Why are Basis Points Important?
Here is an example of how one of my partner clients pays out to their Branch Locations:
XYZ Branch does 8 Million in total monthly production 50% government (VA, FHA), 50% Conventional. The producing Branch Manager does 2 million, and he has 3 loan officers each doing 2 million in production each. Below is an example of how the Branch Manager and the loan officers would get paid:
Branch Manager Income:
· $8,000 – Monthly Salary based on 8 million branch volume production
· $35,000 – Based off Producing 2 million a month at 175 bps
· $15,000 – Based off 2 million from override on 2 loan officers
· $58,000 – Total Monthly Income
· $696,000 – Total Yearly Income
Loan Officer Income:
· $35,000 – Based off Producing 2 million a month at 163 bps
· $420,000 – Total Yearly Income
Let me know if you have questions on Basis Points, or if you are interested in partnering with clients shown in the example. Thanks for reading!
Director of Mortgage Banking with LG Recruiting
Direct Line: 801-872-4591