Forum Replies Created
May 24, 2023 at 9:18 am in reply to: Should I get out of Retail lending and explore new build lending? #11660
Hey Amy –
Pro: No shortage of work. You can count on your income being there. This could be a career move where you happily work for 10+ years.
Con: This is not your business. You don’t “own” these leads, these lead sources or the database of past clients. Most builder lenders prohibit the LO from doing outside business. If you ever choose to leave the builder and go back out on your own you will be basically starting over in terms of building out your referral network. You set your own schedule less; meaning your employer will dictate your schedule more with a builder.
The best leads are the leads you generate yourself. There is no magic pill. The time you spend chasing and working leads that you paid good money for could, and should be used, connecting with local, long-term referral sources, such as Realtors, Builders, divorce, attorneys, financial advisors, your circle of influence, etc.”
Hey Kenny –
Thanks for signing up! We’ll be announcing the next town hall in the coming weeks – it will be towards the end of this month. I’ll be sure to follow up once we’ve announced the date!
Hey Tyler –
Appreciate the feedback and input! We can def. look to create more content around this moving forward – great suggestion!
Hey Mike –
I have never heard of a non-for-profit lender. Even credit unions, who fall under the category of non-profit, are forced to run an economically sustainable business model. Are these positions you are interested in for originating loans or working as an Account Executive (AE)? As an AE you could work for a company that offers down payment assistance to participating LO’s and lenders a la CBC Mortgage Agency (Chenoa Fund) or Arrive Home. Both of these companies I believe operate under some form of a not-for-profit charter via an affiliation with Native American tribes.
All that said, at the end of day, you are looking for your first opportunity. Your first opportunity is not always your only opportunity nor your last. Best of luck! 😊
Hey Rob – great suggestion!
We’re actually in the process of putting this together now – we’ll let you know once we have it ready to launch!
Keep the suggestions coming!
Most definitely – but it might be difficult to get off on the right foot if you’re working remotely while just getting started in the industry. There are companies out there that support this type of business model.
Anything is possible. 🙂 However, it is not recommended nor advisable to launch your own business without having a fantastic support system in place which includes training and mentorship. Iron sharpens iron and we are a collection of the people we surround ourselves with. When you work remote you are the only piece of iron and when you work remote you are the collection of yourself.
All good Taylor – thanks for the message and your continued support!
Hey Adam – great question! D.O. is currently hitting the slopes on spring break with his family – but I’ll be sure he answers this for you as soon as he gets back!
Hey Jolene – this is awesome! Thanks for sharing!
Hey Aixa –
If you look in the top right corner of your browser page when logged into the site, you should see a place with your name and “Howdy”. Click there, that is where you go to customize your profile. Let me know if you’re not able to locate.