They might not be "right" but you are!

[CitizensChoices]

Many realtors are unaware that they can close their own loans. Maybe because not all Mortgage Professionals are quick to share this information let alone help. You can not recieve referal fees but their is a licensing option saying that you can be licensed as an employee with a Mortgage Broker. We have a program that does this in 15 states(the states we are licensed in). What we offer unmatched support nobody with our team of mentors that are there to help you price the loan and close the deal! There is zero cost and liability associated with joining our team!


All you have to do is perform 5 of 14 items on a respa checklist and disclose that you are a Mortgage broker as well. Example of 1 item for respa: Participate in closing...what Realtor doesn't!! Need another; See if they prequalify, state whether they are in a flood zone... you get the point.


Check us out and give me a call or email.

Applicable in PA, NJ, DE, ME, VA, FL, CA, CO, MD, MN, AK

[LoanDoctor]

I have worked with people who try to do both. What happens is that they don't become proficient in any one area, and spread themselves too thin. I can do real estate, but I choose to just work on the lending side. I don't have the time to focus on both areas and be successful. In this market, we need to work 3 to 4 times as much to make as much as we did over the last few years. That makes it harder to try to play both sides. I try to form partnerships with Real Estate professionals who are committed and have the expertise in their field, because it is easy to become the Jack of all trades, but master of none. That partnership lets everyone do what they are good at, and is much more efficient and mutually beneficial to both sides.
Just my thoughts...

[HomeSurfer]

I was one of the best lenders there was. I never met a Realtor who was good at both closing loans and selling real estate. When they were halfway proficient with the loan, it was because they were big enough to have a staff and someone on that staff actually handled the loan halfway proficiently.

Or, they began their real estate carreer as a lender. Even then, it is hard to keep up and do everything well in both areas and nigh well impossible. For example, I was JUST an A-paper and guvvie lender because it was too much of a pain in the *** to know EVERYTHING. If it was a sub-prime loan, I suggested they take it to someone else. I could do more volume and make more income if I specialized.

To do everything? You won't do everything well. Even if you believe you do, you're wrong.

Be a lender or be an agent. Don't be greedy.

[LoanDoctor]

I couldn't agree with you more, perfectly put HomeSurfer!

[CitizensChoices]

I agree with you both but you both have points that relate directly to why our company is so successful right now.

It is understood that it is getting harder and harder to make more money or even maintain current income levels. It is also a fact that you aren't going to be a master at both trades. Unless, as you said, you team up on the lender side and have people working for you. Realtors and entire real estate brokerages are teaming up with CFM because we provide the support and 70+ lender connections. The realtors have already made the customer contact, all they have to do now is run the scenario by our mentor and then perform 5 of 14 items on the Respa checklist. And of course collect their commission check after that.

[HomeSurfer]

Having been a lender, I know there are all kinds of ways to hide income in the loans. Rebate pricing, service release premiums, volume discounts, and on and on and on. A lot depends on how you're set up. As a correspondent, broker, mortgage banker, and so on.

When you've made about seventy-five posts here, then I'll start to listen to you and see if you worth the effort to figure out if you're hiding income or being legitimate. Don't expect credibility right away. No one gets it immediately.

The customer comes first. Not the Realtor, not the broker, not the lender. The customer.

[CitizensChoices]

Thanks for the reluctant support. Honestly, being able to prove ones self is a challenge worth taking. I will talk more about lending, pricing and these topics in further discussions, maybe around post 31.

As of now, we are charging a flat fee and going by volume on the amount of people in our system. Imagine this scenario...

Example: You are a loan officer with your real estate license. Some coniving mortgage "professional" is offering a ridiculously low rate to try and bait and switch the customer. You can not beat this ridiculous rate because nor can he come through with his promise. You stand to make 2 points up front and one on the back end while locking them in a good rate with one of 70 lenders of choice. Because this is a 400k transaction you stand to make some alright money. Now that you have your RE license you offer to act as the seller and waive that commision to get the business. Your multi-talented and multi-licensed self now benefits your customer and in turn secures you a deal that you might not of gotten.

[LoanDoctor]

I think charging two points up front and making one on the back is excessive, especially in this market. Maybe during the refi boom, when equity was just pooring out of these houses, maybe, and only maybe if you had a difficult subprime loan. But when working with Realtors, who are putting their neck and the trust of their client on the line to give you a purchase loan, making 3 points is excessive. My mentor, who has been in the business for over 20 years, who was the top originator in the country back in 1998, never makes more than 1.5 on his deals, and his business if over 70% purchases. He gets more referrals than he can physically do, and he has a team of 5 just for his own business. He makes a ton of money, but it is through repeat business. I think making three points in this market will end up costing you more money in the long run.
Just my 2 cents.

[MileHighAgent.com]

I have looked into doing the 5 or more steps to initiate and get paid on the loan but ran for the hills as the small amount I'd get paid doesn't cover the risk I take in possibly - unknowingly - doing a disservice to my client. I agree to let the Realtors do thier job - part of which (in my opinion) is policing the lender and lender fees. If we're really interested in the extra $$ in the first place - how can we really have the client's best interest in mind here????

[promortplanner]

"Man walk on road. Walk left side, safe. Walk right side, safe. Walk down middle, sooner or later, get squished just like grape. Same here. You karate do yes, or karate do no. You karate do guess so, just like grape. Understand?" (Miyagi)

Citizenschoices - come over, wax my car, paint my house, sand the boards on my back porch - and we'll talk about why you haven't made enough money as a realtor, loan officer, or whatever it is you really do.

[CitizensChoices]

Pro Mortgage Planner; Are you serious?
Call me and tell me how you "plan" someones mortgage. Or should I say broker it out and have someone else take 50% of your commsions. Also tell me why you dont talk to realtors because one or two hurt your feelings.

Next answer me, how even on vacation I met with a 30 agent RE broker and have plans to move forward so that their agents can close loans for their customers and take more business away from your struggling self. Making money while you sleep sure is hard!

Grow up, this isnt karate kid, this is a contact sport, so while your over there wearing your head gear, elbow pads and blogging, Im on the phone setting up meetings to make sure some real business gets done.

[promortplanner]

Actually citizenschoices - I'm not serious. How could anyone take a blurp from a cheezy 80's movie serious. Sorry you don't see the humor.

Planning someone's mortgage is very simple! The needs and goals of my clients and referral partners come first and not my numbers for the month. I build a client 1 at a time and never charge 3 points on a given deal unless the loan amount is really small (100K). In those cases my fees don't exceed $4000. Part of planning a customers mortgage is planning to see them again in the future when the transaction is complete. So yes, I plan and plan mortgages well!

For the record, I work for Pacific Capital Mortgage (a division of Diablo funding and Baybancorp). Baybancorp was the largest banker in Northern California last year with 4 billion dollars in business. Pacific Capital Mortgage was rated #1 mortgage company in the San Diego Business journal last year. We're purchase money specialists! I'm a bank with the capacity to broker anything that makes the most sense for my client and partners. I love technology but really focus on relationships with my clients and referral partners. My feelings have never been hurt and I currently work with about six realtors who refer me business on a pretty consistent basis. The bonus - I can honestly call all of them my friends.

If your feelings have been bruised by my comments - I apologize. No malicious intent here.

There's 25,000 real estate agents alone in San Diego county. Half of them wear the title of realtor. If 30 agents you meet want to close their own loans on the real estate transactions they produce - fantastic! I want everyone to be successful. Not only with their pocket books but their relationships as well. I see It the same as loan officers who want to process their own loans because they think they can save the $495/mo processing fee and only manage to close 2 loans a month.

I have a friend from highschool with the same mentality (loans and real estate), but he never manages to close more than 2 transactions in a month. In fact, all the guys in his office are the same only closing minimal units each month.

I prefer to be a specialist with what I do because I know I can be more effective. To each his own. To you your own.

Sorry to burst your bubble but you and your 30 agents have no effect on my struggling self or effect my market share.

Grow up - what is that? I've been able to maintain myself after 7 years in this business because I don't take myself too serious. I guess in part because I don't want to grow up. I want to hold onto as much of a youthful spirit as possible and that's my niche with the great realtor relationships I have. We go to the ballgame, talk about our kids, and at the end of the day really enjoy ourselves.

So while you're on the phone making things happen where no-one sees your face - I'm in the field making lasting relationships with people I choose to do business with and make friends. Anything else is just bull!!!

Contact sport is hard to envision with someone who does all their business on the phone. You're right, this is a contact sport. All contact sports start and end with handshakes whether thats with helmets, elbow pads, or I guess for you blogging and selling some bull***t concept. My contact sport is one handshake at a time. Face to face, friend to friend.

Keep selling whatever you're selling. You response speaks volumes. Good luck!!!

[CitizensChoices]

Once again your condescending attitude and pre-assumptions make you seem all the more self-centered and disconnected with reality.

The fact that before you ever finished reading my little blurb, you were thinking of your well "planned" defense, is great to me. You will be successful half listening to your clients needs while shaking hands and smiling, and never charging more than 4,000 on a $100,000 deal (How kind of you). Those people need your kindness the most!

As long as your predispositions on salaries allow you to justify yourself; go right ahead. Also the changing environment of business isn't that interesting because you are content going to baseball games. We all love America's pastime including hard work and customer service. But when you try to intimidate, with your holy-than-thou practices of "customer service" I laugh because that is second nature to me and the trust and love that my clients and related business affiliates place in me goes beyond providing an intangible product with a smile and some profit.


Feel free to have the last comment, maybe Ill see you in another chat.

[promortplanner]

You came with the sales pitch on how realtors can close loans on top of their real estate business. I along with others disagree. Sorry you don't see the humor in the intial blurp from "Karate Kid". I think it's funny and I think Miyage has his relevent points.

A good winning concept doesn't need to be sold - it sells itself. So if you're so solid and things come so second natured - why are you upset and why aren't more realtors engaging in their own loan business?

If I were a realtor why should I do my own loan business?

As a loan officer, why should I consider doing my own real estate business considering I'm a licensed real estate agent?

[CitizensChoices]

I am not upset just a little excitable. I was offended by your salary assumption. I didnt feel that was at all relevent. If you know a proverb for forgiveness I would enjoy hearing it.

First Question: The real reason is customer service eventhough it may seem to distract from that at first glance. As a real estate agent you recruit the customer and put them in the best house but you are not able to help them get in a new house or maintain repeat business if they move, refinance or invest. Instead of monitoring the LO, you can make sure first hand that it is the right product.

Secondly: More money on high stakes deals such as commercial real estate or condos .

Third: The major companies are doing it, we like to think our programs are more focused on benefiting the customers and our clients. All the major players in the industry are associated in one way or another. Medium companies that own both RE and MTG Brokerages. Remax has Bank of America on their website. Prudential strong arms their employees into using Trident (not the gum unfortunately).

Our company is experts in mortgages and we give the support, licensing, accounting, lawyers, training, processing and free mentors so the RE professionals can keep doing what they do best. We do not force them to use our lending or charge them when they do so. It is also good if the husband or wife wants to use teamwork with the others business, they can sign up with us and be trained for mortgages.

Our program is also great for LO's because instead of soliciting realtors they can sign them up as outside reps. More importantly our virtual loan officers and branchees make better commssion witn us then the firms they have been producing for, for years.

[renewbie]

With everything we have to do, getting tied up in the mortgage end takes away from our main focus. But then again, money is money!

[CitizensChoices]

Your right money is money. And we have some very happy realtors who do the bare minimum to get paid on a loan. We don't care we still pay 50% unlike many real estate brokers who like to strong arm their employees. That brings up the questions, "Are they really looking after your best interests at this point?"