All Forum Posts by: Dean Hiller

I am a bit confused though I guess this makes sense maybe.  Mortgage Broker Fee in my case is paid by lender.  This means it is not a closing cost?  (Please confirm this first question)

The lender generates the LE and the software has my commission in it, but the mortgage broker fee does not show up on the LE so it is a backend cost that must be just affecting the interest rate(ie. higher broker fee, higher interest rate).

IF the Mortgage Broker Fee is instead paid by borrower, does this mean it would be a closing cost in that situation?

thanks,

Dean

I nearly have a full process in place for my company to start giving out loans (to be reviewed by a lawyer after I am complete).

1. The one piece I am missing is where do I get the information on a property for annual taxes to plug in to this escrow calculator the wholesaler has?  I know on my home I receive an annual tax report but I would have no clue how to find that. 

2. Also, I assume I will just get the hazard insurance from the current hazard insurance declarations page, correct?

I think I am nearly set after that.

thanks,

Dean

@Jared Rine yes, that clears that all up.  thanks!!!!

@Jared Rine thanks, I have more figured out.  They had a rate calculator and I think now that for a company with MLO's, the broker fee is split between company and MLO the more I research this.  I ordered the calyx software so I can do some dry runs this week and get way more comfortable with everything.

So is the broker fee split between company and MLO or does the company make money some other way?

thanks,

Dean

oh wait, I see more clearly now.  YSP is used to cover closing costs if borrower does not want to pay.  What I do not get then is how do companies with just a few MLO's in them even exist and make money?  

(Doing tons of videos/learning/asking and then talking to a lawyer so I know the language).

Is the Broker Commission split between the company and the MLO or something?  

I think the actual answer is YSP, right?  the YSP in general goes to the company and the broker makes the stated amount in the Broker Fee Agreement.  

The rate sheet on provident funding has a list of rates and a list of 12 day BE or 21 day BE or 30 day BE all negative. It has no columns I see on YSP however. How to go about knowing the YSP of each rate in the list?

From my understanding, there is the Broker Commission(stated in Broker Fee Agreement) paid to the broker and the YSP paid to the Broker's company. Please let me know if I am incorrect.

I still need to get a windows computer and purchase calyx software as well and have not done that as yet but framing in the reference of calyx may be helpful as well(not sure how well they integrate with provident yet).

thanks,

Dean

I just got a company license in colorado and am trying to understand how to structure the hiring of an MLO.  The agreements with borrowers are something like 

"Broker Compensation will be compensated as your mortgage broker in the amount of .....% of your loan amount".   I always read that as 'broker the person' not the company so how would the company make any money?  How does that generally work and how are mortgage companies that work with wholesalers structured exactly.

thanks,

Dean

I got my MLO license this year and then went and also got a company license and then was recently approved by a wholesaler (yes, I am a masochist who likes being overwhelmed with information overload and figuring this all out).  In the rate sheets, I see a column labeled "12 Day BE" or "21 Day BE" or "30 day BE"  with numbers like 

What does this mean exactly?  Is that the cost?