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Old 08-18-2010, 06:47 PM   #36
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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.
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