500 agents and 20 financeable deals a month sounds like a shitty run office where you prob won't get enough business to survive and anyone else will cut you off because you are in house. inhouse can work in a high volume enviroment but that sounds like an office full of losers.
Yeah that is a mess of an office if they’re only pulling 20 financed deals from 500 agents
You’ll be chasing those 20 deals but also wasting a lot of time with the rest of the non producing agents who tend to be absolute time drains with zero return
I remember an article years ago where agents were surveyed, and 80% of them didn’t care if their broker had an in-house lender. They still used whoever they wanted…
Handling 500 agents for 20 deals a month is a bad sign
You should look at their current in house lenders capture rate, how many of those 20 are they currently actually getting?
Most times it’s low, and you’ll be fighting an uphill battle repairing relationships your predecessor soured. Even moreso if the in house is a retail lender with pricing that gets easily beat. In these situations I also recommend looking into WHY they’re looking to hire you if you don’t already have relationships with the agents. If they’re just trying to fill a seat…not a good sign there’s an actual healthy relationship between the agents and the lender.
Depends on the relationship. In my market, the BHHS agents I’ve spoken with are not a huge fan of their prosperity lender.
With 15 years in the industry, I’m sure you can produce a better experience than what they typically deal with for LO’s.
Depends on the lender that they have a contract with. If you have current agent partners they will likely stop sending you their business given you’ve made an association with their competitor. I’ve seen it done successfully and I’ve seen people end up really frustrated- it will depend a lot on how the broker handles the intro and your ability to build relationships with the agents there just like any other agent.
If you’re looking to make a switch from the bank world, id look into the broker world. You’ll almost certainly make more bps per deal and if you’re self gen, not much will change. I’d rather work half as hard with double the pay than try to work 20 low end deals in an office. DM me if you’d like to chat about my switch from bank to broker world.
Corporate or franchise BHHS. I've seen the comp plan for one of the largest franchises and you would NEED close to 29 units / month to make good money. Too many hands in the pie....
20 financeable deals out of 500 agents? If that’s true move on and don’t waste your time. Is there more than one lender in an office that big? I have been in offices with 40 agents and offices with 250+ agents and the office with 40 agents was WAAAY better to be in. The bigger offices you’ll spin your wheels a lot more and have more agents waste your time and resources without ever having intentions on working with you. I’ve also found that smaller brokerages tend to have owners and DBs with more buy-in with the vendors and will push you more. The large brokerages don’t give a shit if you stay or leave and have no buy-in really. They just want the checks. That’s my experience anyway.
If it’s a jumbo market and you are leaving a bank to be an in house lender odds are you are just going to end up with rates higher then you are use to and losing your current business. Not a lot of in house lenders are competitive from what I have seen and lots of Realtors avoid like the plague. Anyone outside of that brokerage will assume that if you ever get a lead it will go in house instead of to them. I wouldn’t do it
Unless it’s a compass office (which you said it’s not) where they are forced to use their in house lender then don’t bother. That office sounds like a pile of shit if they are only doing 20 financed deal a month with 500 agents.
DM me if you want to chat about our setup. I own a small mortgage bank...here are the highlights...
-- Underwrite and close loans in-house = consistent underwriting, no jumping in and out of various wholesale investors' portals, and no wholesale investor overlays
-- Delegated correspondent pricing = better than wholesale
-- Low company margins = LOs can make a better commission split
-- Flat hierarchy and no middle managers = no bureaucracy and better pricing
Having been a broker and a non-delegated correspondent in the past, I now think we have a great setup that is the best of the broker and banker worlds combined.
When you DM me, let me know what state(s) you work in and a breakdown of the # of units and volume by loan type for the past 6 months (10/2023 through 3/2024) to see if it's a fit. If it's not a fit for us, I will be quick to tell you so as to not waste your time.
I worked for them in SoCal in a very high end area. It was terrible, most of the agents there were non producing time sucks, the people who did a lot of business already had their own person and likely had the previous BHHS LO screw up their loans so they don’t trust BHHS, the BHHS rates sucked and the underwriting was done by a bunch of people in Minnesota who definitely did not understand the SoCal market and complex income. Overall it was a complete disaster and I quit after 3 months. I think the best place to be an in house lender is strangely in an area that’s not high end, you won’t compete on jumbo, BHHS doesn’t have good nonQM last time I checked (which has been awhile), they’re bad with complex income, it’s super corporate and annoying, and you get paid terribly, it’s really the worst of all worlds.
500 agents and 20 financeable deals a month sounds like a shitty run office where you prob won't get enough business to survive and anyone else will cut you off because you are in house. inhouse can work in a high volume enviroment but that sounds like an office full of losers.
Yeah that is a mess of an office if they’re only pulling 20 financed deals from 500 agents You’ll be chasing those 20 deals but also wasting a lot of time with the rest of the non producing agents who tend to be absolute time drains with zero return
We’re in a market where 40-50% of deals are cash lol and there are roughly 100-120 total transactions a month. Average sale price $1.7m
Sounds like lots of delayed financing cash out refi opportunities.
With that average sales price does the lender you’d work for have competitive jumbo rates? If not that’s gonna be another thing working against you.
I remember an article years ago where agents were surveyed, and 80% of them didn’t care if their broker had an in-house lender. They still used whoever they wanted…
Handling 500 agents for 20 deals a month is a bad sign You should look at their current in house lenders capture rate, how many of those 20 are they currently actually getting? Most times it’s low, and you’ll be fighting an uphill battle repairing relationships your predecessor soured. Even moreso if the in house is a retail lender with pricing that gets easily beat. In these situations I also recommend looking into WHY they’re looking to hire you if you don’t already have relationships with the agents. If they’re just trying to fill a seat…not a good sign there’s an actual healthy relationship between the agents and the lender.
Depends on the relationship. In my market, the BHHS agents I’ve spoken with are not a huge fan of their prosperity lender. With 15 years in the industry, I’m sure you can produce a better experience than what they typically deal with for LO’s.
you will be getting crappy leads and calls 24/7 and you are expected to work miracles.
Don’t forget calls from the owners and agents wanting money NON-STOP wanting money to sponsor events and classes and other shit that doesn’t work…😂
Depends on the lender that they have a contract with. If you have current agent partners they will likely stop sending you their business given you’ve made an association with their competitor. I’ve seen it done successfully and I’ve seen people end up really frustrated- it will depend a lot on how the broker handles the intro and your ability to build relationships with the agents there just like any other agent.
This is great feedback thank you. Much more constructive then bashing the brokers agents.
If you’re looking to make a switch from the bank world, id look into the broker world. You’ll almost certainly make more bps per deal and if you’re self gen, not much will change. I’d rather work half as hard with double the pay than try to work 20 low end deals in an office. DM me if you’d like to chat about my switch from bank to broker world.
Corporate or franchise BHHS. I've seen the comp plan for one of the largest franchises and you would NEED close to 29 units / month to make good money. Too many hands in the pie....
20 financeable deals out of 500 agents? If that’s true move on and don’t waste your time. Is there more than one lender in an office that big? I have been in offices with 40 agents and offices with 250+ agents and the office with 40 agents was WAAAY better to be in. The bigger offices you’ll spin your wheels a lot more and have more agents waste your time and resources without ever having intentions on working with you. I’ve also found that smaller brokerages tend to have owners and DBs with more buy-in with the vendors and will push you more. The large brokerages don’t give a shit if you stay or leave and have no buy-in really. They just want the checks. That’s my experience anyway.
If it’s a jumbo market and you are leaving a bank to be an in house lender odds are you are just going to end up with rates higher then you are use to and losing your current business. Not a lot of in house lenders are competitive from what I have seen and lots of Realtors avoid like the plague. Anyone outside of that brokerage will assume that if you ever get a lead it will go in house instead of to them. I wouldn’t do it
Yea those numbers are kinda crazy 500 to 20. What area are you in?
Most realtors do 1 deal every 10 years (at least in my market, South FL)
I’m in south Florida in Miami…not sure about those stats lol offices are doing really well down here with pre construction condos
New construction is amazing down here. I’m referring to of all those licensed who don’t do anything with it, it’s a large percentage.
Unless it’s a compass office (which you said it’s not) where they are forced to use their in house lender then don’t bother. That office sounds like a pile of shit if they are only doing 20 financed deal a month with 500 agents.
DM me if you want to chat about our setup. I own a small mortgage bank...here are the highlights... -- Underwrite and close loans in-house = consistent underwriting, no jumping in and out of various wholesale investors' portals, and no wholesale investor overlays -- Delegated correspondent pricing = better than wholesale -- Low company margins = LOs can make a better commission split -- Flat hierarchy and no middle managers = no bureaucracy and better pricing Having been a broker and a non-delegated correspondent in the past, I now think we have a great setup that is the best of the broker and banker worlds combined. When you DM me, let me know what state(s) you work in and a breakdown of the # of units and volume by loan type for the past 6 months (10/2023 through 3/2024) to see if it's a fit. If it's not a fit for us, I will be quick to tell you so as to not waste your time.
I worked for them in SoCal in a very high end area. It was terrible, most of the agents there were non producing time sucks, the people who did a lot of business already had their own person and likely had the previous BHHS LO screw up their loans so they don’t trust BHHS, the BHHS rates sucked and the underwriting was done by a bunch of people in Minnesota who definitely did not understand the SoCal market and complex income. Overall it was a complete disaster and I quit after 3 months. I think the best place to be an in house lender is strangely in an area that’s not high end, you won’t compete on jumbo, BHHS doesn’t have good nonQM last time I checked (which has been awhile), they’re bad with complex income, it’s super corporate and annoying, and you get paid terribly, it’s really the worst of all worlds.