Author: 95997069

Are you getting 150 to 175 bps?

Are you getting 150 to 175 bps?

Questioning-Mortgage-Loan-Officer-300x161 Are you getting 150 to 175 bps?

 

Loan Officers are the key to successful companies and unsuccessful companies. They are the sales force that bring new loans to companies. They are the single most important people in companies. They are also highly sought after people in the business. The book of business with realtors and builders is something they have built up over the years, and is quite impressive.

Why then are these LO’s making less than 150 – 175 bps?

This is the same question that I ask myself on a daily basis. What it comes down to is the Loan Officers don’t know what they are worth, and how much they could be making. I have seen Loan Officers double to triple their income just by transferring business to my mortgage client that DOES pay them what they are worth. Loans close faster, often times there is less bureaucratic nonsense to deal with, they are closing more loans that would have been rejected, and they are making more money per deal! Admittedly, the best loan officers are those who STAY FOCUSED. If you fall into this category and need to hear more, lets talk. I am more than happy to give you introductions to a company who will improve your quality of life from Day 1.

AAEAAQAAAAAAAAiZAAAAJGE1MDY1OTU2LWMxYWEtNGVkOC05NmZhLTgyMzJkNTRlZmVhOQ-300x300 Are you getting 150 to 175 bps?
Luke Osborne

Director of Mortgage Banking with LG Recruiting

Direct Line: 801-872-4591

Email: losborne@lgrecruiting.com

LinkedIn: https://www.linkedin.com/in/lukeosborne1recruiter/

Why are Basis Points Important?

Why are Basis Points Important?

bps-2-300x200 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!

 

AAEAAQAAAAAAAAiZAAAAJGE1MDY1OTU2LWMxYWEtNGVkOC05NmZhLTgyMzJkNTRlZmVhOQ-300x300 Why are Basis Points Important?
               Luke Osborne

Director of Mortgage Banking with LG Recruiting

Direct Line: 801-872-4591

Email: losborne@lgrecruiting.com

LinkedIn: https://www.linkedin.com/in/lukeosborne1recruiter/

Are you ready to become a Mortgage Branch Manger?

Are you ready to become a Mortgage Branch Manger?

go-from-lo-to-branch-manager_orig-300x200 Are you ready to become a Mortgage Branch Manger?

 

Mortgage Loan Officers are always looking to grow in their professional career. Often times LO’s are so concentrated on their work (which is a good thing) that they need to identify over a phone call what those areas of professional growth look like to them. There are 2 large distinctions usually between the Loan Officers when asking about the type of growth makes sense for them:

​Scenario 1.) The LO does not want to manage people and find themselves most productive following the successful LO ABC’s (always be closing). Often times Loan Officers have great book of business that they treasure and keep safe. The next steps for them are to hire personal assistants, and junior loan officers placed in their team from their current branch manager. If you find yourself in this boat, and are making less than 150 – 175 bps, we should talk.

Scenario 2.) The LO has the desire to become a Branch Manager and begin building a team, and they don’t know where to start. The LO feels like he could motivate and lead a successful team. They are leaders gain loyalty from their team by being compassionate, good listeners, creative, sincere and always erring on the side of fairness to the employee. The problem is this step for them is unavailable where they are.

Most often Loan Officers think I call them asking if they want to make more money at a different company, which that option is there. They don’t realize that they can become a Branch Manager with several different companies that I partner with. I partner only with the Mortgage Industry Leaders, and they are ready to invest in Loan Officers who are ready to make their dreams a reality.

​So you have just become a Branch Manager! Now what??? The business development teams are there to work with you and help you grow. I also work with you to bring Loan Officer talent as well as onsite operations talent. They have support systems in place though that allow you to continue closing your current pipeline of Loans while you are growing your team. The clients I partner with are set up to make you successful.
Are you ready to start living your dreams?

Give Luke Osborne a call now and begin building a foundation for your future!

AAEAAQAAAAAAAAiZAAAAJGE1MDY1OTU2LWMxYWEtNGVkOC05NmZhLTgyMzJkNTRlZmVhOQ-300x300 Are you ready to become a Mortgage Branch Manger?
Luke Osborne

Director of Mortgage Banking with LG Recruiting

Direct Line: 801-872-4591

Email: losborne@lgrecruiting.com

LinkedIn: https://www.linkedin.com/in/lukeosborne1recruiter/