Posted by ME/NJ on 2/13/08 12:28pm
Msg #235147

I may become a LO too

I have 2 interviews with brokers this week, open and close loans..lol They are hurting too spoke with one person they had 10 deals a month and now avg 2-3. Its not like you make a ton of money on these deals 300-600 deals.

Figure the time you spend hand holding and phone calls I think a LO may make less then us on a hourly time..lol

Reply by dickb/wi on 2/13/08 1:19pm
Msg #235156

not from some of the huds i've seen........ n/m

Reply by snowflake/PA on 2/13/08 1:31pm
Msg #235160

Re: don't kid yourself

the reputable LO's with reputable lenders will still earn well into the 6 figures for the year

Reply by Michael Edmonds on 2/13/08 1:42pm
Msg #235162

Re: don't kid yourself

The broker firm makes the money, most LOs make 2-4% of the fee charged. Now if you are working from home and have your own list the fee is much better and you could get up to 80% of the fee.

People I talked with said the commisions during the good times would range from 5-7K a month. Apps are way up and shops are going nuts now, only thing is apps up but so are rejections.

Reply by sue_pa on 2/13/08 2:06pm
Msg #235167

Re: don't kid yourself

...People I talked with said the commisions during the good times would range from 5-7K a month...

That's more like a week - same as the 'signing agents', appraisers, commissioned processers, etc. all made - the ones who were smart enough to realize there was a small window to make that kind of money and who were ready, willing and able to work the hours - and use their brains.

Reply by ME/NJ on 2/13/08 2:48pm
Msg #235180

Re: don't kid yourself

Can't say I made 7K a week in the prime time, but I did do almost 7-8K a month and was one of the busiest closers in my county.

Now if I make 3-4K a month I call it a good month..lol

Reply by sue_pa on 2/14/08 8:44am
Msg #235245

Re: don't kid yourself

...but I did do almost 7-8K a month and was one of the busiest closers in my county. ...

that's so sad