I started working for a big lender here in Jacksonville that is the private label solution for some bigger name banks. I'm a complete newbie, started late November 2010. So this company has introduced me to mortgages and paid for me to get licensed in 25 states. It's a pretty easy job. Calls come in from various business sources and I take apps and register loans. I'm averaging about 15 closed loans per month. The big dogs here are closing about 35+ loans a month.
Average payout per loan: $135
Base salary: $24k/year
Normal bank hours: 40 hour work week
So far this has been a "good" job, but I don't feel very challenged and can't help but wonder if there is a way to make more money in this industry. Of course I am new so I don't nearly have the experience or resources to go out there and just drum up my own business.
I saw a craigslist posting and responded. It's a direct lender looking for loan originators. The guy I spoke with was impressed that I had 25 licenses and offered me the opportunity to work for his company as a loan originator.
The offer is this:
Setup a virtual office for me at home
Provide me with 3-5 leads daily
2% commission per loan that closes
So....yeah sounds pretty amazing but since I am new to this my caution lights are flashing. He is offering all this to me at NO COST. Of course there is no base salary offered all, but 2% per loan? My average loan amount I close now is about 200k. So that's like $4000 per loan. More than I make a month now currently....and that is just 1 loan!
What am I missing here?