Episode 4 – Broker vs Retail

from your perspective what is the biggest difference between wholesale and Retail
lending on options and speed I take a look at this thing and
not only do we get our almost a full percentage Point lower on the interest rate our closing costs were
$less because they were charging that much in points to give her higher rate because of exactly what you started
this conversation with how much is stepped into that and it was the exact it’s the same loan for me it was an FHA
loan for her for him and for me it was the same thing hey guys on today’s episode we’re
going to talk about the difference between a mortgage broker and a retail lender there’s a massive difference
between the two we’re going to dive into it a little more explain why there’s a difference to you as a consumer with the
costs and the options that we have stay
tuned episode mortgage daddies coming at you we’re back at it again I love it
I love it I love the mortgage daddy’s name I do too really flows right off the tongue strong babies mortgage daddies
coming at you hot all million viewers coming at us let’s go let’s
start this episode off and have some fun all right let’s see it so I apologize to all our reviewers in advance now we’re
three episodes in going on four and we have Sarah in our office head of marketing does an amazing job but for
the last couple episodes she’s been throwing these games out and for whatever reason I’m stuck on this side
not knowing what’s going on having to hit the buttons right wrong I have to guess
what kind of pizza pasta you want to eat so today always Pizza I agree I don’t
know how I got that wrong I should I’m going to hell for that
um this one she decides to give to me so this is way worse this is way worse so
you have not looked at these one that’s why you have it so she gives me uh she gives me some some jokes some dad jokes
so oh boy I didn’t even know she’s like hey have you ever heard of a dad joke I’m like Oh my daughter actually bought
me a dad joke book I used to read a couple of these every night before she went to bed they can’t be that bad so
I’m reading through a couple of these things they’re terrible like they’re terrible I don’t know where she bought like picked these up or figured these
things out they’re they’re just not awesome but hey let’s give it a whirl I think our viewers like it so uh Craig
give us your best answer you can come up with not going to get any of these right I I probably not why
could why couldn’t the bicycle continue don’t know it was too tired I
feel it I feel it I feel what too tired which state gives you the smallest
beverages oh
God I don’t know Minnesota
when does a joke become a dad oh my god when it becomes a parent you definitely
read these somewhere like this is some This is BS all the way across the board I get know I’m that smart I I’m not sure
about this I don’t know what you want me to tell you all right let’s do a couple more of these why did the coach put the frog in the
Outfield uh Ribbit because frogs are really good at
catching flies this is terrible we’re we’re literally I feel like we just lost a
million viewers yeah ifers goes down it’s because of your dad jokes why should you never write with a broken
pencil uh don’t know because it’s pointless I did read that one earlier
too and I couldn’t remember why did the pony ask for a glass of water uh
because it was a little horse little horse all right I think we can wrap up
with the uh the dad jokes we can just toss these to side I think the last episode we talked about nothing he just
shot the [ __ ] was know we had a lot of catching up to do after your long adventures and our fun trip I mean we uh
but now we have an agenda yeah I mean she gave us an agenda so we’ll probably stick this over here and uh talk about that for about seconds and then uh
it’ll be a dad joke but in all seriousness this is called the mortgage daddiy podcast so we should touch on
mortgages for a couple minutes here and there um so a couple things that we uh we want to go over is one of the big
questions that I get all the time I know you get it because we’re in the mortgage business um what’s the difference
between wholesale and Retail mortgage broker loan officer at a retail location
we get that all the time from your perspective what is the biggest difference between wholesale and Retail
lending on options and speed would be the two biggest ones that jump to my mind yeah absolutely I think the more uh
the options we have an array of options I mean how many investors do we have that we can send loans to I mean signed
up with probably over how many could we get signed up with if we needed a special outlet for
something different it’s endless we get called every day to sign up so I think a lot of people don’t understand on what
what that actually means is mortgages are very gray I guess it’s not black and
white which pretty much means everybody I mean there’s guidelines but at the same time it’s opinionated in certain
aspects of it and not every investor likes a certain type of income or likes a certain file for whatever reason so we
have those options to go to multiple investors and I think what a lot of people homeowners people in the in the
industry looking for Outlets is I came from retail big long history of retail
years of retail experience before really diving in Full full til into the
uh the wholesale side I think one of the biggest things for me were the options
but at the same time when I was on the the retail side everybody feels like you lose control when you’re on the broker
side and the wholesale Channel what I found out was we deal with the largest
wholesale lender in the country yeah but we can take any of the the investors we deal with right so let’s say we have
right now signed up we have options probably get to or what I really find cool about having
those options are if Bank investor a does not really have an appetite for
that type of and the underwriter is giving you a hard time when I was on the retail side I had one go-to underr for
every file FHA conventional VA reverse it was didn’t matter what it was that underwriter was was licensed and uh had
the background and the qualifications to do that on the wholesale side like you said it’s a lot of gray area right so
one investor might be only like a paper they want to deal with a or FHA
FICO score we have some investors mindboggling to me that will go down to a f score so we have the ability
to take that FICO score it’s a good file they deserve to buy a home they’ve done it their FICO score has been nicked
up for a couple late payments here it could be things years ago right so I really like the fact that even at any of
these investors there’s not five
Underwriters on staff I don’t want to speak for them because I don’t know the exact number but uh WM must have a thousand
Underwriters F call we’ll go on the low side underrates you got Plaza EPM a lot of these other investors that
we deal with Penny Mac they have hundreds of Underwriters so you’re not going to get the same underwriter over
and over again unless you really like them then you you deal with them directly what I’m getting at is there’s
options to close that FICO score that I couldn’t close when I was working retail but I also have better rates on
those loans because of the layers of managing right so when I was in the retail
environment um it took me time to get the exception we called it an exception now in the broker side we every one of
our loan officers can make a decision themselves on if they’re going to move forward with the that loan how
they’re going to do it where they’re going to send it what investor when I was on the retail side I had three four five Underwriters that I could go to so
if one underwriter didn’t like that loan it was a dead loan now we can package it up sell it bring it over to somebody
else they really have an appetite for that loan because that’s what they specialize in lower fight go scores non
qm I think that’s really the thing because if you don’t have a great relationship you’re amazing at the
relationship that you’ve built you’ve only known the Wholesales channel right you’ve never never tasted the retail and
I’m a little jealous of that because I wish I never was on the retail side because once you come on the wholesale side you just can’t go back like there I
would get out of the mortgage business I’d probably become a financial planner a real estate agent construction flip
houses we’ve talked about that in previous episodes um um what if you don’t have a great
relationship with that underwear we have loan officers everybody does that you know they Bute heads with an underwriter
they have a tough file they go back and forth on this side we can just package
it up and send it to somebody else they don’t have to go back to that underwriter for the next loans that they decide to close because we have the
outlets if you piss off your underwriter on the retail side or that group or that pot of four five Underwriters maybe
they have they all talk to each other we’re saying it’s a whole different company that’s one of the big reasons
and then the layers of management so everybody comes to me they’re like well why can you say your rates are better
well I don’t know I was on the retail side and when I need an exception for to get a better rate to get a pricing
exception uh A lender credit maybe the maybe the borrower sure $to close
there’s some wiggle room we can we can give them the $lend of credit make that
work I always break it down to people I’m recruiting on the retail side to say okay you’re a branch manager
at retail location you’re making a little bit of an override on the team that’s below you great love it I I I’ve
been there but then you have non-producing so people are not staff
your bosses your managers not producing the only way mortgage companies make money is to originate loans are those
guys making a lot of money you think I mean they drive fast cars nice watch they go on vacations they probably have
nice watches I’m guessing I mean I think they all do you know I bet you if you looked most of those guys are in that
this sky’s the limit I not bringing in a dollar not bringing in a dollar managing so the question becomes when
I’m sitting with these guys is who’s paying that guy’s salary oh you are
because you guys are a reain the loans which is fine I’m glad that there’s Management in place to do that but then
I found out there’s like four or five layers and those are only on Regional siiz players right so then I spent about
days at one lender in between yeah who’s counting that was my contract was for exactly one year I gave it a little
buffer in case there was a leap you or anything in there in case you missed the day yeah I didn’t want to have to pay back that sign on bonus that’s a great
tool too right so a lot of the retail lenders also offer sign on bonuses when you come over who’s paying for that it’s
crazy I got I mean you know you and I have talked about it I got recruited pretty heavily a couple years ago I got
thrown some serious money I mean I don’t want to air it out but it’s not six figures we’re talking about right maybe
it it was seven figures right to take a sign on bonus to go to another company but I sat there and I’m like how is this
possible like I I know what a loan brings in roughly to a company been running it with you for quite a while
I’m like how is this possible the only way is the consumer is going to pay for that in the rate in the rate in the
option branches are closing Underwriters they’re cutting down Staffing they’re cutting down assistance we really
haven’t had to do that no we’ve we we’ve gone through I mean we’ve we’ve definitely gone through the last
months and there were people that we had to lay off because the volume wasn’t
there it was an operation side um but it was two people three people four people
it it it it sucks right I can’t imagine still being on that retail side and watching an entire department just
vanish right um and that’s like all you know yeah too so you know we know say
one of our investors closed it would it would suck but it’s really not stopping us yep you lose your team or your
Regional team and now all of a sudden you’re dealing with the West Coast team or you’re dealing with whatever somebody
else or somebody else comes in what if they get bought out you’re just at the mercy of you’re not in control at the
end of the day and that’s what people don’t understand because they think it’s us that are not in control we are way more in control with what we want to do
with a file how quickly we want to close it where we want to go with it you you
touched on so many great points that I want to like back it up a little bit just hit the and you hit it perfectly but there’s
so much more to the consumer that they need to understand about all everything you just said because just from start
with a pre-approval right you go to some bank to get a pre-approval and maybe
they tell you you approve for a conventional loan for that bank doesn’t even have government loans yeah
so now if you know what you’re doing or your realtor knows what they’re doing and they say well
you know you can only get approved for that’s not really enough you really need to be higher maybe you could talk to Mike now you got to go do
another credit check now you got to do all the work again so we can take that one application that one credit PLL which
most of the time we start with a soft poll anyway so it’s not even hurting somebody’s credit but even if we had to do a hard one credit pull and we can
look at different investors to figure out one best fit who yes who’s the best
fit for your loan also who’s the best pricing what people don’t understand is there is such a difference in rates
especially especially when you start getting into the lower FICO scores in government pricing and the retail side
that’s where they make all their money yeah I mean listen we both close a lot of loans yeah if you close a a
consumer’s loan they come to you and you don’t have one two three five eight
layers of management what do you think the president of that mortgage company that
has a themployees all the Underwriters how many Underwriters do we have on staff on the broker side zero
guys zero so an average underwriter let’s say they I don’t know how much an average under makes to I
say how they getting paid the production so on the broker model and this is why I stand for all
Brokers Nationwide um it it’s amazing the Brotherhood of the broker Community
everybody thinks that oh my God I’m going to go and I’m going to I’m going to open up a broker shop I’m going to be off on my own little island two
employees three three loan officers together you have tens of thousands of mortgage brokers around that are willing
to pick you up help you out I’m working with uh a good friend of mine Chuck up in Maine love Chuck Chuck’s a beast
called me up he’s like what do you think about the the broker world I’m like Chuck I don’t know why you’ve waited this long he went through the process
got licensed just texted me a little while ago I haven’t even opened the text so Chuck when you look at this and next
week don’t don’t be upset um I’ll get back to you buddy I think he’s going down to uh aim you’re going right yeah
he’s going to main over to um to WM live Mich he was I was talking the other day and he was saying his his drive cuz he’s
like deep deep in Maine his drive to the airport is longer than the flight to to Michigan yeah he lives in deep deep I
wanted to say a couple he got killed like four where four feet of snow the other day when I was talking to him but
no way I mean going back to your point though you know he jumped over he met a couple people he met you which turned into me meeting me we helped him out we
don’t make any money on if Chuck closes alone or doesn’t close alone but we think he’s doing a good thing and just
like everybody took you under their wing or us under their wing when we started off to show us the way because how else
are you going to figure it out you know what investor should you sign up with who should you use for this how do you go about remember what we were doing
disclosing loans when we first started like way overboard because we just didn’t know scared hundreds and I mean
the amount of paper that we went through for no reason just a cost because you were scared you didn’t know there’s so
many I feel like even more now years down the line there’s way more built up I mean you can go to the website for aim
or you can go to so many different you can just get everything you need right there you know what company should you
use for your application system what a company should you use for your losos what company should you use you know to try to get signed up with the these
companies have a proven track record and they’ve negotiated the pricing to make it affordable for that independent
program oh my God how much cheaper was Con Ed doing it through uh WM it was
like I want to say a tenth of of what the C and that’s expensive yeah it was crazy it’s crazy but that’s the
misconception that’s out there it’s like oh I work at XYZ retail all right awesome like who’s paying right I I I
always want to go back to this when I’m out on a recruiting appointment I’m like who’s paying for the who’s who’s paying
for that President who’s not originated alone potentially in his life he’s a great manager he’s built something but
he’s got four or five layers of a quar million dollar just use an average sale quarter million let’s say there’s only
three layers $that is being passed on to the consumer as opposed to calling a
mortgage broker a local mortgage broker somebody that’s referred to everything I do in my
life I call to get a referral I’ll call you and say hey you got a good electrician no I don’t really have one
bam I’m calling the next person that I trust right I suggest everybody that listens to us I’m not not saying call
Milestone Mortgage Solutions uh but you probably should I mean the mortgage
daddiy are where it’s at uh but all kidding aside reach out to a mortgage broker right like we want the community
of mortgage brokers to keep growing I think that the numbers at like %
market share um I want to see that grow to % % because at the end of the day
it’s helping the consumer that person you talked to about the pre-approval I want to get back to that because I know
where you’re going with that the bank approved them for they come they call you so now they call us we have to
check everything again go through all the work sometimes it’s oh they didn’t even ask me for any of this stuff why are you asking for this not getting a
good pre-approval but that’s besides the point but now we take that one application and I can shop that out to different investors to get you the
best rate to get you the most pre-approval that you need does it cost them to do anything and it doesn’t cost them a dollar no application fee zero I
saw an application fee somebody with some people do yeah are yeah they I mean credit reports are expensive but we
don’t do that because you know I think the way that we operate here we don’t need to do that because we do I think a
good job we provide a good service to a good education to them and by doing all
of that there there’s really nothing else that needs to be done they’re going to call us back because we spent the time to educate them to teach them to
show them all their different options and now you don’t have to go and get told from One bank and from
this bank because you know you can do it FHA loan and you could go up higher cuz your credit wasn’t that great and your
debts were high you know I’ve had those conversations with people where they were referred to me as a second opinion
from a realtor luckily they had a realtor that would take that effort into show them because they didn’t want to
buy that $house but they went to a credit union or they went to a bank that only did conventional and they
never told them they never said anything to them about it so they called me their pre-approval was they’re closing on
a house actually but they just went under contract awesome closing on a house in a couple of weeks and their
pre-approval was like it was something crazy like $$more because the bank had strict overlays on credit
strict overlays on the DTI and only conventional programs what a lot of places don’t understand is you could
take a list of different lenders they all could have different guidelines on how much they will allow to lend on
with certain credit scores so when you’re talking about different buckets not only is pricing huge you know we
could take the same I’ll use credit score credit score for example we can price that out at five or six
different one of our investors nobody’s going to be the same on something like that one of them could be th tens of
thousands of dollars less than another because appetite right they have an
appetite for this so that’s what they want to do so we have access to all this so am I going to take your loan and send it to this company that’s going to
charge you tens of thousands of dollars in points to get onto the rate sheet or have a really high rate no we don’t what
people don’t understand is we don’t make more money on which investor we send you to no the same so it doesn’t matter so
all we want to do is figure out how do we get you the best rate the best program because we work off of what
referrals so when we do a good job and we make you happy and we educate you on why you’re going to keep coming back and
that’s going to keep spreading and that’s how we build our business and hopefully they refer their family their friends their colleagues like that’s how
the broker Community builds their business we don’t have the marketing dollars or advertising dollars to go out
there no we’re not going to be on the back of an MLB you know we’re not naming stadiums loan loan Depot yeah you know
big massive company on the back of who’s paying for that baseball field stadiums
and license and what happened they just closed down their entire wholesale side not too long ago so you’re working at a
place like that and all a sudden they shut down you’re gone you don’t have a job you’re scrambling along with everybody else we’re never going to be
out of a job never I I don’t because we’re always going to have different investors that we can use different
lenders that we can use whatever the options are we’re always going to have these these availabilities and it’s
really just I I feel like it’s just like it’s spreading the word getting people to actually understand this and believe
it because it’s the numbers are there it’s true it’s just getting people to actually understand it because they get
so F if you’re working at a retail I sat with retail people and I’ve heard you talk about it dude they talk the polar
opposite but the numbers aren’t there they’re just saying this because they want you to stay there there well they
offer you the money which I’m listen I took a one-year contract with sign money
to stay and hang out with you and uh and buy pants together and I’ve told you they are pretty comfy pants
um luckily I was able to and I didn’t know any better I just got lucky that it was a one-year contract like deep down I
knew I couldn’t give up more than a year because after a year that was the worst
days of my professional life what happened to your business
it went down because I couldn’t deliver and the real estate Community is very
intelligent and the word spreads like wildfire um and the bad word it always spreads spreads way faster and guess
what if you can’t back it up you could do deals in a row with no issues you have one bad deal especially maybe with
an office that you don’t have the best relationship with because you don’t work with them good luck getting an offer accepted in that office again and why my
business along with that really was the underwriting right oh the underwriter doesn’t like this okay what does that
what does that home buyer do they’re going to call somebody else they’re going to call hopefully a mortgage broker at this point they closed that
loan you lost all of that trust that you had with that agent they don’t
understand the consumer or even the Realtors don’t necessarily understand the difference in guidelines so yeah
sometimes a different you know one investor will do it and another one won’t luckily we have we’re on the side where we have all those investors so
that doesn’t happen to us a lot but I can dude I could not imagine being on the other side and that was like the
number one fear of mine was because I have a lot of Pride and making sure if I
say a deal is going to get done it’s going to get done and then if I had that I I don’t think I would have lasted
days had two under riters that you could send your deals to and then you’re fighting the layers of you can only yell and scream so much before it’s it’s
working in the opposite shut down right like I almost just shut it down luckily I was in a place where it it is what it
is it’s over with thank God that’s out of bit but we now have their office though yeah yeah I mean I’m not I’m not
crazy like that at all everybody who knows me pretty well like I might have came into the office and I took that
office and then blew it out on the backside that is funny though to me that
that’s right there is where where you sat for days yeah I mean listen I
like the guy and the team that I worked with they were great people but at the end of the day I knew I needed a change
right I I I wish them all the best I felt really bad about leaving right right because you don’t want to make a commitment and say Hey listen I’m going
to be a Die Hard guy for the company and then just bail out but my business I had
business partners that I’d worked with for years calling me up saying I just closed this loan with somebody
else and I’m looking at the loan i’ closed this loan every single time every day non-stop you’re that doesn’t want it
and I didn’t have Outlets to go somewhere else and Shop it anywhere else I had that one underwriter or two Underwriters they had a bad day their
Main [ __ ] cat ran off and uh sh ofs right got to take care of the cats
um but the other piece really that that really killed me was everybody the communication coming from
the loan officer is only as good as as fast as we can get it right so if you have an underwriter looking at a file
within hours of receiving that file and you have an answer on it you have kind of where to go it was taken five
seven eight days to get a just yeah we’re going to move forward with this one it’s approved it’s got condition on
it we’re going to we’re going to close it that was like I mean I know we’ve talked about this the pit in your
stomach knowing that somebody is scheduling movers sleep at night it it it it was bananas so um because
everything’s last minute when it takes too long like what you what you’re getting at right now is the time frame
of how quickly we can close a loan versus a bank or a retail lender and
granted if things are slow anybody can close a loan quickly with reason but when things pick up which happens in the
spring in the summer rates come down things pick up our turn times don’t change no because they’re staffed and
they’re equipped and on the broker side it it’s only growing so you know a lot of our partners all of them across on
the most of them in the wholesale side have been hiring over the last to months they’re preparing for when the
rates hit six and a quarter five and a half they’re ready to go the
technology on the broker side that was a big concern for me when I was coming over because you start drinking the
Kool-Aid right like all the technology here this system cost hundreds of
millions of dollars and it’s all proprietary and I’m like I could buy the same system for like a lot of systems
$a month right like come on guys I think you could literally buy every Tech
stack you need to get in business for really no upfront cost no it’s just
monthly subscriptions yeah I mean they lock you in a contract like anything else but like at the end of the day
months I spent months losing half my business and the problem is after I came back on the broker
side I had to get back into aame right like I had to flip that switch and say
I’m going back out like I did when almost like when you first start right I was starting over I had lost some
relationships they understood but then I’m going back out reselling myself reselling the broker Channel and five
six years ago the broker channel was not what it is today right I mean we did not have Market sh I remember when we
started you you talked to Realtors and they’re like who who’s who’s Milestone oh broker like anybody is going to say
something to try to tear you down cuz you’re going against them now you’re going so you’re you’re going the other direction they’re trying to stay and
they’re trying to push what they want down everybody’s throats but at the end of the day I think after a few years I
don’t think it took a few years but now definitely after five years it goes to show and everybody knows it that well
now you call Milestone when you want to get something done or you call a broker because they have more options going to a bank or going to One retail lender is
not necessarily the best option for everybody how many times have you gotten a no or the rates are too high after you
get it into the bank and you just switch it to another investor because the rates went down so you call the consumer the
home buyer and you’re like Hey listen I locked you in two weeks ago at % rates
went down we’re at six and a half I’m going to move it to this investor there’s no cost to you I just need you to sign your initial disclosures for the
new investor and and oh by the way they’re nervous because they’re like hey we’re closing in and a half weeks we’re like two and a half weeks we’re
good we have the appraisal we’re transfering everything over same credit report like you said the files approved
in a day or two we already have everything it’s probably cleared to close in less than a week and you got
them a better rate when I was on the retail side I used to uh now I get super excited I know you do everybody on the
broker side gets excited when you see the email come in or you get a text on your phone rates decreasing rates going
down because we know that when I was on the retail side if I locked the loan at % and the rate went to six I didn’t
have that loan anymore I couldn’t renegotiate that lock I couldn’t float it down to six without having it be a
cost of the bar now we just package it up we can either renegotiate that with the the current investor or we say hey
current investor we’re just going to move it to this investor who’s going to give us the % rate whatever it is at that move it over and it’s closed those
are advantages where we don’t lose the loan lose the client and there’s no inconvenience for that cons consumer I
remember being a consumer buy my first house same thing going back to to the original conversation about the pre-approval side of it why are you
going to call somebody who can only check one or two options for you you don’t know what you’re I mean unless you’re % positive on your situation
you have a really good knowledge of mortgages and what you qualify for and what exactly you want I you’re probably
going to have to possibly go to multiple places I in you go to one place I don’t know what the number is I’m I’m going to
actually look into this the number of people are either firsttime home buyers they’re buying like their first second
or third home because they’re not that mortgage Savvy right like they might think they are but there’s a lot in the
background that people just don’t understand I feel like after you bought your fifth or sixth house even if it’s only your primary but you’re years
old you moved five or six different times you’ve closed on those loans you have a pretty good idea of the process and how it
goes those poor people that are just starting off I don’t want to see them
because I was them before I got in the mortgage business of getting beat on my mortgage Ag and I’m like this isn’t what
I signed up for at the beginning and nope sorry you’re done you got to close thousands and thousands and thousands of
dollars worth of costs it’s amazing I did a loan we’ll wrap this up with one last Quick story but I did a loan once
or I got a loan that was sent over to me it was one of my wife’s friends a few
years back and you know she didn’t originally want to use me because I knew her personal financial stuff and I and I
get that but she got the paperwork and you know she’s talking to a retail Place one of the largest retail place places
around and she gets the paperwork you know nobody really explain it very well to her nobody to really you know thinks
the rate’s okay but not really sure paying a ton of money and closing costs but nobody explains it she doesn’t
really know why like the conversation I had with her is she doesn’t know what she’s getting I take a look at this
thing and not only did we get her almost a full percentage Point lower on the interest rate her closing costs were
$less because they were charging that much in points to give her a higher rate because of exactly what you started
this conversation with how much has stepped into that and it was the exact it’s the same loan for me it was an FHA
loan y for her for him and for me it was the same thing but that is crazy it was
mindboggling to me mindboggling much of it all the time day every day at the end
of the day when I look at these people uh when I’m out recruiting retail loan officers how does your boss get
paid and maybe not him let’s not worry about him but what about the four or five bosses that I had at that that one
location right I I never met the president of the of of that place it was it was it was a national company there’s
layers and layers not one of them is bringing dollars into the company they’re not originating loans they’re not doing anything to make money but
they have all these expenses and they’re all making a real lot of money that’s when I sat back and I just looked I’m
like how do we stop this and give Empower I like to use that word Empower
empower power every loan officer at Milestone does not need to come to Craig Snell and say hey do you think we can move this file over to a different
investor I need to do this no we empower the loan officers to make the decision
that’s right for the consumer and right for them right if if they feel comfortable go nuts like just close it
up that’s close the deal make the consumer happy I think it’s almost a
little archaic I guess I would say you know the retail side of the business it
I think over the years are going to keep seeing that number from % where it is now to continue to move up and up and
up because of all of those reasons it just doesn’t really make sense when it boils down to the loan office it makes
sense for the management people it does not make sense for the loan officer and it doesn’t make sense for the consumer
social media technology use word archaic those things in place they
either have adopted and still want to still make the same money that they were making before but those tools that we
have in place cut a lot of the cost out of the loan so we can speed it up it’s
less cost costly for us to origin alone than it would be somebody over there it doesn’t make sense I don’t understand
because I’m on this side so I get it and uh any of our retail loan officers that want to come on the podcast and preach
your case like I’m all for it like I love to go back and forth some of my best friends in the industry work at
retail you slowly but surely Chuck being one of them they’re going to come over because the only reason that’s that that
I always hear why they didn’t they all say one thing I wish I did this
sooner and two they just they’re scared because I drank the
Kool-Aid I I did it myself like hey I’m scared I don’t know about underwriting I don’t know about control I’m going to lose everything like you got a lot of
people that make a lot of money that wear a lot nicer clothes than you that drive a lot nicer cars and houses that
are telling you not to do it I mean that’s just kind of how it goes you end up listening to people but hopefully
this was an informative podcast you know a little bit more about mortgages this time which I think we could go on for
probably hours and I think this topic will come up numerous times uh moving forward but I think that was a good
little tip of the iceberg about what the differences are and if you guys have any questions you know feel free to reach
out to us and drop in the comments and we’ll talk about them uh on the next show absolutely hopefully we can open
the next show with some of the comments and questions you guys might as opposed to read some of these daddy jokes daddy
jokes morgage daddy jokes all right guys have a good one
later