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Old 08-18-2010, 06:34 PM   #35
GRIFFIN
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Quote:
Originally Posted by USCTrojanMan29 View Post
That seems kinda high, I know one of the brokers that one of my buyers used showed him the wholesale price sheet when they locked and he made .75% on a $550k loan amount (he'll do lower loan amounts for 1-1.50%). I believe that he had a 80-20 split with his broker. Are you your own broker or do you have to split any of your commission?
I am a broker. Closed my company last year. Went to work for a lender. Put my brokers license as inactive and use my NMLO license for the current company. I average 1-1.5 points on the front and 1-1.5 points on the back. The higher the loan amount normally a lower percentage is charged, because the dollar amount is a bit more of a shock to the borrower.
Edit: Just realized you said wholesale price sheet. I am on the retail end of it now. More money in rebate, because we lend our own money.

If I need to give credits to make loans work then I will, and my percentage will be lower. From paying for appprasials, credits to closing, whatever we need to make the deal happpen, etc. There are some deals were I make no money, but a great referral for the future.

I am at a 80/20 split with my company.
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Last edited by GRIFFIN; 08-18-2010 at 06:46 PM.
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