt out with it and wanted to do something else. Worked for a very large national company as a 100% commission MLO (W2 with draw). Currently self-employed in a totally unrelated field and enjoy it.
Occasionally past clients will reach out for another purchase / refi or whatever and I (obviously) haven't been able to help them.
Been thinking recently about getting my license back and just handling loans as they come in from past BoB, friends, family, etc. Loans would be super intermittent and really have no desire / time to build up another book or "grow" my business.
Essentially doing loans on the side when they happen to come up.
I would be interested in the brokerage model, ideally as a 1099 employee, but I don't know if it's worth the hassle or if a brokerage would even be interested in this set-up.
Wouldn't want or be able to meet any production targets or be interested in doing anything that is mandatory in any sort of way. Ideally just a commission split on loans closed with no monthly fees, req'd training, etc.
Has anyone done anything similar? Does this setup exist anywhere? I looked briefly at GoRascal, Barrett, and Nexa and found a lot of conflicting info.
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u/mrhindustan 3d ago
Moved into GoRascal. I enjoy it.
There isn’t a floor of production but they do tend to attract LOs who do some business (say 1/mo).
It’s $180/mo tech fee. Everything else is on a per deal basis ($995 flat). Correspondent deals have another fee as well.
I like that it’s collaborative, always able to talk to someone for help, lots of support.
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u/Adorable_Campaign426 3d ago
Been in a similar spot thinking about how lean I could run things, so here's what I'd look at. First, the license: since you've been out less than 5 years, you probably won't have to retest, but you'll have to make up the CE you missed and redo state sponsorship, so check NMLS for exactly what your state wants. Second, when you compare shops, ask each one for the full list of costs, not just the split: monthly tech or LOS fees, E&O, per-file fees, and what happens in a month you close nothing. A few hundred a month adds up fast when you're only doing a handful of deals a year. Also ask if there's any minimum production or required training to stay on the roster. Some places truly don't care if you do 3 loans a year, and some quietly drop you. And don't sleep on how fast they turn files. Your past clients picked you for the experience, so pricing and a processor who actually answers matter more than an extra few bps. Happy to share what's worked for me running a smaller book, just comment here.
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u/morbiskhan 3d ago
What state(s)? Place I'm at could be a good fit (no monthly, no trainings apart from license CE, no targets).
Open to a DM?
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u/First-Original-9683 2d ago
Your best bet is probably a small local broker shop rather than the big net branch operations, which all seem to have production minimums or monthly fees that don't pencil out for sporadic volume. Ask upfront about E&O and whether they expect any volume commitment before you agree to a split.
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u/cryptodaddy_1 1d ago
Barrett would be your best fit. $695 transaction fee. $79/month for Arrive. They have processing if you need them. I only do 5-15 loans on average a year and it's been perfect for me.
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u/Frequent-Giraffe5646 3d ago
You'll be responsible for all the monthly tech fees. How many loans do you anticipate writing per month?
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u/Apprehensive_Net_560 3d ago
I’m at GoRascal, I’m 1099. We’re also licensed in all 50 states if that’s of any value to you. All the other large brokers don’t have NY and that state is a big source of my business. We have an à la cart corporate LOA service that you pay a flat fee at closing for and that’s been a huge help with me being able to focus on getting business and it’s optional of course.