2.2%

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I am curious to know how much each qfa, mortgage shop etc makes on commission per sale in the uk. i know they have front and back end fees but regarding the lender commissions i'd like to know more. i anticipate they roughly make between 3-6% of the loan amount depending on the market conditions but i'd like some sort of confirmation on this. thanks.

Because sub prime mortgages have basically died in the UK, the average commission to a broker is 0.35% for a mortgage from one of the high street lenders like Abbey and Nationwide. Even when there was sub prime the most a broker would get is 2%. I am the ex-sales director for a lender and I set the fee structure so I can assure you it is correct. Thanks

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I am a victim of a predatory mortgage broker and a predatory mortgage lender. the mortgage broker claimed to be the lender. the lender presented himself to me as the servicer of the loan, when the lender was in fact the lender and the servicer of the loan. i end up paying the broker 2times, because the lender paid the broker his commission out of my loan, and the broker make me pay a second time thru a fictious escrow to justify the expenses. the lender charged me high interest rate, abusive prepayment penalty, buy down point and i end up with loosing my 2home. do i have any recourse?

If you feel u were a victim of predatory Lending check with your State that regulates MB & Lenders. & tell them your story. You should be vigilant about filing a complaint, there are too many people in this world who want to make money at other peoples expense.

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Considering that people who work 100% on sales commission have months that can vary quite a bit, what do you they do to figure out your monthly income? chir-- when they figure out your monthly income do they take 3 years and divide it by 3 to get the average or do they tend to look at the most recent year and consider that your salary? because, if you got this job right at of college it onlys obvious that it would just keep going up.

Well that all depends on your Credit, down payment, loan type, and how much you have in assets. If you have excellent credit they may ask for very little verification, like you tell me and i believe you because of your credit. If your credit is good but not great they will ask for two years of taxes and take the lowest of the two years or take an average. With okay credit they will take an average of three years. But depending on the underwriter all this is subject to change. How Brokers determine what they need is by reading the desktop underwriting results, from whoever they plan to sell the loan to. So it is not cut and dry. Hope this helps, Good luck.

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I live in madison, wi and this is a position with a very reputable national bank. it is 100% commission after 3 months of a base pay. any help/advice will do...

My friend is Mortgage Lender. It's going to take being bilingual to succeed and have an advantage over the others. This friend of mine is bilingual & is the only bilingual mortgage lender in the city. Because of this, all the hispanics go to her without researching the other lenders.

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Can mortgage brokers give us a lower rate on 30 yr fixed(zero points) today at 4.87% by lowering there commission from the bank/lender where they are locking the rate ?

Are you talking 4.875% on a 30 year conventional loan? To give you that rate with no points, no origination, today would cost the broker a few points to do your loan. That's not going to happen. Why is it everyone thinks professional should work for nothing? Do you work for nothing? Do I ever give up .25% to make a deal work? If it is a high loan amount I will. But I don't even have to do that often. Most people appreciate my professionalism & help & understand I do this for an income & want me to be paid. I am good at what I do & I expect to be paid for a job well done just like everyone else.

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I'm a mortgage lender(only been one for a month) and i want to maybe get my broker's license in the near future...but how much do they really get paid?? do they have a salary base? or is it 100% commission.

My Mortage Lady who is a broker gets paid well over $6000.00 for all her work it's in the paper work U get so much 4 each job & papers that U file. Plus it depends on how much the sale is 4..Good Luck

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I run a small branch of a hud approved lender and have a lot of brokers who want to work for me to close their fha loans, but close everything else under their own license. i trust most of these people since i used to close loans with them as a wholesale ae. i am thinking of charging a flat fee per loan and then letting them retain 90% of the total commission on the loan.

It sounds to me like "moon lighting". When you were hired, did you sign anything telling you that you were not allowed to pick up a second job in a similar field? I would not outright ask your employer for advice, but there is nothing they can do to prevent you from doing this in CT. I don't know where you live.

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I was offered a job as a mortgage lender. they seem like the dream job, i get 3% on a loan, so on 100k i get 3k in pocket. i am new to this, so please, if anyone has advice on pros and cons of this career, let me know please!

I have been in the mortgage industry for 10 years. I love it! 3% on every loan. Not going to happen. If you get 3% how much does your company get? Typically you make your fee but then have to split it with the company. I have busted my butt on a loan and ended up with a commission that can barely cover my gas expenses for the week. :) On the flip side I've had very simple files with a respectable commission. It does allow for flexible hours which is great. I'm a single mom and it works out well for me. You can make a lot of money and you can also have some very slow months. Be prepared. Most people that come in the mortgage industry will leave just as quickly as they come in. Prospect hard and work on getting strong referral sources by doing some serious networking. It can be very stressful at times. Also very rewarding. I love helping someone get into a house for the first time. They will always remember it...good or bad. Good Luck!