Mortgage originators - don't even bother

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jmatt55 in Bethlehem, Pennsylvania

66 months ago

I've spent the last 5 years as a licensed mortgage broker until I decided to look for greener pastures. In my travels I came across an ad from Sovereign looking for mortgage originators, indicates a salary will be paid.

So I call to find out more about it, just to see if they offered a decent salary for experienced people. Turns out, they lied about the salary, no salary whatsoever. They don't even provide leads from the bank. They want you to work on a 100% commission basis, bringing all of your clients to them in exchange for 45 basis points per loan! Ha!

I used to earn two or three points per loan, so the average commission would be anywhere from 4k to 6k on a 200k loan.

Sovereign wants me to hand them those loans in exchange for 900 bucks each! You do all the work, they make all the money!

What kind of idiot would accept such an arrangement? Why even advertise it? Anyone stupid enough to agree to those terms obviously has so little industry experience that they can't generate loans anyway.

Don't waste your phone call. Sovereign is looking for suckers.

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