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    The Mortgage Agent's Path to Success
    The Mortgage Agent's Path to Success
    The Mortgage Agent's Path to Success
    Ebook142 pages1 hour

    The Mortgage Agent's Path to Success

    By Joseph White

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    About this ebook

    Your path to success in the mortgage brokering industry begins with "The Mortgage Agent's Path to Success," a book written by industry professional Joseph J. White. This inspiring book includes Motivate Me!, a vital step in self-motivation that will help you define what success means to you and keep you focused on it every day.
    Including powerful strategies to grow your business, you'll find this book an invaluable tool in your personal path to success.
    Joseph J. White has been involved in the mortgage industry over the past 20 years. He began his career as a mortgage agent, and has since held positions of National Sales Manager and VP of Sales with two national mortgage lenders as well as partner at a successful mortgage brokerage. He has owned a mortgage investment corporation (MIC) and been principal broker of a commercial brokerage/lender. Mr. White is currently President of the Real Estate and Mortgage Institute of Canada Inc. (REMIC). He has been involved in the development and delivery of the previous mortgage broker licensing program, (the Financial Services Underwriting or FSU program) through Seneca College since the mid-1990s, as well as the new Mortgage Agent Program (MAP) and Mortgage Broker Program (MBP). He has instructed over 10,000 students and in 2003 won the Excellence Award for teaching and leadership excellence. His textbooks are used in the mortgage agent course and were the standard in the mortgage broker licensing courses through Seneca College.

    LanguageEnglish
    PublisherJoseph White
    Release dateApr 18, 2013
    ISBN9781301421862
    The Mortgage Agent's Path to Success
    Author

    Joseph White

    At the time of orignial publication, Joseph White was a Research Associate in the Governmental Studies Program at the Brookings Institution. Aaron Wildavsky was Professor of Political Science at the University of California, Berkeley.

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    • 5/5
      Gives a great new perspective on the mortgage business, and life in general. Strongly recommend to all mortgage agents/brokers

    Book preview

    The Mortgage Agent's Path to Success - Joseph White

    THE MORTGAGE AGENT’S

    Path to Success

    STEP ONE

    Joe White

    Including

    Motivate Me!

    and

    10 Steps to Guaranteed Referrals

    Published by Joseph J. White

    Smashwords Edition

    Copyright 2013 Joseph J. White

    This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

    This publication is intended to provide general information at the time of publication regarding mortgage brokering. Legal and other decisions should be completed only after seeking advice from a competent professional person and should not be based on information contained herein. Neither the publisher nor the author is engaged in rendering legal or other professional advice. The events and characters in this book are fictitious. Any resemblance to persons, living or dead is purely coincidental.

    Dedication

    I want to dedicate this book to my pregnant wife and unborn child who motivate me to strive for success every day in both my personal and professional life.

    To all of the hard working people who enter this industry with the best of intentions and passion in their hearts, may you find success in your daily lives and prosper in your career.

    I’ve always loved this industry, and hope that all those who decide to make it their career enjoy it as much as I.

    I dedicate this book to all of you, and hope that you find it helpful in your new career.

    Acknowledgements

    I’d like to thank all of those who have enriched my life through their kindness, support, friendship and love.

    Thank you Cain Daniel for your input and help in developing the concept of Motivate Me!

    I especially want to thank the over ten thousand students that I’ve taught, and who’ve taught me in return. Knowing you all has enlightened me and shaped my outlook on life.

    About the Author

    Joseph J. White has been involved in the mortgage industry over the past 20 years. He began his career as a mortgage agent, and has since held positions of National Sales Manager and VP of Sales with two national mortgage lenders as well as partner at a successful mortgage brokerage. He has owned a mortgage investment corporation (MIC) and been principal broker of a commercial brokerage/lender. Mr. White is currently President of the Real Estate and Mortgage Institute of Canada Inc. (REMIC). He has been involved in the development and delivery of the previous mortgage broker licensing program, (the Financial Services Underwriting or FSU program) through Seneca College since the mid-1990s, as well as the new Mortgage Agent Program (MAP) and Mortgage Broker Program (MBP). He has instructed over 10,000 students and in 2003 won the Excellence Award for teaching and leadership excellence. His textbooks are used in the mortgage agent course and were the standard in the mortgage broker licensing courses through Seneca College. A staunch supporter of the brokerage industry, Mr. White can be contacted at joe.white@remic.ca

    *****

    Table of Contents

    Prologue

    Introduction: The Path to Success Begins Here

    Chapter 1: Motivate Me!

    Chapter 2: What Makes You Unique?

    Chapter 3: Your business Begins at Home, with Family and Friends!

    Chapter 4: Real Estate Salespeople

    Chapter 5: Financial Institutions (FIs)

    Chapter 6: Financial Planners

    Chapter 7: Other Sources of Referrals

    Chapter 8: Database Marketing

    Chapter 9: 10 Steps to Guaranteed Referrals

    Chapter 10: Call Scripts

    Chapter 11: Building the Perfect Day

    Epilogue: Your Next Steps

    Prologue

    A career as a mortgage agent can be both financially and personally rewarding. As the individual responsible for bringing borrowers and lenders together, you typically will be compensated by the lender in the form of a finder’s fee or commission based on a number of basis points (bps) multiplied by the amount of the mortgage.

    In other cases, where you are dealing with a borrower who doesn’t qualify with a traditional lender, you may arrange the mortgage with a private lender. In this case you would charge the borrower a brokerage fee that would be deducted directly from the mortgage proceeds.

    First, it is important to be mindful of the fact that your role is always to do what is in the best interests of your clients, and being concerned with your own income last. In this way, you always will be conducting yourself in a professional and ethical manner.

    With this in mind we can take a look at a typical transaction. The typical finder’s fee or commission paid by lenders in today’s marketplace is 85 basis points (.85%), which is referred to as 85 bps. If you have arranged a mortgage in the amount of $300,000, then your brokerage would be paid a finder’s fee of 85 bps x $300,000, or .0085 x 300,000 which equals $2,550.

    $300,000 x 85 bps = $2,550

    Mortgage agents work on a commission split with their brokerage, and assuming an 85/15 split (the agent receives 85% of the commission), this would equate to a commission payable to you of $2,167.50.

    85/15 Split

    85% of $2,550 = $2,167.50

    The average transaction will take approximately six hours to complete (this is an average; some will be longer while others shorter and this amount of time typically is spread over several days). By dividing the commission by the number of hours ($2,167.50 / 6) we can determine that you would have earned $361.25 per hour for this transaction.

    If an agent were to average one transaction per day, his or her income would be approximately $520,200 per year ($2,167.50 x 20 business days per month x 12 months).

    Now that we’ve discussed the upper end of an agent’s income potential, let’s discuss the reality for new agents.

    A new agent typically will not have an income for the first three months of his/her career. It takes time to find clients, time then is required to close or fund the transaction, followed by receiving your commission. A new agent should expect to see an income after the

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