Don't wait 2 weeks to get paid

In the mortgage world, technology has enabled the industry to increase the speed at which transactions can be closed. Many aspects of the mortgage banking process are automated.  Everyone seems to reap the benefit of this faster-paced cycle, except the person most responsible for making the deal happen: you, the originator.  If it takes less time to get all these things done shouldn't the person who originated and closed the deal get paid sooner also? You certainly would think so. Most firms however don't see it that way and are still using the out-of-date twice a month pay cycle to compensate their mortgage originators. It strikes us as odd that the very people who play the largest role in finding and closing these transactions can't get paid any sooner than twice a month. Some job candidates tell us that their bank, or firm, won't even release their earnings until, and unless, the loan that they've worked so hard to close, is bought off of the firm's credit line. This can take months. We don't think that originators should have to wait that long or have their compensation hinge on secondary market issues.  Fortunately, if your current firm makes you wait for months to get paid, we have a solution for you; Make them your former employer.  

At netbranchology.com, one of our corporate clients for which we recruit, pays out fees within 48 hours of closing.  This firm uses a computerized accounting system that is able to release funds and send them out for auto-deposit to your bank account within 48 hours of the deal closing. It works like this; You close your deal; then upload the closing docs to your audit department. Within 24 hours the file is audited. Providing the file is not flagged for any significant compliance issues, the fees you have earned on the transaction are auto-deposited to your personal bank account. If you are a branch manager then your share of the profits is credited to your in-house branch account for you to use for paying bills or paying yourself. Nobody has to wait weeks or months for any deal to be bought off of the credit line. Nobody has to wait for a check to clear. Your check never gets lost in the mail... and no double-talk or shell-game about how much you are going to receive.  Doesn't this make sense? Doesn't this sound like the policy of a firm that wants to keep its producers motivated and happy? Many banks and firms talk about the support they offer to their producers and their commitment to helping them succeed but still hold your money hostage until they decide to release it. Isn't it time that they treated you fairly? After all, you brought the deal in in the first place.Contact me, Eddie Daniels, if you don't want to wait 2 weeks to get paid. Eddie@netbranchology.com

netbranchology.com is a specialty mortgage recruiting firm that works with banks and mortgage firms across the country. Job candidates NEVER pay a fee for our services; Our fees are paid for you by our corporate clients.


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