Are you tired of the Asterisk *? As in Up to 275 BPS*
Compensation Theory: Simplicity = Clarity and Transparency
No Asterisks Zone – Here is how easy it is to figure out your compensation with Innovative Mortgage.
Most of our Originators choose between 250 -275 BPs but some go as high as 300 BPs and as low as 175 BPs.
We let you choose because YOU know how you sell, who your clients are, where your competition is, and where your leads come from.
WE ARE A CORRESPONDENT LENDER so you can price all your comp in the YIELD / PRICING and you do not need to disclose it on the LE or CD. You also can do HYBRID pricing where you make some of your BPs in the YIELD / PRICING and some as a broker fee or lender discount fee. You price your scenario with the lender of YOUR CHOICE and choose the rate that aligns with your selected compensation.
Example: Selected Comp is 275 BPs; Loan Amount = $300,000
Here is a typical Pricing Engine from our lenders.
What Price would pay you your 275BPs compensation on this loan?
Look at the Column Header to determine number of Lock Days. Let’s choose 30 day.
Therefore, your rate you would offer is 3.125
3.125% on a 30 day lock pays 102.765 / $8,292 commission.
There is a small amount that is OVER your 2.75% and that can be a CREDIT to borrower if you like OR you can BANK it in your Profit Account.
So How Much Do You Make? Remember...
Simplicity = Clarity & Transparency
Loan Amount = $300,000 Your Selected Comp = 275 BPs Your Compensation = 300,000 x .0275 = $8,250
Our Sole Originator Compensation plan charges $595 / file so your Commission Check = $8250-$595 = $7,655
Simple Math, Simple Take Home Pay, Great Rates, Freedom and Flexibility, Value and Integrity, Stability, Scale
For more information and MLO Tips, feel free to contact us at 727-372-8059
Are you a mortgage originator looking for more support and better compensation? Interview us today and see if Innovative Mortgage Services, Inc. is a good fit for you.
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