Dear Loan Origination Professional,
Even if you are already successful and think you are happy in your current position, sometimes we don't know what we don't know, and that can be detrimental to our career potential as loan originators. At times, there may not be anything wrong on the surface, which prevents us from asking ourselves how much more right it could be if we were exposed to a better system.
How do I know? Because I've been there myself…for a huge percentage of my career in fact. I was always a top loan originator putting up big numbers at every company I ever worked for, and unfortunately as a result, I thought I knew more than I did. In short, I had no idea what I was missing out on by becoming a broker again and combining that with other critical leverage points to help me earn the highest quality business out there, giving my clients better interest rates and making way more money doing it. The freedom to have access to all the top lenders, the best pricing, substantially better compensation, and without all layers of management from massive correspondent/banking operations constantly digging into my pocketbook.
Here is a simple and straightforward breakdown on why top loan originators are joining our team and never looking back. FACT-we have not had a single employee quit or be terminated since the start of our company. If that isn’t a testament to the things we are doing right, then I’m not sure what would be. As a top loan originator who is potentially looking to make a transition, there are some major considerations, and listed below are a few of the important ones:
Having said that, here's what I have in place that I believe makes Reduced Fee Mortgage Inc. a superior choice in each of those categories:
As most seasoned loan officers are aware, the lenders that have the best rates continually ebb and flow on a regular basis. This is why we have more than 20 different lenders in place (with over 40 different lenders available overall), to make sure that we are in a position to always offer the best pricing regardless of what any individual lender may do at a certain point in time
As a broker, we can sign-up any new lender within a matter of days if we want to add them to the roster. We are not bound to one rate sheet like a bank or a correspondent lender
Transparency- as a broker we also have lower margins across the board and those margins are 100% transparent for everyone to see, meaning there is no greedy middleman putting all of your commissions in their pocket. This means better compensation for the loan officer (more regarding that in the next section).
Our compensation plan is 2X greater than the industry average. As any recruiter will tell you, most companies pay between 50-125 basis points (92 bps being the industry average), with much worse rates, and very few advantages offered to help you get more business.
We have three compensation plans to choose from depending on which business model is best suited for you as a loan originator or branch manager.
PLAN 1- The 100% plan
If you are a loan originator or branch manager who already has a team in place, and you are simply in this for better pricing and better compensation, then this is the plan for you. Under this plan, you will be set up as your own branch on a P&L model where you keep 100% of the revenue that comes through the door, minus a $1095 per file fee to RFM. You have complete control to choose which lenders you want to use, where you want your compensation set with those lenders, as well as what you want to spend money on and what you don't want to spend money on to maximize the success of your business. It's all up to you! You will have all the benefits of running your own business within this model (minus all the tedious paperwork).
PLAN 2- The Self-Gen LO plan
If you are a successful loan originator who has no problem generating business, and your goal is just to have access top-tier pricing and better pay (but you don't want to deal with the responsibility of running your own branch), then this is the plan for you! Not only will you still get paid 160 basis points per loan, but you will not deal with any expenses of any kind and you will still have full access to all of our technology to help maximize your success as a loan originator. We pay for your RFM support team, ARIVE LOS, Jungo/Salesforce (which is already pretty built for you to help you maximize your referrals), Credit reports, Loansifter/Optimal Blue (pricing engine), Floify (automated document collection system), your personalized online application, weekly and monthly business coaching, High-level Realtor Masterminds that you can invite your realtor partners to on a regular basis, credit monitoring to notify you if one of your past client ever gets their credit pulled to do a transaction so that you never miss a deal. The list goes on and on.
PLAN 3- The Marketing Hybrid plan
All the same benefits as the Self-Gen plan BUT we make your phone ring with highly qualified, highly lucrative clients calling you on a regular basis with the highest conversion rates in the business. These refinance and purchase clients are in the market to do a mortgage, and it's either going to be with you or someone else. Good LO’s are literally closing 40-50% of the calls they take. The average loan size on the marketing historically is in the $350,000+ range and the average loan officer commission per marketing loan is right around $4500 per deal (paid at 125bps on lender paid). If you are great on the phone, great with numbers, and great with structuring/selling loans, this is the plan for you (and by far our most popular plan).
At Reduced Fee Mortgage, one area that we do not cut any corners is technology. Technology to generate new business. Technology to make sure you don't lose the business you already have. Technology to scavenge your current database and notify you if rates drop, or if your client gets their credit pulled by another lender, or if your client puts their current home on the market. Technology to make document collection super easy (even for clients who are not tech savvy), as well as making the overall loan process so much smoother than what you are probably used to.
While this may sound a little harsh, one of the simple reasons behind our operational success is due to the fact that we only hire pros when it comes to both loan originators, and loan processors. Our systems flow smoothly and make our employees a lot of money, both on the origination side as well as the administrative side for this reason. In fact, we have some of the highest paid administrative people in the industry. The reason why is very simple. This is not a training ground for newer people in the industry. This as a platform for high functioning professionals who already know what they are doing, but want to sell better rates, get more high-level support, close more loans, and be paid more on each closing.
We are the only company that I am aware of, that does not have a single administrative person on base salary. Not one! Yes, you heard me correctly. Our administrative support staff is 100% commission just like you are. Why would any administrative person in their right mind subject themselves to this? Because we close a ton of deals, and they get paid much more money per deal than the industry average, and they know this! What does this mean to you as a loan originator? Simply put… Your administrative support staff wants every loan closed as badly as you do! They have a lot of money at stake just like you do, and if the loan doesn't close, they don’t get paid. None of us do! This means we are all in it together, which naturally creates a very high proven success rate.
Marketing- as you may or may not be aware, our marketing is second to none. We have always had the ability to generate high quality clients that YOU, as a loan officer want to be in front of. We are now implementing several additional layers to our already highly successful marketing system. This is the same system that has multiple LO's on our team averaging nearly 5 million dollars per month in closed volume.
We realize that many top loan originators are generating a great deal of business on their own, however, RFM is in a unique position to generate an insane number of qualified, highly desirable borrowers to help you increase the size of your pipeline.
These clients are calling YOU, specifically to obtain financing. These qualified borrowers are prescreened and come from many different directions, but the couple of important items they all have in common are: they are reaching out to us, not the other way around and these clients are qualified to obtain a loan 95%+ of the time, so the conversion rate is off the charts compared to what you have probably seen in the past. Just ask any of our current loan originators and they will tell you how insane our marketing boost program is.
In addition to this here are a couple other important benefits that you will want to be aware of:
We work 100% remotely!- work from home (or a private office if you choose). The result of our team doing this is simple. Less distractions, greater results, and bigger paychecks across the board. There is absolutely no question that this works. I had my own office for 16 years and going remote was the best thing our team ever did! Don't worry, we will still get together for team events, dinners and happy hours so we that can high five in person from time to time.
Think you have what it takes to be a good fit for our team? If you are serious about leveling up your mortgage origination career in a hurry, apply today.
We are looking for top mortgage professionals that are looking to take their loan origination career and production from good to great. As a loan originator who is a good fit for our team, your primary responsibilities will be:
We are looking for team members who possess:
Reduced Fee Mortgage, Inc. is a rapidly expanding, highly innovative company that is attracting top producers for a good reason. We aim to take an increasingly larger slice of the lending industry, and we are continually seeking to partner with talented, driven, like-minded people who have the desire and ability to achieve that goal together.
For more information about who we are and what we do, go to www.reducedfeemortgage.com