Should You Become A Mortgage Broker or A Loan Officer?
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- Опубликовано: 11 сен 2024
- Did you just get licensed and are unsure whether you should become a broker or loan officer? Pay structure is something to consider.
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Getting 5 loans at quicken is 1000 times easier than getting 1 loan as a broker.
is it/
lol quicken is trash
Not really. A good ad works magic. Works for me at least.
@@romie7054 What kind of marketing do you do?
@@romie7054what kind of ads do you do
I'm thinking of starting at a quicken or a bank. Learn the business and then venture off on my own when I actually know the ins and outs
Im a Loan Officer, i make 1% of the loan amount. Utilize our companies leads & equipment. Dont even have to process my own loans anymore... i get to focus on my next deal... then i get to go play pool and shoot some hoops, make an on par w/ starbucks coffee, and go right back to dialing. Cant complain.
What company do you work for?
Who do you work for? I'm in the progress of becoming one for a bank.
As someone who works at Rocket Mortgage. The brokers 6k is going towards their benefits and leads, my 6k stayed in my pocket because my leads and benefits and base salary are provided by Rocket. Either way I know bankers that bring home 15k+ every month from Rocket too. There’s a reason Rocket has been the most dominate lender in the world for 8 years
I am a new LO in Florida and wanted to look in to Rocket as my starting point. But, the available positions for Loan Officers require experience. Any advice? How am I supposed to learn if every company requires experience? LOL!
@@XApolloXRisingXI understand where you're coming from. I've been there not too long ago
@@XApolloXRisingX that's strange they don't have an unlicensed positions in your area?
@@XApolloXRisingXevery brokerage on telegraph is looking to hire brokers right now… so many people quitting because it’s a tough market. Now is the easiest time ever to get licensed in mortgage:
Do what’s your base salary?
The real question is how long it will take for you to earn and acquire your own business and close as a broker (1 day, 30 days or 6 months), and while at quicken you've already closed 36k in loans after 6 months. It all depends on your network and ability to acquire and fund the loans you acquire in your business.
Call center is better. You can ride the company’s brand reputation and technology and just get fed deals. The time/energy it takes you to close 1 deal as a broker is probably more than the 6 at a call center
Hey Dario! Great content as usual. Watched tons of your videos before choosing what direction to go! Was searching for in depth differences between Bankers and Brokers when this popped up! I thankfully was brought on to a stellar company with a very different structure from what the books taught! By default, it’s in-house banking, but officers enjoy the perks of both worlds! I’d love to see a video of you going over different company structures common in the industry! It played a big role in choosing my path, and I’m sure it will help others interested in their options.
Keep the content coming, it’s great!
Become a Loan officer for a part-time create a relationship with the buyer for future family buyers n work your way to a mortgage broker that way you can already have that clientele
I'm thinking at Quicken Loans you're getting more experience by closing more loans as a new lo. That would be worth starting out at a call center...Anyone went this way & glad they did?
Rocket Mortgage is a good starting point to learn the process and how to talk to people.
Do this AND build your business meaning get realtors to work with you.
Being a broker is great when you had a solid BUSINESS meaning you have GOOD referrals from realtors, title agents, etc.
I love this industry but man there's way more in depth knowledge to how this works than just "hey you make more money here in 1 loan"
The death of every LO is not building their business and relying on company fed leads. The moment those go away (aka no more refinances), there goes your career. (or you can stick it out by earning just minimum wage that call centers pay or $0 hourly as a broker)
Depends your level of experience in finance/sales or marketing. Comp on a deal you structure you realistically can ask for standard up to 2%. So theoretically you can make wayyy more being an MLO at a broker, as you basically work for yourself. It really depends what industry you’re coming from, and what risk you’d rather take.
I am a banker at Rocket mortgage. Those numbers are accurate when starting out I would say. But I’m also paying my dues by sharing. My benefits , leads, small base salary, everything is brought to me. That 6k as a broker is going to end up paying for those things anyway. Either way the people who are good at their job at quicken still being home 15k+ a month
Simple, Make the money for yourself…….Not for others!
broker world you mean?
Great video, really laid out the main differences between the two!
Hey Dario! I love your content! We are looking for speakers that would want to be a part of our events in Utah, Las Vegas and Arizona. Would this be something you'd be open to hearing more about?
See you at the top my boi thanks 🙏🏾
I see jobs all the time in Florida tho that pay 100-200bps for loan officer
Those aren’t call center loan officer roles, those outside sales which is 100% commission and get your own book of business
You only compared a broker vs a call center LO Dario!
Why would I spend a month getting stupid calls to make the same amount if I get one for myself? Not in any possible way.
Quicken loans don't pay that much lol they pay less
It will also take you 4-6 months trying to convince a referral partner to give you business over everyone else begging for their business, in a market where homes are on market 40+ days in middle of “bidenflation” just to maybe get 1 pre-qual rinse and repeat you’ll have way more consistency in a call center.
So you think call center or broker?
@@Adrian-op5ni call center if you can find a decent place with a sign on bonus salary and leads provided. It’s pathetic all these banks and lenders can’t find their own business.
You would have to split the brokerage so you wouldn’t get the whole 1% plus you will get 50% of your commission in trailing so this is not accurate in any way
Can you do both?
Usually not, as they would be worried you would steal their customers.
Can someone please share how an licensed mlo become a broker? Classes/steps. Thank you
I'm a broker, my company buys leads that are given to me and i make 1%.
Do most start at call center then branch off themselves?
I want to be a mortgage broker. How do I find a lender to sponsor me? Thanks.
What state are you in?
@@mack_valenzuela what if you're in California or Texas?
Love this
How common is it for loan officers to be fed deals?
Dario, if you work for a big company, are we pron to layoffs?
Any time there is a big market shift you have the possibility of getting laid off with these type of companies
This is not accurate.
Thinking about a career change. Mortgage broker sounds great but scary at the same time. Feel like I might starve lol.
Is it good to become a broker in this economy right now ?
I work at a firm in London. I won’t lie, it’s tough for a lot of the newer brokers here right now. Some doing okay but they have to work hard and be resilient. These times won’t last forever though.
Wouldn't the high prices be better because that would mean a higher pay?
@@5racing if people can’t buy as much then it would go down.
I just got licensed and need Dario’s advice.
What school did you attend to get licensed?
Thank you
How is it going ?
@@Semper2003 You can do it online if im not wrong.
Do loan officers also get salary
Is it the same license for both?
Mortgage brokers make way more than 1%
Prob 2.75% - 3%
Depends on the market and what company you’re at. Not all brokers are created equal. You go to an Edge/Nexa/West Cap you’ll make 175 bps. However, you go to a larger company that provides marketing materials, team atmosphere, they might only pay you 100 bps. Not all Brokers fit in one bucket. Just like Rocket, Loan Depot, Freedom mortgage, all these companies pay different
@@mariosuperbro1 What brokers pays 2.75-3%?
@@Takeoffyourpantsjakt broker agreements are usually 2-2.75% 3 on reverse. I’m averaging 175-225 but that’s after company branch and LOA. I pretty much produce and done. Talking leads is a bad business model although good to learn the industry and basics. If you can produce you will make a lot of money
top lo make 5%
How or where?
@@Adrian-op5ni, that person may be referring to what is called a "P&L Plan" (typically reserved for branch managers who work for a HUD approved lender). They will get paid bank end YSP, and front end origination points. Especially, if it is a government loan.
There are scenarios where you could actually make more than 5% per loan (between 7% - 10%) but, you will be selling nothing but reverse mortgages.
Broker its a no brainer
Whys with the bgm
I want start as a loan officer to het some experience than move on to become a broker do u think thays good idea
20% of 1%?? Bruh, I think you mean 0.20% lol
Lol 1% for mortgage broker what are you pulling you pants down & giving back a whole point to your clients for free?