Just Passed Exam Now Looking for an MGA

[newagent70]

Hello Everyone,

I just passed my L&H exam in Texas and interested in starting out as an Independent. My background is the mortgage industry (please no jokes!LOL) and my referral contacts are on board to refer prospects my way. My question is how does one go about locating a reputable MGA?? I have read ALL of the horror stories about NAA and although I don't know them personally and should not judge, I just prefer to look elsewhere; no disrespect to those who currently work with NAA. I just don't find a need (right now) to pay someone for a lead that "may" be shared with someone else.

I have researched a company called IGROUP but would like to get feedback if anyone has any relationship with them.

I have clients lined up already but I don't have a place to call home just yet.

Any assistance would be greatly appreciated!!!

Newagent70

 

[The Gimp]

You can call me if you like.

 

[ksigmtsu]

James is great to work with. Good contracts, good support, answers his phone, returns messages. I don't have 1 negative thing to say about Next Generation.

 

[newagent70]

Thank you for the response! James I will give you a call today if that's ok.


Newagent70

 

[Larry Tew]

Don't you need more than just a product pipeline? What is your market? What type of planning do you want to do - needs analysis, final expense, mortgage, etc? What exactly are you offering to do for your prospect / client?

The answers to those questions will dictate the type of organization you affiliate with. In other words, you wouldn't join Guardian or NYL to specialize in final expense any more then you would join NAA or American Classic to do comprehensive financial planning.

 

[gmhopks]

Don't you need more than just a product pipeline? What is your market? What type of planning do you want to do - needs analysis, final expense, mortgage, etc? What exactly are you offering to do for your prospect / client?

The answers to those questions will dictate the type of organization you affiliate with. In other words, you wouldn't join Guardian or NYL to specialize in final expense any more then you would join NAA or American Classic to do comprehensive financial planning.

Excellent points from Mr. Tew and are exactly what all new-or-about-to-be new agents should strongly consider. Doing "due dilligence" will give you a better shot at success. This takes time and effort.

I say all this because I am newly licensed and after months of research I have determined the market and products I want to start with. Now, I am down to a decision between a captive and independent offer and that in itself is hard enough.

Good luck to the OP!

 

[newagent70]

Mr. Tew, my market it Mortgage Protection Insurance since that is the industry I come from (loan origination). I have referral sources, both builders and realtors, whom will be refering prospects my way for mortgage protection. I am also looking into structuring the 1st year premium into the purchase transaction which would virtually eliminate charge backs. This part is still under review I will add. But to answer your question, my main and only focus right now as a new agent/producer is mortgage protection.

Hope this helps.

Thanks,

Newagent70

 

[The Gimp]

Thank you for the response! James I will give you a call today if that's ok.


Newagent70

Whenever you're ready, sir.
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James is great to work with. Good contracts, good support, answers his phone, returns messages. I don't have 1 negative thing to say about Next Generation.

Thank you for the love, sir?

 

[ksigmtsu]

I would personally say that for what you're looking for you need a good contract with Assurity, possibly Genworth (if you don't mind lowering your commissions to get your clients that can be underwritten a much better rate) if you want to do some medically underwritten, but you need to talk with the carriers specifically to see if they are ok with premium financing, since in essence it appears that is what you're trying to do.

You'd need medically underwritten if any mortgages are going to be in excess of 300k.

 

[newagent70]

I don't mind lowering the commission. I've always had the "do what's best for the client" mentality. So if I can get them a better offer by lowering my rate that means I could also generate MORE sales and better referrals from happy clients which in essence will increase my commission pay.

What do you think about ASUREA?

What do you think about structuring the 1st year premium in the closing of the Purchase contract? I think this would be a great way to build a great relationship with some of the carriers if the chargeback rate is nil (or at least very close to nil, for those who do not pay the premium through the closing).

Newagent70