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Possibly the most significant area on which both the employer and employee need to focus is the real duties the LO must perform for his/her split. Will the LO need to totally process his own transactions? Does this simply require stuffing an application into the company pipeline for others to handle after that? Or must the LO also do a lot of paperwork and help with the other clerical functions necessary to move customers down the pipeline to closing? Perhaps the LO will need to spend long hours in non-selling activities, such as hunting down a wholesaler for the transaction.
For every extra task besides selling in which the LO must engage, the chances are greater for violations of the many laws which govern our industry. Doing more than just taking applications means potentially far more liability for originators and their employers. Therefore, much more intense regulatory training is called for.
Because residential consumer real estate mortgage origination firms operate differently, originators are offered an 80 percent, 50 percent or a 30 percent split. But, there’s a lot more to it than those percentage differences.
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