Working with a mortgage broker

[Golflover 0]

Hey everyone, especially you Adam (seeing how your the master guru of working with a team)

 

I've been in talks with a mortgage broker and it seems like she interested in working with me. I told her what i want from her and she told me how i can help her. How can i best utilize this contact? I told her that i will send any buyer her way in order to get the financing, which is fine with me. In return, i want deals she cant close and expired listings.

 

This could be my big break along with working with a builder to get my networking jump started. Is there any other way i can work with the mortgage broker to make more profits? Im thinking more creatively of course, i realize if i bring her more deals that means that im getting more deals, but i wonder if i find her buyers, do they normally give a kick back?

 

She said theres another broker that has a guy working with him that does what i do and they are making hand over fist in closings and money. Thats what i want ultimately. Any suggestions is much appreciated.

[Richard Cooper 0]

"Kickbacks" from a Mortgage Broker? Strictly ILLEGAL... in any State for mortgage brokers to pay incentives or commissions for business introduced by third parties.

 

Here's what you might want to do... talk with the mortgage broker and inquire about becoming a LOAN ORIGINATOR / LOAN OFFICER.

 

In some States you will need to Register with the appropriate State Dept and in most you will need to be formally LICENSED. In South Carolina for example, Licensing goes hand in hand with a minimum of 8-hours of education and an annual requierment for "continuing education".

 

If your MB regards you a source of quality business, he or she should be eager to have you on board!

 

As a Loan Originator/Loan Officer your Registration/License will be held at that particular business and that will prevent you from placing loans with any other broker.

 

Compensation? That's a matter for negotiation. If you don't need office space or desk space and your use of their facilities is minimal you might be able to get a 60%+ share of Points generated on each of your loans.

 

However, if you take office/desk space and you will be routinely using office facilities (phone, fax, copier etc)

you might find that the commission is going to be somewhere between 40%-55% of Points income generated by your deals.

 

 

 

 

Hey everyone, especially you Adam (seeing how your the master guru of working with a team)

 

I've been in talks with a mortgage broker and it seems like she interested in working with me. I told her what i want from her and she told me how i can help her. How can i best utilize this contact? I told her that i will send any buyer her way in order to get the financing, which is fine with me. In return, i want deals she cant close and expired listings.

 

This could be my big break along with working with a builder to get my networking jump started. Is there any other way i can work with the mortgage broker to make more profits? Im thinking more creatively of course, i realize if i bring her more deals that means that im getting more deals, but i wonder if i find her buyers, do they normally give a kick back?

 

She said theres another broker that has a guy working with him that does what i do and they are making hand over fist in closings and money. Thats what i want ultimately. Any suggestions is much appreciated.

[Craig 0]

Any suggestions is much appreciated.

 

I am using my commerical broker in KY to bring a interested client to the table to complete the deal. Here is how I used his experience.

 

She (buyer) expressed interested in the purchase, he (broker) said he could fund the deal if the numbers worked. I responded to her very early in the inquiries by offering her possible commerical funding to complete the purchase. She was happy to get the offer of help.

 

The broker made the contact and got the required numbers and paper from her.

 

I used him from the very start to help fuel the sale. I never gave her time to think and ponder the sale or no sale. She liked what she first saw then went to funding the purchase. I used his experience and salesmanship to bring the sale closer and faster.

 

Its possible if I waited for her to return with a contract to buy I wouldn't have seen it go this far. I will use this again and again until I get more experienced. This deal is now going like clockwork.

 

It sure wasn't my doing to get it this far. Its other peoples efforts I capitalized on. Of course it takes a right kinda person you must have on your team to rely on.

 

NEW RULE the deal isn't done until its done. The buyer just backed out tonight. Jays efforts were great and yes I will do it again.