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Revenue Share Offered By Lenders
what other mortgage companies offer revenue share and residual income and how does it work?
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This discussion was modified 3 weeks, 6 days ago by
Sapna Sharma.
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This discussion was modified 3 weeks, 6 days ago by
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11 Replies
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When did the revenue share program start in the mortgage business
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@gustan-cho After a quick dive into this question. I found a lender (Atlantic Bay Mortgage Group) who does something similar to what C2C offers it L.O.s. This is called the Progressive Earnings Plan. Here is a link to the article from The Truth About Mortgage from 2021 https://www.thetruthaboutmortgage.com/mortgage-lender-to-share-servicing-income-with-loan-officers/
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This reply was modified 3 weeks, 6 days ago by Sapna Sharma.
thetruthaboutmortgage.com
Mortgage Lender Offers to Share Servicing Income with Its LOs
A Virginia-based mortgage lender has launched a loan officer compensation plan that provides originators with a piece of the loan servicing fee.
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This reply was modified 3 weeks, 6 days ago by
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Dustin, there are many copycats in any field with any systems someone comes up with. The key with revenue share programs is many of them flop. There is a lot of thoughts that need to go into a launch of an idea and not half assed. Believe me, I have done it and been there many times over. You always got to stay ahead of the competition. The competition never sleeps. Whether it is our competitors, each mortgage company is trying to cut another’s throat to recruit their loan officers to get ahead. For me, the way I think is the grass is not greener on the other side. I judge the workplace based on the foundation. How solid is the CEO and senior managers. If they are wishy washy and keep on changing their business model, that means trouble. However, if the CEO and top management are solid, consistent, not greedy, and are always there for you, that is the type of place that gives me security, faith, motivation, and confidence.
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This reply was modified 3 weeks, 6 days ago by Sapna Sharma.
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I couldn’t agree more. I want to be where I can maximize my opportunity and know I have the support I need to be successful.
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This reply was modified 3 weeks, 6 days ago by
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It looks like the revenue share concept in the mortgage industry can be traced back to the late 80s and early 90s when mortgage companies looked for ways to incentivize loan officers to increase individual and company-wide loan production. Loan officers responded, and began to generate more loans which they, then got a piece of the company’s growth in sales.
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Edge Home Loans offers $500 per recruit, from what I heard. I think it is a one-time deal only. Do you know anything about it? I think CEO Kortas was the first person to start the Revenue Share program, and others imitated it. Loan officers work their asses off to get one deal done to get paid a one time commission is human abuse. Like insurance agents, there has to be a change in the industry where loan officers get residual income on the interest lenders make while the lender is servicing the loan. If insurance companies do it, why can’t mortgage companies?
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no, I think they pay $999 per file and your upline gets $500 of that… or something similar to that…
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So every time a recruit closes a loan, you get $999 and your upline gets $500 per loan? I don’t think there’s enough money to spread out.
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Here is the career opportunity blog on http://www.gustancho.com
https://gustancho.com/remote-mlo-career-opportunities/
gustancho.com
Remote Mortgage Loan Officer Career Opportunities
Gustan Cho Associates has remote mortgage loan officer career opportunities for branch assigned loan officers and independent branch managers
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john parker. I want to learn the revenue share program more in depth. Did not have time to really dig into the program because I was concentrating on GCA branch. Can you please share your thoughts and post some informational videos and articles.
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