12 Questions to Ask Before Joining Any Mortgage Company

Comments(0) By Mike Miller •May 21st, 2008

How long have you been in business, and more importantly, how many refinance “BOOM’s” has your management team been through?

Experience is the key. You need to associate with a company that knows how to survive (and thrive) during all interest rate environments. I have been a top producer at a national level since 1986, and have originated loans through three different refinance cycles.

In addition, the management team has worked in real estate for over thirty years, including owning of one of the most prestigious real estate companies in the area.

What percentage of your business is refinance?

At the height of the recent refinance craze, our company maintained over 50% purchase volume. Yes, we were slammed, but we honored relationships that we have had for over a dozen years. Realtors and other referral sources count on us to perform no matter what rates are doing. We are reaping the rewards now, and will be for years to come, as our referral partners appreciate our loyalty to their side of the business.

What is the average production of your loan officers?

We only invite motivated professionals to be part of our success. Because of this, our loan officers close more loans every month than average, in many cases we out produce our competition by 300%. Our average agents close a million dollars a month while our top producer is around $5 million per month. If you are a top producer, or aspire to be, we can show you how to maintain your production, without burning out.

Do you provide leads, or how do your loan officers get their loans?

If you want leads handed to you, don’t even bother calling us. We teach concepts. The right person using our system will consistently close 4-5 loans. Will it happen overnight? NO! Will loans be handed to you on a silver platter? NO! In the real world of loan origination, you get paid a large commission because you work hard getting the client. If you want to be in this business for the long run, you must learn how to self generate. If you want your future to depend on someone else giving you leads, you should beat the rush, and switch industries NOW!

Do you offer any training, and who does it?

Of course! But our training actually means something. Don’t kid yourself. You cannot learn from someone who doesn’t know themselves. Much of the “training” offered from a competitors “University” is often times taught by a non producing “manager” who hasn’t closed a loan in three months! We have video training, company training, an extensive library, as well as one-on-one training. Don’t learn bad habits from people who don’t know a loan from a hole in the ground, learn from the professionals.

Do you have a good reputation?

Actually, that is all we have. Besides the nice offices and the great people, all we really have is our reputation. We are not fly by night, we do not open offices on every street corner, and we certainly don’t “throw it against the wall to see what sticks”…all we have, and all we are, is a result of our past experience. We are known as the dependable professionals, and we are proud of our reputation and past accomplishments.

What marketing support do you provide?

We have many different ways to help you. Our marketing department will customize any of our existing pieces to your specifications, or you can create your own custom piece. Monthly postcards, newsletters, ad layouts, database management, seasonal items, pens, shirts, banners, web presence…you name it, we do it. Some of our best work is just now getting ready to be launched. Everything is tailored to meet the needs of the loan officer.

What lenders are you approved with, and who are your reps?

We are approved with every single wholesale lender in the country that we want to do business with. Our reputation allows us to have long standing relationships with the very best wholesale reps in our area. Without exception, are wholesale reps are exceptional, and you will benefit because they take care of our deals. Further, if you have a favorite lender not on our list, we will get approved with them (and let you pick the rep).

It sounds like you know what you are doing, but can I talk to your loan officers?

Sure, at our first meeting we will give you a roster of every single loan officer in the company and you can call any of them to ask anything you want. It is our people that makes us different, and they will be happy to talk.

Are your splits fair?

Of course, great loan officers expect to be paid. We pay between 50-70% depending on past production, motivation, and years of experience. If you think you deserve more, we should talk about you entering the management training, so that you can build your own team within CMF!

Bottom line, why should I work here?

We are a great place for good people. The pros at CMF enjoy the loan business and it shows. As a company we support the individual loan officer in whatever way we can. Our processors, support staff, and loan officers all respect each other, and we have figured out how to consistently close loans, and have a great time in the process.

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Filed Under: Loan Officer Tips