View Single Post
Old 08-18-2010, 07:47 PM   #36
USCTrojanMan29
Registered User
 
USCTrojanMan29's Avatar
 
Join Date: Feb 2005
Location: Somewhere
Posts: 1,310
My Ride: Beauty & The Beater
Send a message via AIM to USCTrojanMan29 Send a message via Yahoo to USCTrojanMan29
Quote:
Originally Posted by GRIFFIN View Post
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.

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.
Gotcha, it makes sense to charge 2%+ if the loan amounts are in the less than $200k because whether it's a $100k loan or a $600k loan it is basically the same amount of work and the small loan amounts tend to be a bit more difficult to close than the higher loan amounts due to stronger borrowers.
USCTrojanMan29 is offline   Reply With Quote