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Robin
Sentinel


Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 8:48 pm Reply with quoteBack to top

The LO has to realize it's not just them, but their Company that is the "Originator" as far as secondary is concerned. It is in the best interest of all to follow thru all the way - even if that's just keeping in touch with your post-closing dept.
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t2940
Schumpeter Reincarnate


Joined: 13 Feb 2008
Posts: 5548
Location: cave dweller

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:09 pm Reply with quoteBack to top

I agree with cedubu...............if this is the case then let the rest of the employees wait on their checks.......................whoops, DOL wouldn't like that would they......................

I've worked every dept in a mortgage company and if you want to make the LO wait to pay his bills after he has run all over town getting you business to pay your bills then you're offering death to the salespeople that feed your staff.

Never mind, the banks are taking it over anyway as they wanted to this is pointless. They'll make sure the LO eats and feeds his family even if they pay less.
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almostsurvivor
Cherry Bomb


Joined: 21 Jun 2008
Posts: 181

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:09 pm Reply with quoteBack to top

Of course, if there are post closing details that need attention, I will help in any way I can.

Loyalty to the company? I have to chuckle. I actually consider myself to be a fairly loyal person? But do you honestly think the company has loyalty to you? You need to start re-reading some of these posts if you do. Not to be a cynic, but I think the days of companies being loyal to their employees may be a little passe.

If I wanted to assume the risk of whether or not a fickle end lender would purchase a loan, I would have my own business.

Why would I get up , get dressed, drive to work, sweat the loan and it's process and HOPE I get paid? Seriously?

If I do my job, I deserve to get paid. Just like all the other people doing their job in the company, and getting paid.

I have an idea, why don't we wait until the end of the month, count up all our money, pay our light bill, and then give whatever is left over to the employees. Oh, and tell them ahead of time, I'm sure you'll get lots of people who want that deal . . . .
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Mtgguy4ever
C-4


Joined: 09 Nov 2007
Posts: 1152

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:12 pm Reply with quoteBack to top

cedubu wrote:
So now it's the LO's job to follow the loan all the way through post closing just to hope they get paid?
I believe it is the LO's job to submit a good clean file with all of the small details done correctly to get the file all the way to closing. Once it is closed the LO should trust in the fact that the company has people in place to make sure that the file gets packaged and shipped correctly. How are we supposed to keep bringing in business (originating) if we now have to follow the file all the way through post-closing. It is not selfish at all. Perhaps you have forgotten that it is the business the LO brings in that keeps the doors open. Do the processors, UW, closers, funders, etc... all have to wait until a loan is cleared off the warehouse line to get their paychecks? No, they get paid bi-weekly no matter what.

So why do the most important piece of the puzzle have to wait? Please explain...



Tell you what, I am quite certain if you want to go on a salary and small spiff per file, as processors and other ops staff are, the company would be more than willing to pay you accordingly. However most lo's shun that idea because they have an opportunity for much greater earnings.

Calling yourself "the most important piece of the puzzle" is a bit arrogant don't you think? What about the lender actually taking the risk? Such a statement clearly exhibits exactly the attitude I refer to - a lack of any kind of loyalty or understanding of team. You completely miss the point that it is all a team effort for an employer who actually signs your paychecks.

Nobody has suggested that you would have to follow the loan all the way through to purchase off the line. And you'd have a couple of week delay in getting your precious megacheck, while the company is able to mitigate its risk until the loan is purchased. Yet you choose to whine like the spoiled crybaby that lo's have such a reputation for.
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:15 pm Reply with quoteBack to top

The question everyone has been asking is: Is the broker dead.

The question should be: Is the mortgage bank dead.
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t2940
Schumpeter Reincarnate


Joined: 13 Feb 2008
Posts: 5548
Location: cave dweller

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:16 pm Reply with quoteBack to top

Easy answer mtgguy.............get rid of the LO's and see where the rest of you all stand.
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Mtgguy4ever
C-4


Joined: 09 Nov 2007
Posts: 1152

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:38 pm Reply with quoteBack to top

t2940 wrote:
Easy answer mtgguy.............get rid of the LO's and see where the rest of you all stand.


First, in over 30 years in the biz only my last few have been in wholesale. I am a retail guru at heart - and have met and managed hundreds of loan officers. I have yet to find one who is irreplaceable, despite what they think of themselves.

Second, I have seen many companies who got by just fine without LO's, thank you very much.

LO's are not nearly as important as they think they are. Most often they are a perfect example of biatchy little girls with overinflated egos. And I know, because I was one of them for many years.
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:45 pm Reply with quoteBack to top

I agree that most big producing Lo's are " prima donna's."

But, i've yet to see an empty suit managment type produce anything of vlaue.
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Mtgguy4ever
C-4


Joined: 09 Nov 2007
Posts: 1152

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:45 pm Reply with quoteBack to top

your act is getting very old itwontclose.



wow...hardly got this posted and itwontclose's post was taken down.


Last edited by Mtgguy4ever on Tue Feb 17, 2009 10:47 pm; edited 1 time in total
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almostsurvivor
Cherry Bomb


Joined: 21 Jun 2008
Posts: 181

Re: ASSURITY PAYROLL CHANGES
PostPosted: Tue Feb 17, 2009 10:45 pm Reply with quoteBack to top

Mortgage Guy

Asking me to work and maybe paying me , maybe not paying me . . .

You can slice that any way you like - not happening

I don't have a megacheck - I don't know where you work - but no megachecks here these days.

I am not a whiner nor spoiled, just want to be sure that I can be compensated for my work and not be at the mercy of any number of arbitrary situations that might prevent this

a closer dropping the ball
an investor not liking an appraisal
fed-ex losing a package
an investor going out of business
a pre-purchase auditor asking for information I cannot get

If this is what I have to deal with, I will go back to being a Mary Kay lady!!!!!!!!!!!!!!

Amen to T - let's get rid of all the lo's and see how much everyone else gets paid
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