Posted by James Strange on July 10, 2003 at 24:51:26:
If you have been in the business for awhile you can find a new company to work for. You should be paid a % on most of all points front and back.
The in-house fee’s just rose - Posted by Brad (CA)
Posted by Brad (CA) on July 09, 2003 at 22:56:17:
Wondering how long it will take 'till all my profit is squeezed out of these deals. The fee’s of the mtg co. are now 4k, and I’m paid commision only on what I charge beyond that amount… and 30% at that.
How competitive can I be with this situation? I mean, 4k is already 2pts on a 200k loan, so what the hell!?!
Is this a pretty normal sounding set up or should I be looking to move on to a more competitive firm? I want to be able to work all kinds of different deals; A-paper, NOO, 2nd houses, multi-units, sub-prime, etc etc etc.
But what it looks like to me is that I’m being forced to concentrate on the most desperate type of borrower who doesnt have any choice but to except 8k in fee’s!
What are your thoughts?
Thanks,
Frustrated & Fore-sighted