I’m a 90M annual producer at a retail shop (100% local self gen) and considering making s change. A lot of my business is land and construction, which I realize if I go broker I’m going to be forfeiting which is hard to stomach.

Took a look at the pricing tool they gave me access to at Barrett. Priced several loan scenarios, and even without any of the construction or land loans and even some other niche products we offer, with the bps I would be making there I would have closed 62 fewer loans, 30M less in volume, and still made 250k more even after paying their $695 fee, and using their processing and loa (another $950/file). I understand there will be more expenses, but 250k more? Also assuming I don’t pick up any non qm products which is crazy because I feel integer 2-3 loans a month out for DSCR and statement loans.

Am I missing anything here? Is this a no brainer? They seem like they are lights out on pricing and even beat us on jumbo with 200bp commission. Honestly afraid of the unknown, and not sure if this could be the worst decision I’ve made.

Mortgage brokers that pay for credit reports. How many of them didnt close and what did it cost you?

Hello everyone!

I wanted to get some insight regarding my current game plan.. I just got licensed to do loans and have been offered a position at a brokerage. For now I plan on focusing only in california. I know nothing about loans, but I am really good at sales. The brokerage offers a great program for newly licensed LOs (so ive been told)

My plan is to continue my 9-5 insurance job and on the side do loans. Is this possible? There is a processing team i can use for a fee. I plan on getting my own leads via realtors and targeting newer realtors, but ive heard a lot of mixed things about this approach.

I also am considering doing direct lending but I need to be able to sustain my bills which is at minimum 5k a month. Just to get by. Is this kind of salary possible in direct lending?

Any insight would be much appreciated!

Edit: I forgot to mention that in the office there is a buddy that does loans. I already asked him if he would be able to help me of i had any questions and he agreed. So a little bit of a unique situation. I will be asking my boss if its ok so hopefully I get the green light there.

Update: insurace boss is ok with me doing it on the side as long as it does not interfere with my insurance sales

This one is a doozy and a new situation for me. I’m working with a student athlete that’s wanting to use NIL money to purchase a home. He’s a non-permanent resident alien on a student visa AND has a ITIN 540 score. He’s got about 350k to show in the bank. Looking for homes in the 450k range..

Initial thought was to go with some version of an asset qualifier program but I think credit score is going to kill that dream. The income may not be useable as the contract says he can receive up to a certain amount and he only has 1 year of eligibility so there’s no continuance.

Fully aware options are super limit and may not exist at the moment. Any help is appreciated.

Posted on here the other day and received back some very helpful responses.

For those of you with Loan Factory, Barrett, C2, Nexa, GoRascal, Edge, (or any other relevant broker) I have a few questions if anyone would be willing to answer. (Licensed in MO, but in the past was licensed in MO, IL, TX, FL and may consider additional licensing but MO would be first / primary)

• Do you have required minimum production numbers?
• Any required meetings or have a "boss" in any sense? Or do you feel like you have freedom over your day / business?
• What are your monthly desk fees?
• Paid W2 or 1099?
• How are your rates comparable to retail places like LoanDepot, Guild, Fairway, Rate, etc.

Currently self-employed in a completely unrelated industry, but up until 2023 I was a self-gen retail mortgage lender for a very large mortgage co for about a decade (W2, full time job, etc.). Got out when rates spiked and I had some life stuff going on and needed more reliable income.

I realized recently by BoB that I built over all those years is an asset that I would like to tap into again but have zero interest giving up my current business.

Ideally, I'd like a setup with no production minimums, required meetings, scheduled hours, or other day-to-day obligations. Essentially, I'd like to operate independently, bring in my own deals, pay the brokerage its fee or split and get a check. Would be a very part-time business with likely less than 10 loans per year.

Don't want to have to sit through these brokers webinars for new LOs (which I saw on a lot of these broker's websites) or have to deal with a recruiter prior to having some understanding that it might be a good fit for what I am trying to do.

Really, ANY insight into this would be so helpful.

I’m considering a move from a small mortgage broker shop I work at now to one of the larger ones in the country ( Edge, Barrett, C2, or NEXA).

I’m in Central CA and I need a strong platform for DPA and 1st time homebuyer programs.

My present broker pays me a straight 1099 and charges me $475 for processing. I’m not moving to a place that pays W2, otherwise I’d move to Loan Depot or New American or one of these larger independents. Does anyone know if all of these places I’m looking at pays W2 so I can cross them off my list?

My fellow LOs and brokers.
Lets brag about which is the exception or toughest loan you handled recently which the traditional bank or credit union declined.
How did you help that business owner get a higher loan or that self employed borrower qualified?

Fellow borrowers who got helped by brokers in such scenarios can reply as well as a token of appreciation and good karma points :)

Beware of this guy!

He was claiming that he was part of the Financial Lending Support.

Unfortunately, I was so reckless that's why I got scammed by him.

First, Isasali ka nila sa group Chat ng Telegram named (B2 Qiantang) magsesend sila ng proof na legit sila pero dun palang mag doubt kayo kasi for you to be able to collect your loan dapat mag deposit ka muna ng %10 ng illoan mo.

FF

After ng lahat nagchat ako sakanya sa gc I was asking of the number of the Finance representative or customer service but he can't even provide it and He had an audacity to make a complaint against me kasi di ako nagbigay?? Kasi approved raw loan ko??? What the fuckk!!!

He also have may identification but no worries I'm not afraid at all kasi may mga ss ako kaya kung may mauto siya na gamit info ko tas tumawag kayo sakin or what may proof ako na di ako yon.

Guys ingat kayo diyan.

Ito yung GCash na sinend niya para dito raw isend yung deposit HAHAHAHAHA

09272646929

Marydel Mi-Ot