Question by loans from lisa: Has anyone used an online mortgage company to work from home and do they really pay?
I have been approached by online mortgage companies to work from my home. I am skeptical of the promises of more loans for less money. Has anyone ever done this type of work before; and what was your experience with them?
Best answer:
Answer by Jay S
You are right to be skeptical. Just what would they have you do? Originate for them? Just be a broker and do that.
What do you think? Answer below!
I have not worked for any, but know a couple. It really depends on who is running the show, as to how you get treated. It pays to know any company well before joining up with them. What is their reputation in the industry? To clients?
If you are new to the business – I would suggest steering clear, unless you only want a temporary gig. How can you effectively learn the business working from your home with no support around you?
Im looking into the same thing. I believe some will give you a “finders fee” for any leads you bring them. But how would you know if they wont tell you of the deal closed or not? I would rather be as involved as possible. I’ve learned plenty about different types of mortgages and mortgage terminolgy. I have reviewed the fannie and freddie may applications and feel that I could have one properly filled out. I think that if those standard applications are filled out correctly and turned into the right mortgage broker I would get paid at the time of the closing or soon after. that would show the broker that I know what Im doing and he/she would rather that I keep sending them to him/her than anyone else. I feel that as long as you can screen the applicant enough to determine he/she is serious about going through with the loan, then get the application (1003) fill out properly a broker would be more willing to work with you. The only thing a broker has to do is find a mortgage program that would work to meet the need of the client. The broker would probably make a phone call to ask a few more questions and then find a lender. Best offer in combination with suitable compensation follows next.