BRANCH
MODEL
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Welcome to Loansbetter branch model. Here at Loansbetter we do things differently. But before we begin let me start by telling you a little story. Many years ago I worked under a typical brokerage model. It started with me working as a loan officer at 35% split. After 6 months I realized I was getting ripped off so I went to another broker who was paying me 80% split. After awhile I wanted to get my brokers license so I can get 100%. I passed after 5 attempts lol and now I was in business. Soon enough I hired a few other loan officers. We were close. We partied together, went on vacation together and became more than co-workers. We became friends but more like family. I paid out between 50-70% splits and provided an office for them to work out of, paid for all the bills, processing support, etc etc. Their loans paid for the office about 70% of the time with me having to pitch in my own commissions many many times to keep the door open. But I didn’t mind because I felt we were just one happy family. Then one day one of my top loan officers got solicited. Another competing broker offered my cousin (yes he was my top loan officer) 90% instead of the 70% I was paying him. The funny thing is he never even asked if I could match the split he just made up a story that he was burnt out and taking some time off.
Well before you know it he little by little started offering my other loan officers higher splits and basically cleaned out my office. I was hurt to say the least. It took an emotional toll on me but eventually I started again trying to rebuild my office. I then met a bunch of loan officers that worked at Ameriquest. Got a new team going making good money. On a side note one of my high school friends who used to work as a car alarm installer at The Good Guys wanted to make more money. While in college I was struggling financially and he went on to make $4,000 a month which was a lot when you’re 18 years old. Nonetheless by the time I was 21 I was now making significantly more than him being in the loan business. He wanted to learn how I was making so much money. So I taught him the business. Helped sell and close his deals for him. He was just ok as a loan officer.
Not particularly great but averaged maybe 1 loan a month. Well over time I bought a home next to the beach while he was still living with his parents. I felt some jealousy but ignored it. Well one day a few months later I found out that my “friend” behind my back was taking these loan officers to go to another broker shop in Downey and negotiated himself a salary for doing it. Well eventually over time that broker shop let go of my friend and kept the loan officers. This was the second time my office got cleaned out from people I trusted. It was then and there that I was determined to find a better way to build my mortgage business. Maybe you have a similar story. You see the problem with the broker model is this. Yes rates are better but it’s only good if you are a one man shop doing your own loans. As soon as you hire other loan officers it’s only a matter of time before they look around to get a “better deal” and they will leave you. All it takes is one person and the rest will follow. If the broker check is $10,000 it’s human nature that the loan officer is going to want most of that money. And that’s why the broker model isn’t scalable unless you plan on doing a ton of deals. And this is why “banking” is better. So how are we different??
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​How we are different.
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Get paid 100% splits on loans you do.
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You decide what split you want to pay your loan officers up to 100%
Get paid an override on loan officers you recruit to join your team.
You decide how much override you want. Maybe you want to make 0.25 on every loan officer. Maybe on a particular loan officer they need a lot of help? Maybe for that particular loan officer you want to make a 1.00 override. Maybe someone does more conventional loans and you need to be more competitive but you want to make more on FHA? YOU DECIDE….
The best thing is that since we bank almost all our loans there is no YSP disclosure. That means that no one will know what you are making as an override unless you tell them.
We use a state of the art pricing tool which prices to best execution.
We have all products available. FHA, VA, Conventional, USDA, NON QM, HELOC
We fund loans with no overlays on Fannie, Freddie and Ginnie products.
We can go as low as 500 fico score.
Depending on your set up we will allow you to
Process
Underwrite
Draw docs
Fund
Post close
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Create a branch using our name or your own as a dba.
Think of it as if you’re running your own mortgage company while outsourcing all the heavy lifting to us. We will take care of payroll support, HR, licensing, all the functions of a mortgage bank from processing the loan all the way to getting the loan sold and insured.
Want to learn along the way? Or do you have the experience? One of the unique things about working with Loansbetter is that depending on your level of experience we will allow your team to do the banking functions and best of all keep that portion of fees that are charged.
Fill out the below form and someone will get back to you to see if we are a fit.