Loan Officer Dustin
Loan OfficerForum Replies Created
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@gustan-cho @John Parker Excellent! I think this will be great for all of us!
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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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@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/
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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@Alex Carlucci @gustan-cho Will you please share the specifics on this file? This would be great info to have for future BK clients.
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Utah is a great place for investors outside of the Salt Lake Valley. Hard Money loans & DSCR are great opportunities for your investors. If you are an MLO with no license in Utah, call me. I am happy to help your clients get a foothold in this market.
Let’s Make Your Mortgage Work For You!
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Hey, Felix. There is no way anyone is going to touch this. The borrower needs to get their mid-score over 500 to even have a chance of making this happen. Once 12 months have passed on the mortgage late, the borrower will technically qualify for an FHA C.O. refi. LTV looks good, DTI would be the next hurdle. What are the recent lates specifically? I would suggest you get the borrower working on the mid-score now so you are ready to submit by the end of August 2023. A rapid re-score is your only hope to boost that score. If the borrower’s DTI is low, you might be able to have them open credit-building CCs with Cap One & Discover. They would need to be very disciplined and proactive with those credit-building new lines of credit. Usually, a 459 tells you they are not and will not be disciplined.
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@gustan-cho Things are moving forward quickly. I should have renderings of what the site looks like by the end of this week. Once we nail that down, we will spend the next few days developing the operations of the site.
Let’s Make Your Mortgage Work For You!
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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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Wow! This is great to know. I am always looking to find new ways to help potential clients.
