Mortgage Grapevine


How in a World is federal government allowing people to form mortgage MLM companies, where up to 5 people make money off of 1 borrower? How is this legal? How does this reflect on our industry, when people who sell shoes for living originate loans...

I donít wanna name any names here, but this for sure pisses me off...we should voice our opinions somehow, and this should not be allowed...

by mortgages 4 real April 30, 2007 12:00 AM

When a loan is originated through a corporation (let´s use a place like Wells Fargo for instance) just how many people get paid from that loan´s proceeds?

The originator,
their manager (AVP),
manager´s supervisor (RVP),
their supervisor (DVP),
Not counting the Executive level VP´s and stockholders.

Different names for the positions but the same pyramid structure.

Same system works for any large retail outlet.

by Scrumptious Beach Warrior April 30, 2007 12:00 AM

The bigger question is how do they get folks to work for their payscale at the bottom!

by LoanGoddess April 30, 2007 12:00 AM

Warrior, good point...but...can you imagine Wells is interviewing you for a LO position and tells you that you can hire LO´s with no experience and get percentage of their commission forever, and who ever they hire...you end up getting a cut of their earnings as well...

How can you manage 20,000 loan officer with no experience?

Also, those MLM companies also have receptionists, processors, managers, presidents...e.t.c

by mortgages 4 real April 30, 2007 12:00 AM


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