Working for Lender vs. Broker

[BigD]

I have been working for a mortgage company as a loan officer for a little over a year now. I am looking for opinions from someone who may have worked for both a mortgage company and a direct Lender. I have the opportunity to take a job with "Countrywide" where there will be no brokering and only lending. My debate with myself is: Do I go with the name that everyone knows where I can take advantage of that name...or....do I stay with the Brokerage where I have access to 200 or more lenders......It is a decision I will have to make rather quickly.....any and all information and/or suggestions would be greatly appreciated.......thanks in advance for your opinions.........

[Troy]

I personally think I'd rather dig ditches than work for Countrywide.

Beyond that, you are still going to be expected to go out and get your own business. It's doubtful that anyone is going to hand business over to you just because you are with Countrywide. My opinion is that we are moving away from the hard rate shopping times, and that versatility is going to be necessary. I'd personally stay with a broker.

Troy

[rcneale]

It depends on if you can get your own leads or not. If you can work as a broker for yourself. I have done both, and even though I have more liability as a Broker I enjoy the fact that I make more money and no one tells me what to do.

[Troy]

Courtney has a solid point. I guess I hate Countrywide so much that I refuse to look for any postive side to working for them.

If they provide adequate lead support with a halfway decent split, then it may be worth consideration. I always valued my liberty to make my own schedule. You should ask to talk to other people in that office doing the job they expect you to do. Find out what their typical working day is like and how they like it.

I have friends at full spectrum that work 10-12 hour days with bad splits. Some of them like having something to do and others hate it. I'd be sure to get the full scoop on the situation you're walking into before making any decisions.

troy

[BigD]

It seems to me that the more I research this the more it appears that I will be going backwards. Your comments and opinions are very very helpful. I can only hope that more people will respond. I guess in my mind I'm entertaining the fact that I will be cutting out the middle man. I have spoken with a couple of different people that currently work for Countrywide in this area. I can only say that they were not that convincing. Maybe the name isn't all that it is cracked up to be......I guess what I need more than anything is to find a place with a decent split and some excitement in the office......thanks again.......

BigD

[fat chancho]

BigD,

seeing that your last post was a little over a month ago, you've probably already made a decision. Hopefully you made a wise one. Reading all these posts, I think you should get an honest answer. I have been with Countrywide for the last 2 yrs and I love this company and yes the reputable name helps. I do heavy volume and most of my business is purchase business. No offense to anyone but brokers are not taken seriously in my state and most of the big bank will crush them on rate and program. Also, Full Spectrum is our subprime department. Yes, they do make you work long strenous hours and that is why I do not work there. They are a boiler room. I would only recommend this company if you are somewhat established in the business and you're willing to do prime deals.

[Enigmatics]

I am currently wondering the same thing. I work for Nationstar and I get at best maybe 1 fresh lead per day. Everything else I get in my cue is some stale lead which swept out of some other LO's system. From that point on, all I really do is call resolicit sheets all day long from borrowers who we talked to in the past 2 years.

Suffice to say, I'm a frustrated LO.

[rcneale]

Hello Again, hopefully you made your decision and are happy. I was just reading through the comment about brokers not taken seriously. We have over 200 Investors with warehouse pricing so "yes" we are extremely competitive. Also, my husband and I have made 6 figures every year for the last 5 years since we finally opened our own company. We can come and go as we please. Vacation when we want... It's not for everyone and it's not easy but definitely worth it! Hope you are having a lot of success whatever you decided.

[Rondelu]

No two company are alike..........Some of these so called LENDER are full of it.

[Troy]

Rondelu is right, investigate the company thoroughly.

Whenever I'm researching private shops, I look them up through the DRE website to find out if it's just one guy and a PO Box or if there are any times there license was pulled or if they've operated under another name in the past.

Doesn't really apply if you're talking about huge name brands, but is smart research for smaller shops.

Troy