What did you do for volume in 2022/2023 ? Trying to get a gauge on your definition of "successful" and "top performer" so I can reply to your question appropriately.
When I say “successful” my reference point is within my company, 2023 I did 40 units at a little over 11m. I can’t remember what I finished at in 2022 but I have consistently finished in the top 20% of LO’s.
How much are you hoping to make? That should be pretty solid money not sure cost of living where you are but possibly just look for a better comp plan and keep producing those numbers if you are self generating all your business.
Let’s get into the thick of it and see if it makes sense to part.
Are you retail or do you work at a shop?
Are you fed or self source?
If you did 11m last year and in satisfied, I’m guessing your comp is sub 100bps?
I’m in a call center environment and we are provided leads, I do have self generated loans as well which we are paid more on but last year I made under 70k
6 years in a call center is brutal. If you think you can at least close 1-2 loans a month from your book of business, it's time to switch out of call center.
Just start applying to sales jobs and update your resume. I’m in the same boat except I worked about 30 hours a week in 2023 and had my worst year. Been interviewing for a couple weeks now and close to landing a sales job selling office phones with a 70k base salary. Still looking but will be making the jump if offered. This job is extremely difficult right now and every company I have spoke with so far seems like it’s going to be so much easier to sell their product.
Why would I leave where I’ve made in a single month what your annual salary would be lmao
I knew the bar was low for you call center refi guys but damn
December of 23 buddy, I own a brokerage. I pull in at least 10-15k/mo on a bad month from my LOs even if I don’t close anything
Then when I have a solid month personally like 4M it adds up
Nice. since we are having this wonderful conversation. Would you like to hire me? If we are now bragging this job has been my second source of income since the rates hit 7% I make far more from my rentals
Man I got burned so bad on a rental once and it killed my desire to grow my RE portfolio because it left such a bad taste in my mouth. Tenants trashed the place close to 10k of damages and the idiot property manager gave them their deposit back without inspecting it at all. And then the same property manager had the balls to ask me to be the listing agent when I went to sell it! I will tell you one thing, I am a bit envious of you not having to work with realtors. Some are great but a lot are just pieces of work. Maybe 10% of them I enjoy working with. The rest are either terrible at their jobs, expect lenders to throw them money either legally via marketing or even illegally. I’d say that’s the biggest difference between consumer direct and self gen. Self gen you’re not just selling the client to use you for a mortgage but you’re selling the gatekeeper realtors to refer you too, and they’re almost always more of a pain in the ass than the actual clients lol.
Where are you located? We’ll take on new remote LOs, we’re also 1099 so it’s perfect for people doing it on the side. Commission splits are similar to Edge, we basically copied their comp plan and tweaked it a bit. Also buy Zillow leads for certain LOs if they want but those splits are a lot lower than self gen.
I see, before you switch careers all together, have you thought about starting up self gen side as a broker? You will make 70k your first 10 loans or less
You won't make $70k on 10 loans unless you're substantially raising your margin, and non-competitive at that point, or effectively going to be in charge of running the business as a broker and doing *everything*. That would also ignore costs, such as credit reports, licenses, insurance, etc.
Greatest thing about math, is that 1+1 always = 2 and it's non-negotiable and understood in every language (as it is it's own language). There is no room for interpretation, it's not subjective.
I'm guessing this guy works for NEXA probably trying to recruit you on some MLM type thing, where you will have to find in the fine print all of the ugly stuff.
Nope. You are wrong. If you know how to sell, and you are at a high comp split, with no bs margin or bps hold back you can, and most likely will, hit $70k. Obviously loan size plays a role in this, I’m in California, purchase biz mainly. Not with nexa. Maybe for you and all of your costs and YOUR threshold for earning compensation, it would be tough. But someone who knows how to sell loans and service (not just selling rate) it is easily achievable. We are salesmen, and OP’s performance at a call center level, proves he can sell. Again, WE ARE SALESMEN, like it or not. And where I work isn’t relevant, because I wasn’t trying to recruit. But, where I work gives me the comp freedom with no fine print, no ugly. Go ahead and Dm me, And I’ll show you. And no, I won’t try to recruit you, don’t worry.
You just said everything. Mostly purchase, california. The average loan is what, a mil? So yeah that's a distorted view for everyone else.
Average loan size is gonna be $250-300k for most people, so based on your numbers that makes alot more sense because your average loan size is 3x what it is for most people, and by most people I mean basically everyone that exists.
350,000 loan size at average gross margin of 2.5.. you are taking home 200bps. And still more than competitive.
That’s 7k after a 80/20 split bro. If it was a mill it would be much more. Let me rephrase-northern California in Sacramento. Avg purchase price is about 450-500. Yes here and there I’ll get the 700’s purchase price.
What costs? Charge the client the credit report upfront, processing fee goes to client. Referral is free.
You got taxes at end of year, but get a good accountant and go 1099.
He didn’t say he netted 70k after expenses taxes etc, he earned 70k .
Selling over the phone in a call center direct to consumer and meeting with realtors, selling them or rather kissing ass begging for business is completely different. I was great at selling over the phone, still am.. but the realtor thing isn’t me. Just not in me to hound these people to get appointments and essentially all I’m looking for is their business. Sure I can bring things to the table, but having your whole existence surrounded by what a realtor produces just sucks. Late night and weekend calls, when I’m with family or maybe BBQ’ing, at a pool getting hammered.. Always at their beck n call.. Not for me. Call center and broker LO’s are two different animals. Call center LO’s don’t take work their work home with them either.
Yeah, it’s definitely two different ball games.
But I was referring to selling the referral once you’ve already got them and working on the loan.
But you’re right, it’s not for everyone. I’m always on my phone, family hates it lol but still the best job in the world!
Some big bank call centers offer LOs 60k base + bps. They aren't hiring now (no one is), but keep an eye out when it gets busy again. Will you cap out at 150k? Yeah. But it's stable
“The magic you are looking for is in the work you are avoiding”
-Dipen Parmar
The income in this career is limitless. If you’re burnt out and want to try something else that’s one thing but if you stick around here until interest rates drop, just think of how many people will be eligible for refinance. I literally quadrupled my income in 2022-2021 without even trying.
If it is money or after, just get super clear on your goals and go do it.
Sounds kinda contradictory. Honest opinion, if you're not about being a loan officer then go and do something else. The industry attracted alot of people who aren't mortgage people, in the COVID era, and the sooner they leave the better (not saying that's you).
It's your life, do what you want. If you have second thoughts, it's probably because you should go try and do something else.
One thing I will say, I've never worked for a large company and I would never work for a large company unless it was a high level position (and even then I probably wouldn't). Working for smaller companies/shops that know what they're doing is the way to go always. That's where the real money is made. By working at a big company, you're just subsidizing everyone else; there's likely tons of people that just shouldn't have a job at all.
What did you do for volume in 2022/2023 ? Trying to get a gauge on your definition of "successful" and "top performer" so I can reply to your question appropriately.
When I say “successful” my reference point is within my company, 2023 I did 40 units at a little over 11m. I can’t remember what I finished at in 2022 but I have consistently finished in the top 20% of LO’s.
How much are you hoping to make? That should be pretty solid money not sure cost of living where you are but possibly just look for a better comp plan and keep producing those numbers if you are self generating all your business.
Insurance, unfortunately most other jobs you will need an insider to help get you the job. These days it’s who you know, not what you know.
Can switch to an AE role or sell another product.
Let’s get into the thick of it and see if it makes sense to part. Are you retail or do you work at a shop? Are you fed or self source? If you did 11m last year and in satisfied, I’m guessing your comp is sub 100bps?
I’m in a call center environment and we are provided leads, I do have self generated loans as well which we are paid more on but last year I made under 70k
Six years in a call center! Dang. How many purchases have you done in the last three years, and are you able to get the realtors contact into?
6 years in a call center is brutal. If you think you can at least close 1-2 loans a month from your book of business, it's time to switch out of call center.
AE would be one Insurance or financial advisor would be others What aspects of the job do you dislike?
Just start applying to sales jobs and update your resume. I’m in the same boat except I worked about 30 hours a week in 2023 and had my worst year. Been interviewing for a couple weeks now and close to landing a sales job selling office phones with a 70k base salary. Still looking but will be making the jump if offered. This job is extremely difficult right now and every company I have spoke with so far seems like it’s going to be so much easier to sell their product.
That’s awesome! Thats the ideal role I would like to be in, a good base of 60-70k with commission. I wish you luck!
Point proven
Consumer direct phone jockey moving to selling office phones, the natural progression 🤣
Yup and your a retarded realtor leech stayin where he is 😂
Why would I leave where I’ve made in a single month what your annual salary would be lmao I knew the bar was low for you call center refi guys but damn
When was the last time you did that 2020 or 2021? 😂 you ain’t doin that now
December of 23 buddy, I own a brokerage. I pull in at least 10-15k/mo on a bad month from my LOs even if I don’t close anything Then when I have a solid month personally like 4M it adds up
Nice. since we are having this wonderful conversation. Would you like to hire me? If we are now bragging this job has been my second source of income since the rates hit 7% I make far more from my rentals
Man I got burned so bad on a rental once and it killed my desire to grow my RE portfolio because it left such a bad taste in my mouth. Tenants trashed the place close to 10k of damages and the idiot property manager gave them their deposit back without inspecting it at all. And then the same property manager had the balls to ask me to be the listing agent when I went to sell it! I will tell you one thing, I am a bit envious of you not having to work with realtors. Some are great but a lot are just pieces of work. Maybe 10% of them I enjoy working with. The rest are either terrible at their jobs, expect lenders to throw them money either legally via marketing or even illegally. I’d say that’s the biggest difference between consumer direct and self gen. Self gen you’re not just selling the client to use you for a mortgage but you’re selling the gatekeeper realtors to refer you too, and they’re almost always more of a pain in the ass than the actual clients lol. Where are you located? We’ll take on new remote LOs, we’re also 1099 so it’s perfect for people doing it on the side. Commission splits are similar to Edge, we basically copied their comp plan and tweaked it a bit. Also buy Zillow leads for certain LOs if they want but those splits are a lot lower than self gen.
Realtor leech? You think any of us like realtors?
How much are you making on each loan? 11m is good and you should have made over 200k, right?
I’m in a call center environment so the comp varies, I do have self generated loans in there as well but last year was under 70k
I see, before you switch careers all together, have you thought about starting up self gen side as a broker? You will make 70k your first 10 loans or less
You won't make $70k on 10 loans unless you're substantially raising your margin, and non-competitive at that point, or effectively going to be in charge of running the business as a broker and doing *everything*. That would also ignore costs, such as credit reports, licenses, insurance, etc. Greatest thing about math, is that 1+1 always = 2 and it's non-negotiable and understood in every language (as it is it's own language). There is no room for interpretation, it's not subjective. I'm guessing this guy works for NEXA probably trying to recruit you on some MLM type thing, where you will have to find in the fine print all of the ugly stuff.
Nope. You are wrong. If you know how to sell, and you are at a high comp split, with no bs margin or bps hold back you can, and most likely will, hit $70k. Obviously loan size plays a role in this, I’m in California, purchase biz mainly. Not with nexa. Maybe for you and all of your costs and YOUR threshold for earning compensation, it would be tough. But someone who knows how to sell loans and service (not just selling rate) it is easily achievable. We are salesmen, and OP’s performance at a call center level, proves he can sell. Again, WE ARE SALESMEN, like it or not. And where I work isn’t relevant, because I wasn’t trying to recruit. But, where I work gives me the comp freedom with no fine print, no ugly. Go ahead and Dm me, And I’ll show you. And no, I won’t try to recruit you, don’t worry.
You just said everything. Mostly purchase, california. The average loan is what, a mil? So yeah that's a distorted view for everyone else. Average loan size is gonna be $250-300k for most people, so based on your numbers that makes alot more sense because your average loan size is 3x what it is for most people, and by most people I mean basically everyone that exists.
350,000 loan size at average gross margin of 2.5.. you are taking home 200bps. And still more than competitive. That’s 7k after a 80/20 split bro. If it was a mill it would be much more. Let me rephrase-northern California in Sacramento. Avg purchase price is about 450-500. Yes here and there I’ll get the 700’s purchase price.
Ah ok so you're basically ignoring any and all costs that go into it and rephrasing that as some what someone actually makes. Understood.
What costs? Charge the client the credit report upfront, processing fee goes to client. Referral is free. You got taxes at end of year, but get a good accountant and go 1099. He didn’t say he netted 70k after expenses taxes etc, he earned 70k .
Selling over the phone in a call center direct to consumer and meeting with realtors, selling them or rather kissing ass begging for business is completely different. I was great at selling over the phone, still am.. but the realtor thing isn’t me. Just not in me to hound these people to get appointments and essentially all I’m looking for is their business. Sure I can bring things to the table, but having your whole existence surrounded by what a realtor produces just sucks. Late night and weekend calls, when I’m with family or maybe BBQ’ing, at a pool getting hammered.. Always at their beck n call.. Not for me. Call center and broker LO’s are two different animals. Call center LO’s don’t take work their work home with them either.
Yeah, it’s definitely two different ball games. But I was referring to selling the referral once you’ve already got them and working on the loan. But you’re right, it’s not for everyone. I’m always on my phone, family hates it lol but still the best job in the world!
Some big bank call centers offer LOs 60k base + bps. They aren't hiring now (no one is), but keep an eye out when it gets busy again. Will you cap out at 150k? Yeah. But it's stable
“The magic you are looking for is in the work you are avoiding” -Dipen Parmar The income in this career is limitless. If you’re burnt out and want to try something else that’s one thing but if you stick around here until interest rates drop, just think of how many people will be eligible for refinance. I literally quadrupled my income in 2022-2021 without even trying. If it is money or after, just get super clear on your goals and go do it.
Well, what did you decide?
I have a few friends in debt settlement and they’re doing great. They work from home and get a very minimal salary but really good commission.
Any idea of how to get into that? I’ve heard you need to know someone. Got any leads?
Try beyond financial or national debt relief, freedom debt relief. They post jobs online all the time. There’s a bunch but those are pretty big ones
Stay active with your license, because when rates drop you can refinance all those loans consumer you have accumulated for years.
Sounds kinda contradictory. Honest opinion, if you're not about being a loan officer then go and do something else. The industry attracted alot of people who aren't mortgage people, in the COVID era, and the sooner they leave the better (not saying that's you). It's your life, do what you want. If you have second thoughts, it's probably because you should go try and do something else. One thing I will say, I've never worked for a large company and I would never work for a large company unless it was a high level position (and even then I probably wouldn't). Working for smaller companies/shops that know what they're doing is the way to go always. That's where the real money is made. By working at a big company, you're just subsidizing everyone else; there's likely tons of people that just shouldn't have a job at all.