Thread: They might not be "right" but you are!

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

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...

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.

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

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.

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.

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.

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.

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????

"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.