Mortgage Stuff

Jul 13, 2007

  1. michellea

    michellea Super Genius

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    Ok, quick friend's father owns a mortgage company. She told her father what I do right now (brokering for MA's) which I just call and set the appointments. He is interested in talking to me about doing basically the same thing except with dealing with mortgages. He will supply me with leads that are given to him from the HUD website and I would call and originate the loan and then they would handle the rest.

    I am about to start my online research of this, but figured I would hit you guys up since everyone seems to know so much information on everything (yes that is a little ego rubbing for you guys so you will like me even more, haha and will respond) :yes: .

    I am going to do research on whether or not I need a license to do this and what the going rate for pay would be - not sure if it would be a set amount per loan or maybe a set percentage of the loan amount. Also I am going to research just the mortgage business in general. So any information you guys could give me would be wonderful!!!

    Thanks in advance!

  2. Mr. Bill

    Mr. Bill Guru

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    I would only caution you to be careful, especially in today's mortgage environment where they (people who have jobs in the mortgage industry) are dropping like flies. Your friend's father is looking for more revenue for him/his company, that's fine, but you should investigate other mortgage companies first and find out what they have to offer, so when you interview with your friend's father, you will be well-informed of what he is offering you.
    Mr. Bill, Jul 13, 2007
  3. salpro22

    salpro22 Guru

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    I was going to hire a lady from NJ who telemarketed for a mortgage broker. She was being paid 8-10 p/h plus $25 or $35 for every appt. set

    I was offering $10 per lead w/ a minimum requirement of 2 leads per hour at the time.

    She opted to not work for me based on the fact that I did not pay an hourly rate and/or bonuses (i did offer bonuses but she was rude so I didn't go into specifics).

    Some people prefer an hourly rate, while others like a per lead basis or commission.

    Everybody else I had working for me did well on a per lead basis until they either quit of I fired them for lack of production/following guidelines.

    I suggest you look on craigslist for mortgage telemarketing jobs to get an idea as to what is competitive.

    A full-time telemarketer IMHO is well worth $40,000-$75,000 per year, but most are lucky to make $10,000-$25,000 full-time.

    Hope this helps.
    salpro22, Jul 13, 2007
  4. michellea

    michellea Super Genius

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    Ok, that gives me a start on what to expect maybe. My friend had mentioned that he may do something along the lines of a commission per finalized mortgage.

    I am not looking to do this full time. I am more interested in my future in the insurance business, but I do get burnt out from time to time and this would be something I could do "on the side" so to speak.
  5. kcguru

    kcguru Guest

    Hello everyone! I am new to the board . Any suggestions on how to grow your business? Where are good leads available? What is easier to sell life or health?

    kcguru, Jun 16, 2008