Your best bet is to choose a mortgage company that has a large presence in your area and that does its own marketing to bring borrowers to them. Many mortgage companies do very little company sponsored marketing and expect their brokers to get their own loans, and to do their own marketing.
Secondly, look for one that offers a training program. These mortgage companies are few in number, but when you start, training is essential. There are many things that could go wrong with a loan, and the more you know the better off you are. Plus you will instill more confidence in your borrowers when you can confidently answer their questions.
If you are looking to get training elsewhere you can try your local real estate school, community college, and of course you can visit several websites on the net.
Thirdly, it should be easy for you to make money. The commission split should be at least at 50%. There should be no monthly fees. And training should not cost you anything either.
Most mortgage companies are always looking for new brokers. Others do not want new brokers. The best way to find a mortgage company to work for is to search the want ads to see who is looking. Once you get into the business, you will get a feel for the market and learn about opportunities at other companies. The companies that hire the most, also loose the most people, and are mainly interested in churning. This same thing happens in the real estate industry.
According to popular belief, everyone has at least a couple loans in them. Once they get into the business, they tell all their relatives and friends. These relatives and friends then let this person do their loans. After the new broker runs out of friends and relatives that need a loan, they stop earning money, and eventually quit to find another job. So the company hires as many people as it can in order to get to the friends and relatives.
If you take this profession seriously, and do the right things from the beginning, this will not happen to you.
Once you get some experience and develop a track record of being successful, you will be able to walk into any mortgage company and get a job. And as you do more loans, your commission split should also increase. If it does not, look for another place or start your own company. And once you can demonstrate that you can originate a large number of loans, you should be offered a salary in addition to your commission. What you negotiate with your boss is up to you. But if you are making the company money, they will want to keep you and should increase your compensation.
The new trend in the industry is to offer brokers 100% commission. Every company has it's own guidelines, but under this plan, you keep the entire Origination Fee and any Yield Spread Premium. The company gets a set fee per loan and also a desk fee per month. These companies offer almost no training, so it might not be a good idea to start at one of these places, but once you get going, you might consider it. It is almost the same as opening your own company, but without the overhead.
Check the Internet job boards for any openings in your area. Websites like monster.com list hundreds of job available in the real estate financing industry.
"Like an old lady does with newspapers, or with tin cans!"
I had a guy once call me for help, after getting all my mortgage marketing mail pieces for 48 months! He finally called when I changed the look of the mail piece!
Finally just jarred him out of his "sleep," I guess!
I had another lady carry around all my "newsletters," as she called them for lack of a better word, in her purse before calling for help!
"When I met her, she told me about this, so I asked her to show me. No $#!t! She had 8 of them in there! Postmarks dating back 8 months or more!"
I had a guy call me just Monday, who still had my mail piece from August at work with him! He said he procrastinates a lot, and that's prob'ly how he got in trouble with his bills! But said that it's finally time to do something! And he hopes he still qualifies!
Oh, by the way, he does qualify. There's another $10K-$15K (depending on where the loan amount comes out) that I wouldn't have gotten had I not designed a "savable" mail piece! .as he's not on my current list!
What are You Mailing this Week?
Does it look like what everyone else mails? When and if the mailman delivers it, what do your prospects do with it? Trash can? Do they ever open it?
Do they read the first sentence? Does the first sentence make them read the second sentence? The third? Does the entire piece make them take action and call?
If they are too lazy to call today, do they save the piece for when they have to do something?
"If your mail piece doesn't cause immediate action today, and some action months from now.then you are missing out on hundreds of thousands of dollars a year in leads you never even see!"
There are Acres of Diamonds lying at your feet! Your own county, and a couple counties next door, hold all the riches you could ever dream of!
Like I said to you the other day, most brokers think they need more "land" in their home state, or another license in another state!
And they're wrong!
"It's 10 times easier to mine what's at your feet! And you don't need to live in a big city for that to work either, so stop making excuses!"
We will sell-out for the Summit any day now. I figure, like anything, it'll come all of the sudden, and surprise us all.
There are 13 spots left as of Tuesday evening. I could get 10 FedEx's this morning, and 10 faxes, then have to figure out who was first!
What's the big difference between successful people, and those who never are? Taking massive and immediate action when opportunity presents itself.
Both Ameen Kamadia & Scott Tucker are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Ameen Kamadia has sinced written about articles on various topics from Home Buyers Guide, Foreclosure Help and Home. Ameen Kamadia, known as "The Millionaire Loan Officer" offers dozens of free articles about mortgage marketing. Get dozens of great cheap lead generation ideas at his. Ameen Kamadia's top article generates over 60500 views. to your Favourites.
Scott Tucker has sinced written about articles on various topics from Debts Loans, Real Estate and Mortgage. About author: is the owner of Roscoe Village's Tucker Family Financial Services, Inc., a mortgage brokerage, specializing in. Scott Tucker's top article generates over 9900 views. to your Favourites.