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Author: Rob Lawrence
Article source: http://www.articledeshboard.com/. Used with author's permission.
I get a lot of emails from loan officers who are currently working for a mortgage company, but are looking to advance their career and go out on their own. When they see the kind of money that can be made in this business, it's no wonder they aren't satisfied with their 50% commission spread (or even less!).
When I first started in the industry, my commission spread was 20% of the yield spread premium or YSP. And, if that wasn't bad enough, we worked on teams of three people—two loan officers and a processor. This meant that any commissions I and my team earned, had to be split three-ways amongst us all. I'm not kidding! My commission after all was said and done was a measly 6.5-7.0% of the YSP. So, on a $3,000 loan, I would make about $200 at most. You don't want to see what it looked like after they took taxes-out. Absolutely pitiful. Being ignorant (of the mortgage industry), didn't make me stupid.
That was many years ago. You can see why I was eager to get out of there ASAP. Of course, not having any mortgage experience at all, at the time, I didn't know any better. I had no idea what the "reasonable" commission structure was. I figured this was how the industry worked. How shocked I was when my eyes were opened. And to think on that original $3,000 loan, I could have at least had $1,500 or more (depending on the mortgage company). But, I have no regrets because it gave me my start and is the main reason I am successful today.
I'm sure many of you encountered the same dilemma as I did. You have to start somewhere. You have to learn the business inside and out. You have to put a stake in the ground. So, no matter where you work currently, or how bad you think the pay scale is, think of me and my first loan and my sad paycheck. ;-)
My point is, learn all you can learn. Observe everything. Take lots of notes and ask questions. Be curious. Make contacts with as many wholesale reps as you can. And network like crazy. Yes, there is a steep learning curve to this business. The first 6 months are grueling, but if you keep the faith and learn as you go, your rewards won't be too far away.
And even if you can't stand the mortgage firm you currently are with, the good news is that there is always a way out. Mortgage companies are always hiring and bigger commission checks may be only a phone call and an interview away. :-)
Rob Lawrence is ranked one of top national trainers in the mortgage industry. He is the currently the CEO of Battlecall.com, coaching, tools and resources to turn mortgage professionals into mortgage warriors. Visit www.battlecall.com for his free "Sink Or Swim" weekly newsletter, mortgage training, marketing advice and more! Jumpstart your career in the mortgage business, starting today.
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