Mortgage broker or banker help! what are some of the different job opps?
Renee G asked:
what are some of the different job opportunities? Tell me about common production goals, emplyment contracts, commission splits? what has the business been like for you?
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what are some of the different job opportunities? Tell me about common production goals, emplyment contracts, commission splits? what has the business been like for you?
July 24th, 2009 at 2:58 am
The business has been great for me, and I have been in it for over 12 years now. I have worked for bankers, brokers and now on my own.
Opportunities are endless - some people want more responsibilities - that’s available. Some want out of sales - OK, plenty of positions. Some just want huge money - the sky is literally the limit with many in high six figure incomes, and a few in seven figures, yes really. However, some make nothing at all.
Production goals vary by the company and opportunity. Most inside positions want a minimum production of between 3 and 5 per month, and they supply leads. Most outside look at the dollars you bring in each month, and the expectations are wide open.
If you are being supplied with leads, and are an employee, you may earn nothing on the first one closed each month, that pays your wages, and then tiers up depending on volume for the month as high as 50% split.
On the outside, when no leads are provided, and you do your own thing, the splits usually start at 40% and go up to 80% plus. Be sure to look at all the company takes out before they split and you’ll see that 80% with one company is equal to “100%” with another.