Yo. But down your beer and help me out. I've got an interview at a mortgage company tomorrow. Anything I should be ready for? Any general knowledge on the industry that me aide me in my interview would be helpful. Appreciate any help, cause I really want a new job, and I really want to make lots of money. Thanks

But=put

what are you applying for?

loan originator

just focus on your characteristics of being able to work hard and NOT BEING AFRAID TO GET ON THE PHONE. they want someone with balls.
don't focus on your experience or education. that's all bull****. if THEY focus on it then answer their questions but, chances are, that they're gonna wanna be assured that you're not afraid to put in long hours. LET THEM KNOW THIS!!!

i am kinda concerned as to why you're starting in originations during this time. you already saw the trends in my other thread. after the rates dropped about 2 years ago, EVERYBODY jumped into the business. tons of stockbrokers (hurting from the declining economy) jumped ship and went into originations. now that the low rates (most mortgage companies key marketing lure) are disappearing, there is a saturation of originators.
why is this company hiring? not to rain yer parade, but something doesn't sound right.

either way, find out if it's 100% commission, what your commission split is, what types of loans you're originating, and how your will be getting your leads. don't get these answers in a demanding way...just play kinda stupid when you ask these questions. lemme know as soon as you find this out.
btw, what's the company?

Great American Mortgage

I left my last sales job a few months back and am currently making alot less money than I've made since in years. I was having personal problems at the time and just didn't have the motivation for sales. I'm working in retail right now and I ****ing hate it, weekends and late nights suck. I'm really looking to get my foot in the door of anything that can be profitable. I'm not sure about the salary/ commision structure and leads, but will try to find out tomorrow.

And thanks.

no prob bro. just make sure not to have the "yeah i need to get my feet back on track so i'll give it a shot" attitude.

have your attitude like:
"i know who i am. i know what i'm worth and i'm ready to get out there and kick some ****in ass."

DON'T focus on why you were unhappy at your other jobs. if they ask then briefly answer but TRY to always gear your input towards why you'll be happy at THIS job. remember that in sales, the first thing you have to sell is yourself and this your first chance to do so.

I'm ready for that. At my current job, I told them it'd take me less than 6 months to be the top salesman in the dept. and it only took 2. Now I'm waiting to get promoted and sick of it already. I will be letting them know, I'll be putting in the hours, putting in the calls, and making money for them and me. I'm not ****y, but I exude confidence and belief in my abilities in interviews. I am a little worried about getting into the industry at the end of such a boom, but there's always money to be made. And I'm not making enough of it right now.

good deal. make sure to get those answers mang. let us know how ya do and good luck :)

Good luck Zen.

Glad to hear you're aiming higher and setting new goals for yourself. Hope things all work out well for you.

- J.

I appreciate the support guys. I'll let you all know how it went tomorrow.

good luck bro. make mad money.

Alright, here's what I learned at my interview today. The company has three branches, one in Michigan, one in Kentucky, one in Tennessee and one opening soon in South Carolina. Leads are generated through telemarketing and internet and I'm responsible to network with realtors, divorce lawyers etc. to generate my own business. As far as pay goes it's based on my originations and something else but I forgot what it's called, i guess it's got something to do with the rates. If I generate less than 10g's in fees I make 35%. 10+ and I get 40% and 2,000 base. 15+ and I get 45% and 2,000 base. 20+ I get 55% of my origination fees and the 2,000 base. They offered me the job, and I think I'm gonna take it, but I wanted to get your opinion and thoughts first. Thanks

Also, most of their business is residential using Fannie Mae loans. They do have other options and do some commercial stuff.

Sounds like decent money to me.

Although I'm hesitant of any sales job where there is no base (even if it's a ****ty one).

- J.

The no base thing is a minus, but I'm not making **** right now anyways and I generally learn quick and am pretty good and always getting better at sales.

The magic number is the 10 grand in fees and originations, if I can hit that every month I'll be making pretty fat money, if not I'm screwed.

sounds great man! as far as the commission splits and base is concerned. do you get the $2,000 base no matter what you bring into fees?
looks like you're getting paid on the originations and the rebate (that's the thing you didn't understand). basically, the higher rate you charge a client, the more you make.
are you the one telemarketing or do they have their own department that passes a "live one" over to you? you required to carry a license or are you gonna be under their wing?

No license and they have their own telemarketing dept. that passes on leads and we have the same list the tm dept. has if we wanna cold call on slow days. I only get the 2,000 base if I hit the magic 10,000 grand number. Hope you don't mind me asking, and if you do just tell me to **** off, but do you average over that every month? And the Nashville area is growing like crazy, the city I live in is growing quick, probably 20 new subdivisions in my little burb and I know a few people in real estate already. From what I gathered the leads are good, but if you can get tight with about 3 realtors I'll be balling.

also, remember that most companies consider a "base" the same thing as a "draw"- which basically means that even though you're guaranteed a certain amount of income, that income will be repaid to the company out of your commissions.

for example, 40% of $10K in fees is $4,000. then they'll take a good $800 or so out for the draw. then, if you're W2'd, you'll get another $1000 or so taken out for taxes (if you're 1099'd then you'll just owe Uncle Sam in april). after about another $70 in medical, you're left with a meager $2,100 or so for the month.

you wanna get between $20-50 in fees every month but there's tons of different ways to do it.

did they tell you what type of loans you would be doing? also, did they say if you get paid on the "junk" fees too?

i get around $30-$40 in fees. october was a pretty weak exception with an awesome $11K (****in **** ****!).

DEFINETELY focus on those realtors!! they're key! take care of em well. at new century we don't really work with too much purchases right now but at my old company i had an in with about 3 realtors who fed me well. NEVER try making too much $$$ off of a client referred by a realtor. if they tell daddy about the ****ty deal you gave em then it's over. it's better to make nothing off a hard worked deal and have them tell the realtor you did good, as opposed to banking them and then losing a potential 2 deals per month.

The base isn't a draw, it's basically a $2g bonus for hitting 10,000. We went over that and he said if I hit 10,000 I'd make 6, 4,000 on the fees and 2 for base. I'm gonna be w2'd so I will be paying taxes. As far as the types of loans, he said a majority will be Fannie Maes and they do BC or CB or some **** like that for people with ****ty credit. Junk fee's weren't mentioned, enlighten me if you would. Realistically, how quick can I get good? 1 or 2 months would be ideal.

If you're confident with closing and have good sales experience, going without a base might be something you're comfortable with.

That said, with a wife and kid to look after as well as the fact it takes time to build up a rep... hard to say. But at least you get fed leads which takes out half the grunt work.

- J.

Originally posted by Zen420
The base isn't a draw, it's basically a $2g bonus for hitting 10,000. We went over that and he said if I hit 10,000 I'd make 6, 4,000 on the fees and 2 for base. I'm gonna be w2'd so I will be paying taxes. As far as the types of loans, he said a majority will be Fannie Maes and they do BC or CB or some **** like that for people with ****ty credit. Junk fee's weren't mentioned, enlighten me if you would. Realistically, how quick can I get good? 1 or 2 months would be ideal.

that's cool for a bonus and **** :)

i checked out you're website real quick i was about to say....fannie mae/freddie mac all the way. you can tell cause it's so ****in rate savy. these loans are referred to as "a-paper"....meaning set up for people with perfect credit, equity, and income. they're easy to approve people but the people are typically demanding arrogent ****ers who will basically expect you to work for free. quantity's the only way to make good money with them.
the bad credit loans ("subprime" or "non-conforming") are, imo, better. you make a ton more, learn a ton more (cause all sorts of **** pops up in the middle of these escrows), and the clients usually appreciate your hard work and sincerety.
BUT both of those types of loans are just about useless to realtors. the majority of realtors want an FHA APPROVED LENDER. FHA is more...."buyer savy" you could say. problem is, is that most lenders don't like to bother with them because they're such a pain in the ass to get approved (actually they're not that bad but try telling that to some ****y ****in manager). anyways, 80% of purchase loans (realtor fed) are done through FHA and you'll make more money in those deals then the above mentioned.

"junk fees" are just how they sound. you term em how ever you want. your bank probably has their own junk fees that you're going to have to charge the borrowers.
processing, underwriting, adminstration, coordination, application,...whatever. it's all bull**** words that cost about $500 to the client a piece. i get paid on those ****ers too so sometimes we'll just make up a word (say, "doc prep fee"), throw a ****in $525 price tag on it, and have escrow pass the charge. find out what junk fees you guys charge and if you get a split on em. if you don't then make a few up for yourself. most banks won't ****in care. they'll make most of it anywayz :)

So you basically make up bull**** fees to charge people more?

- J.

absolutely. look, anytime you EVER see a fee ANYWHERE that has words processing, administration, coordination, handling, application or anything else...it's simply bull****. but the money has to be made.
unfortunately with people buying into the advertising gimmicks of lately (basically advertising makes you think you're getting everything for nothing) then the fees have to be hidden.

Originally posted by Purity
absolutely. look, anytime you EVER see a fee ANYWHERE that has words processing, administration, coordination, handling, application or anything else...it's simply bull****. but the money has to be made.
unfortunately with people buying into the advertising gimmicks of lately (basically advertising makes you think you're getting everything for nothing) then the fees have to be hidden.

I understand the point about advertising.

If money needs to be made, then it should be factored into a total fee. If the company sets a standard fee and you can decide how much you want to reduce it to sweeten a deal (even if it gets taken from your cut) fine.

But to make up additional fees just to wring every last dollar seems pretty damn unscrupulous.....

... not that I should expect anything less from the finance sector, but still.

- J.

a $500 fee thrown in will reflect about a 50cent increase to an average person's $1,500 mortgage payment. it's no biggie.

a lottv'e people will try to nickle and dime you so it's always best to start out high. in the end, you let the ****in penny-pinchers knock you down on your extra fee and you make what you'da made anyways. in the end, they're happy and so are you.

if they don't negotiate then that means they're totally satisfied with the job you did. i consider it a bonus. in the end, they're happy and so are you. most people will never see the hassles that go into home financing (ask zen in about 2 months) so they don't see the hard work we put in. but just cause they don't see it doesn't mean it's not their.

and if you think the lenders are unscrupulous, you outta see some the **** most borrowers will pull....

That's pretty much what I was driving at... starting high and then working your way down.

- J.

I'm putting in my 2 weeks tomorrow, and starting the new job ASAP. I'm gonna come out swinging and see what happens, work the leads, network and be making ridiculous money in about 3 months. COFFEE IS FOR CLOSERS

One question though, if FHA is the way alot of realtors are going, why would this place not offer that? Just because of the extra work that has to be done? My mortgage is FHA and I want to have ever bullet in my gun that I can so I can be a rich miserable **** instead of a poor miserable ****. :)

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thank you kaps.

the reason why most mortgages don't offer fha is because it's a ***** to get approved by them and it's a ***** to close a loan. when most lenders are making a fortune during the low interest rates then they could give 2 ****s less about it. plus, they think that they're programs are just as competetive but they're not even close.
right now, realtor relationships is the way to go. it's very important to get fha approved. go ask your future boss why you're not. he'll give you the reasons i mentioned above.

So it would be benificial to me if the company was FHA approved but won't hurt me that bad. Once I start kicking ass I'll start asking questions about why they aren't FHA approved and bug the **** out of them til they are. I really appreciate you helping me out bro.

Wouldn't it be a good idea to know the answers to these questions before accepting the job?

- J.

If I was leaving a lucrative job to accept this one I'd probably be a bit more concerned. But my current job sucks and was just a hold over until something else came available. This is available, the potential to make good money is there. I'll probably ask a few more questions but I'm about 99% sure that I will not be passing this opportunity up.

you'll do fine bro. it seems like they've got their **** together. remember to STAY AWAY FROM RATE.
even if you do have the best rates out there. borrowers are looking for the best rates and pricing. if you play their game then you lose. whether you actually DO give them the best deal, they'll still hate you for it. stay away from rate.

the key is to make the most money while earning the most respect from your clients. make them play your game. they call asking for rate and costs but that's only because they are absolutely CLUELESS about what to really look for in a loan. focus on monthly payments, loan terms (how long the loan will be spread out for), and remember that ALL of your competition is ranting and raving about the same stupid bull****. to succeed, simply set yourself apart by talking about **** that others don't talk about.
ask questions to your superiors about this ****. learn about how tax benefits come into play, prepayment penalties used to yer advantage, and the advantages/disadvantages of rolling yer taxes & insurance into your monthly payments. there's all sorts of **** to learn so suck it all in mang.

so **** the rate game, learn the details inside and out and I should do alright. I'll have to print that out cause that's alot to remeber. I hope I don't get on your nerves but I'll probably be asking you **** all the time after I start.

Purity, how long you been doing this for? As long as I've known you IIRC (about two years?). **** man, if I didn't already have plans, I'd consider this game :)

Sounds like fun.

- J.

zen- don't hesitate to ask me anything mang. i'm actually looking for some mortgage forums to discuss **** in cause sometimes there's **** that will pop up where all of us in the office get stumped. help me out and let's do some searchin for some forums. if you find a good site then lemme know & i'll do the same.

but yeah, **** the rate game. remember, selling isn't telling. any dip**** can offer the lowest rate. that's not an l/o, it's a customer service rep.

jake- i've been in real estate for about 3 years but in the loan biz for about a year and a half. it's a roller coaster. high ups, low downs, never a dull moment (except for today cause i'm sick and left early :) )

I'll start looking for forums and that paragraph about being a l/o vs. a customer service rep is priceless.

take a look at your fellow l/o's when you start. listen to em. the ones who suck will be talking about rate & costs in monotonious "hello sir" voices. you won't see them after 2 months but fresh ones will come in & out.
the ones who make a decent living will be good, but arrogent, on the phone and won't put in the hours. they've been in the biz long and don't need anyone to tell them how to do anything.

the ballers are the ones who are the first ones in, last ones out, and say the same well-scripted pitch everytime and that pitch is designed to make the client play the l/o's game, not vice-versa.

find out who makes the money and stick to those ****ers like glue. ask them anything & everything. they love spewing out info and tid-bits. learn from the ones who succeed.

You have no idea how much I appreciate these tips. I'll be referring back to this thread often. How do you go about telling the customer it's about monthly payments vs. just spitting out rates. I know a good salesman is always the one asking the questions and in control vs. just answering questions like a robot so I imagine steering the conversation to my advantage is what I'm gonna need to be doing. Getting to that point is going to be the learning experience.

Originally posted by Purity
take a look at your fellow l/o's when you start. listen to em. the ones who suck will be talking about rate & costs in monotonious "hello sir" voices. you won't see them after 2 months but fresh ones will come in & out.
the ones who make a decent living will be good, but arrogent, on the phone and won't put in the hours. they've been in the biz long and don't need anyone to tell them how to do anything.

the ballers are the ones who are the first ones in, last ones out, and say the same well-scripted pitch everytime and that pitch is designed to make the client play the l/o's game, not vice-versa.

find out who makes the money and stick to those ****ers like glue. ask them anything & everything. they love spewing out info and tid-bits. learn from the ones who succeed.

That sounds like pretty good advice for any sales job. Reminds me of when I used to go hang out with my mate Jason back in Australia.

Used to be a high up in wholesales (high end connections) and was good mates with the heads of several ISPs and large corporations, etc. He was making decent money and had maaaaad hookups for everything :) Just having him as a friend I learned a lot. Sales people make great friends and you learn a lot about people in general just being around them.

- J.

Is it legal to pay realtors for referrals? If yes, is it something commonly practiced?

as far as i know it's illegal to that so don't even bother. besides, it's a ****ty habit. why give up money? that's like cutting your fees to a client. it's not about rate or fees (referal or not), it's about BENEFIT.

and how dya convert a lead into talking what you wanna talk? well just talk to a week's worth of leads first and then we'll take it from there :)