All Forum Posts by: Alexander Levit

BP should have you on one of their podcasts segments! Keep growing! 

 I should of been more specific, my mistake, I'm referring to & asking about Residential Loan Officers? So they don't make 2% of the mortgage loan? What is their % commission? 

 I googled it, was that incorrect? I'm asking to gain information...I don't know, that's why I'm asking....

Do Loan Officers keep the full 2% of the mortgage loan or do they have to split it? In real estate I know the 6%-5% is split between both sides of sale (sellers/buyers) and then the remaining amount is split with the agency, so typically a real estate agent makes 1.5% of a deal. What is the real amount a LO makes. I'm looking to either get back int R/E but am consider the LO road.... Thanks for any and all help/insights ahead of time 

~Alex 

Thanks for all your replies+input. Curious what your thoughts are on potential earnings when compared to Real Estate Agents? As a LO you also get a % of the Mortgage loan you bring in? So I'm assuming for jumbo loans, you earn a healthy sized %? Where do you feel you can earn more with the same hustle or dedication & determination applied? 

 Thanks Jared. If you work for a single brokerage as a LMO, do you have access to a wide range of lending sources or are your restricted to that specific brokerages sole lending source? I'm assuming you have a larger selection to choice from, with possibly more favorable rates & terms, if your able to have a wider reach to multiple lending sources? Are LMO's restricted or is there a career path to having greater variety for your clients? 

 Thanks for the reply. So you feel even with technology prevailing & also progressing, there will always be a human service need. I'm surprised that technology hasn't expedited the turnaround time...What about the paperwork submissions of the client, isn't it more easier, efficient to submit, securely of course, online? 

 Thanks for your reply. Do you think technology will eventually make the turnaround time much more efficient & quicker? I agree with you 100% about the human aspect of trust, non generic human explanations on the spot & even a different explanation if the first wasn't clear enough (I'm sure AI isn't there yet with that one)...

@ChrisMason thanks for the reply & thanks to all who replied for all the insights & perspectives! 

I actually recently went through one of these nightmarish experiences where the Lender treated me as if I were a criminal or something when all I was trying to do was get an honest mortgage. The experience also scrutinized a big deposits (which people that have recently sold a home have & usually use this as the primary down payment method) made into the bank. 

I feel that even though this is meant to protect, prevent & detect fraudulent activities or money laundering or any criminal associated activity, which ultimately is meant to protect consumers, it conveys negatively for that consumer trying to obtain an honest mortgage. It literally makes them feel as if they're doing something wrong or criminal. 

Do you think automation or online services like Mortgage Rocket will bypass these interrogative steps that make the process feel like your literally doing something wrong, when your trying to be a responsible homeowner? I don't believe you've exaggerated at all because I've experiences this first hand & felt like a criminal once again. Which you shouldn't have to endure at all & should be praised for making a smart & forward looking decision. 

Why can't the process be streamlined & more inviting & embracing for consumers to feel GOOD about taking that step to homeownership or building wealth? I once again, understand the bureaucracies that are meant to protect  the lenders but there should be a balance & obtaining a loan should be a positive & encouraging experience, not one that is delayed & hellish! 

So do you feel that technological automation will eventually take the place of the human service industry? I was on Quicken Loans and they state that in 2016 Quicken Loans closed $96 billion & Rocket mortgage I believe in 2016 or 2017 closed $7 billion of residential mortgage loans - how do these statistics compare to traditional forms of how much MLO's/Brokers have sold in those periods? 

Generation X will shortly be purchasing homes for the first time or already are & this demographic is very comfortable with the convenience of online everything & also have a nature of having this instant gratification or instant access to everything as they are apart of technology, so once again, do you feel this new generation will be leaning more towards the instant touch of a button application process over the one on one human service option requiring physical paperwork?  

Hi,

What are some of pitfalls or need to know potential dangers of Wholesaling? 

• Once you successfully acquire a contract on a residential property below market value that would be enticing for investors (flippers or landlords), is there a time frame of when you need to find your assignee investor before you get stuck with this purchase yourself? Is this something you can control in the contract - a clause indicating the amount of time needed to fulfill the purchase (aka found your investor to assign the property contract to)? 
• Clearly you can't be too transparent with the wholesale property owner about what you intend to do because than you won't get your ideal purchase contract price, but how do you go about this without creating a hostile environment & come off like your doing something sneaky by assigning the contract to another person for a profit?
• In a scenario where your investor (assignee) wants to physically preview the property of interest, how do you do this with the owner not being triggered by what's going on & trying to renegotiated the selling price after figuring out that your, in essence, flipping the contract? 
• If you can't find an investor, what happens? Your responsible for taking on the property yourself?
• Where can you find investors? 
• Asked this question above but want to emphasize it, is there an official time frame where your supposed find an assignee before you would have to take on the property yourself. What do you in this situation if you can't secure an assignee & don't have the finances to purchase the property yourself (personally or via mortgage)....? Has anyone been in this dire situation?