We are a Direct Mortgage Lender looking for Mortgage Loan Originators (MLOs fka Mortgage Brokers or Loan Officers) who want to thrive in this market. We are not the institutional, large lending/banking centers, but we have all the same abilities to underwrite and fund loans. We are actually better in that sense because we do not treat our borrowers as files who are just passed from department to department. We believe in providing the utmost personalized service possible, which closing the mortgage quickly and efficiently.
Are you a highly driven, self motivated MLO who wants to take their business to the next level? If so, continue reading about what we offer.
Our last blogs gave you details about our company and what we offer our MLOs in the form of Marketing and Leads. This blog will tell you why we are better than all other Lenders and Mortgage Companies regarding appraisals and compensation.
LENDER with NO Appraisal Management Company:
As full Lenders we control the loan from start to finish. Our underwriters are in-house, which means you don’t have to jump through hoops to question a conditions. I feel the most important aspect of this is that WE ARE NOT SUBJECT TO OTHER LENDERS’ AMCs. Appraisal Management Companies are ruining our industry. We are completely HVCC and HUD Appraisal Independence compliant. As such, we have a random rotation of hand picked appraisers that get paid what their worth, provide the reports and conditions in a timely manner, and give the true and fair market value of the property.
COMPENSATION:
We are highly competitive, and we are always seeking more info from other companies to make sure what we offer will be better than the competition. Our commission structure is ever changing, so that we may adapt to the needs of the environment. Many MLOs are migrating from other companies because of this alone. The marketing and leads are the icing on the cake.
We have a very aggressive plan for compensation when the Fed Rule and Dodd-Frank Act go into effect in April. Most companies will offer a straight 1% to 1.5% (100 bps to 150 bps) of loan amount monthly, or something along those lines. This is great for the company, but the MLO will make much less than before.
Since these rules do not have restrictions for SRP (Service Release Premium, which is what lenders make when selling their loans in the secondary market), then why can’t the lender pay bonuses to their agents on top of the set % for loan amount. WE CAN AND WE WILL!
Our company is called Mortgage Bankers of Florida, which is the retail division of MCM Holdings, Inc. a Direct Mortgage Lender.
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