Mortgage Grapevine
Mortgage origination Pts. (have a question)
I know a friend that works with/as Network Funding as an Originator... dont know how long. But he get paid points like so: PER CLOSING
FHA.... 3.5%
VA .... 3.%
Conv... 2.5%
** These may not be EXACT, but they are close.
Every employer I interview with (as an Sales Originator)
they want to pay Bps from 1.25%, down to .4% (Bps)
Why is this???? Am I being LOW-BALLED?
Any assistance would be appreciated!
by Broker_One January 31, 2013 3:19 PM
I bet your friend has some really competitive rates. lol.
by TheKyle January 31, 2013 4:25 PM
this is NOT to be funny...? I know for a fact. Thats what i am asking... I happen to see (2) deals funded... Both loans over $400K... and he Grossed over $12,K going V.A. ** he is just a loan Originator, so how can he make that much is my question?
and the Rates were on a 30yr fixed @ 3.375% four or five mths ago. No Orig. ( they were VERY competetive).
by Broker_One January 31, 2013 4:38 PM
And thats $12k on just the one Loan @ $400K
by Broker_One January 31, 2013 4:39 PM
I'm thinking you really don't understand how loans are priced, bought, sold or how originators are compensated.
Just my current thinking...
by BuySide January 31, 2013 5:24 PM
you make it up in volume....
by Dr. Branker January 31, 2013 5:41 PM
Brutal. Just brutal. How long ya been doing this, Broker_One? Go ask your boss what SRP is.
Nitwit.
by Masher January 31, 2013 5:48 PM
I know exactly how they (LOANS) are priced, bought and sold... But, what I am asking is not that! I'm asking "how can one or more companies make an offer/COMPENSATE to a possible NEW LO/HLC,etc... paying them 50 BPS, but another company pay/COMPENSATE a LO/HLC 350 BPS...!
Unless u know how NETWORK FUNDING COMPENSATES... Plz dont respond! Because thats what I'm asking.
JUST MHO!
by Broker_One January 31, 2013 5:57 PM
Thanks Branker... simple and to the point.
I do know that... but to go from 50 bps to 350 bps (for an LO) seems alot to me???
Masher ura Dic... let me know next time ur in Houston Tx. PoC! Plz let me know.
by Broker_One January 31, 2013 6:04 PM
Hard to tell without seeing the complete compensation package and sales support supplied. There has to be more to your friends story. $12k on a $400k loan is ridiculous.
by YATI January 31, 2013 6:28 PM
Is it just me or does this look like a bullshit AD for Network Funding
by Vinnie The Leg Breaker January 31, 2013 6:39 PM
This is how rumors get started.
Tiered Payplan and a good month could do that $12k.
Closed 26 deals when bonus starts at 10.
Too many variables.
by turdly January 31, 2013 6:40 PM
This is how rumors get started.
Tiered Payplan and a good month could do that $12k.
Closed 26 deals when bonus starts at 10.
Too many variables.
by turdly January 31, 2013 6:43 PM
You're all missing the obvious fact that this is one of those dream companies that pays out their L.O.s 100%. :)
by MichiganTed January 31, 2013 7:20 PM
Thanks for the info... I can see the tierd funding... I do not work for Net Funding...
i am looking @ working with either New Penn Financial or Citibank... but sent this guy some loans 4-5 mths ago. I think he may get the full 100% and only pays Admin Fees...?
I was wanting someone with Net knowledge to
give me more info... I didnt want to ask this "friend", but may have to now.
by Broker_One February 1, 2013 10:39 AM
yup. I'm a "Dic", and I'm going to come to Houston for some Nitwit to beat me up for telling him the truth. You know Stevie by chance? Stick around here and two things will happen.
1. You'll see I point out the Nitwits.
2. You might learn a few things.
Nitwit.
by Masher February 1, 2013 11:43 AM
1. Appearantly you lack inner strength, and that is why you lash out... to make you feel better. You are weak... bottom line!
2.Have no probs with "learning"... that's why im here... moron. You would not know the truth if it "Slapped" you!
PLEASE, if you feel you have to respond...DO NOT. Be the Bigger man, and walk away...PLEASE!
Also, you dont have to come to Houston, I could come to you... No beatdowns...???
Just communication, face to face...I know u would not talk that crap.
by Broker_One February 1, 2013 12:30 PM
I just wish you would fucking type in real business english instead of that texting shorthand.
Use good grammer and a spell checker and you will indeed get reasonable responses.
I don't know what a "dic" is but I know what a "DICK" is and it isn't masher.
As to your Network Funding question. You are confusing the net compensation the originator with the gross compensation to the affiliated company which includes things such as the SRP. You also conveniently ignore the office and staff expenses which are part of the gross compensation.
Dick.
by BuySide February 1, 2013 1:02 PM
Buyside....Dickhead, whatever you and dickmouth boyfriend's name is....Are you both so stupid? Lovers maybe?
English: I said he was an Originator...
He has NO overhead except for ADMIN fees, u DICK! YOU are confusing the SRP...Not me. Dont try to come up with any knowledge...because you have none. You have NO Network Funding Experience... So shut up and dont respond, you add nothing by your assuming except you being an ASS!
What your dumbass should have said is:
I do not know the whols situation, and I have NO experience with Network Funding.
Sorry I cannot be of assistance to you... but why dont you just ask your friend the originator, or call a Branch. But NO.... you dumbfucks want to BS simple Q's...
Kiss my ass!
by Broker_One February 1, 2013 3:27 PM
Broker_one,
Lighten up Francis.
Out of the 3 of you only one is looking for a job. After your behavior, I know why.
by YATI February 1, 2013 4:57 PM
We will weed them all out eventually.
It's easy to expose weaknesses.
Cog.
by turdly February 1, 2013 5:07 PM
Nice to see you, Stevie. Still have that pink 300C?
Nitwit.
by Masher February 1, 2013 5:35 PM
Another quality example of the perception we're all working so hard to change in our industry.
Broker_One, you clarified a lot with your last comment. It's unfortunate you didn't come in here with a listening ear and an ability to clearly state your question and accept constructive criticism.
I'm just sayin'...
--bats
by ragingbats February 1, 2013 5:40 PM
Broker One likes "Balls & Ass"???
...Seriously!
by Bo Bo the Dancing Snowflake February 1, 2013 5:47 PM
raging bats... I appreciate your thoughts,
but if you really review the question athand: I am/was asking for "assistance".
I've been on this site over the years... under different names and asking different scenario's and have never had a problem.
You are right about perception though!
Read the comments again... it was not I that jumped the poor bastard whom was just asking for assistance! LOL! Trust me, it will not happen here again!
I'm Just say'in...You all have an AWESOME weekend!
by Broker_One February 1, 2013 6:55 PM
I smell a sweaty singlet in the room.
by Al Roker's Underwear February 1, 2013 7:32 PM
I've been on this site over the years... under different names
by Broker_One February 1, 2013 6:55 PM
Pray tell - do let us know the different names you have used?
by MichiganTed February 3, 2013 1:24 PM
Broker_One---> Appearantly you lack inner strength, and that is why you lash out... to make you feel better. You are weak... bottom line!
Broker_One---> Buyside....Dickhead, whatever you and dickmouth boyfriend's name is....Are you both so stupid? Lovers maybe?
Nitwit!
by Sooner Nation February 3, 2013 2:08 PM
OK, here's my read on it. You came to the site, asking for assistance, and looking for an answer you probably could have gotten on your own. When you ask a question on the 'Vine, you open yourself up to a lot of criticism and, possibly, the answer you're looking for...if your skin is thick enough to see it. You got answers from some pretty knowledgeable people (given, they may have been a touch sardonic in their responses) but you didn't ask for clarification if you didn't understand -- you bristled and responded in a pedantic, juvenile fashion.
There are people on here happy to help out with a legitimately difficult scenario question. Or compensation question. Or legislative questions. Just do a little work on the front end to show you're making the effort, and people will be far less likely to be snarky. When you come in gund blazing wondering about how some industry douchebag is making so much money on every loan and your numbers either aren't accurate or don't make sense, people are going to jump you. And they should.
This industry has taken enough of a beating the last 6 years, and many of us are very protective of what we see as a "cleaned up" business.
Take this as constructive criticism, that's how it's intended. I'm just sayin'...
--bats
by ragingbats February 4, 2013 12:37 PM
LO Comp plans cannot vary by loan type.
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