At this point Tom’s one of the survivors, still here even after all this train-wreck the past few years. He worked out of his home/office, did his own processing and had a couple of LO’s that he paid (too much) commissions to (and went in debt big-time - living off his credit cards). He decided to take the ‘affiliate’ road, where he signed up with a large multi-State mortgage banker. With the back office of their larger organization to help support him, since 99.9999% of what he knew about this industry is/was “selling” borrowers - a typical Promise Maker. They filed a dba (in both his company and their own name), then they got lender license at Tom’s new commercial office space location. He basically became their branch manager. His ‘house’ overrides which he got, they deposited and bills were paid out of that one. Nearly independent (he kept a separate checking account from the one they had him use to pay overhead), quite a bit of this individual and personal commissions went in that one. That local secret slush fund one he used to continue to pay his LO’s the big gagging commissions they felt they earned (let’s say what they wanted, not necessarily ‘earned’), plus incidentals like copier repair, my small cash weekly fee, etc. He figured they were helping him, cost him nothing, so how could he make them play by the new compensation rules?
For 1 1/2 years, Tom’s had a processor (Muffy) he significantly overpays. She’s quite detail oriented, knows how to run the office - in fact she does – since he has long lunch hours where they serve adult beverages. She could pound out up to a dozen loans monthly if needed, a real wiz! (I know it's hard to read sarcasm from text, but if you know me, than you know I was LOL as I typed that).
Tom also has two 25+years on the job LO’s, both of them insist filling out a 1003 from an applicant, and collecting a full credit package is easily worth $10,000 a pop! All due to their Mellifluous Splendor!
So, I come across Tom's ad in the Pennysaver online looking for LO’s, I visit his office and explain (before I know this story) I’ll be happy to come to work for him, interview, hire and train the new LO’s he wants, (re)train his Processor, and do my best to enhance his knowledge in how to operate a going business (how to be a Promise Keeper) … because if all you know is LO stuff (how to be a Promise Maker), you’ll stumble badly when you need to spot problems developing, supervise and train personnel, and basically how to sidestep issues all owners face.
Tom took me on board @ 5 hours a day for three months (the assignment was an easy drive not too far from my home). After almost month or so, he suggested I could do some of the work at the home computer
For 1 1/2 years, Tom’s had a processor (Muffy) he significantly overpays. She’s quite detail oriented, knows how to run the office - in fact she does – since he has long lunch hours where they serve adult beverages. She could pound out up to a dozen loans monthly if needed, a real wiz! (I know it's hard to read sarcasm from text, but if you know me, than you know I was LOL as I typed that).
So, I come across Tom's ad in the Pennysaver online looking for LO’s, I visit his office and explain (before I know this story) I’ll be happy to come to work for him, interview, hire and train the new LO’s he wants, (re)train his Processor, and do my best to enhance his knowledge in how to operate a going business (how to be a Promise Keeper) … because if all you know is LO stuff (how to be a Promise Maker), you’ll stumble badly when you need to spot problems developing, supervise and train personnel, and basically how to sidestep issues all owners face.
Tom took me on board @ 5 hours a day for three months (the assignment was an easy drive not too far from my home). After almost month or so, he suggested I could do some of the work at the home computer
Are you in similar shoes yourself And could use a hand? E-mail or call me.
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