The program is designed for net branches and branch companies to earn higher BPS while selling at lower rates, which should and often translates to faster closing loans.
New York City, NY – Mortgage Right has a program that is designed “by producers for producers” in the words of the company. The program gives net branches, and branch companies access to much better pricing, allowing them to win more deals and offer better rates to clients, essentially translating to helping them earn more money. In addition, a net branch will get more deals, making it a win-win ecosystem.
Normally in the mortgage industry, branch managers and loan managers are either paid a higher BPS and sell at higher rates or get much lower commission spilt if they sell at lower rates. Branch companies have had to operate using this basic methodology.
While some companies were offering attractive rates to increase sales, they were in turn, paying the salespeople peanuts. Other net branches probably offered a slightly better deal with a higher comp, but the rates were so high that selling was challenging, often at the cost of disgruntled customers and a lack of referral sources. So, producers would need to earn the money twice. The first time by getting the loan and then again by paying what’s called a “success tax” after they brought it in. However, Mortgage Right says that it does not have to be one or the other.
Readers can find out more about Mortgage Right by visiting the company’s website at https://branchright.com.
“Honestly, we didn’t buy into this practice. At the end, it always means that the company is profitable, but the producer who does the hardest work gets the least amount of money. So, they had to be a better way. That led to the creation and launch of our origination platform that gave branch managers who produced the best of both. Back then, we were called crazy and were predicted to go bankrupt soon,” said a representative for Mortgage Right.
She added, “But we proved them wrong, and with it, we now offer higher comp and lower rates.”
About Mortgage Right
Mortgage Right is best known as the company that turned the mortgage industry on its head by offering producers a fair deal. The company’s program is created by produces and for producers.
SOURCE: Press Advantage [Link]
MortgageRight is entering the next phase of it’s roll-out plan. Currently positioned as one of the nations top 100 lenders, we are now taking an already successful and proven branching model onto a much larger stage nationwide
May 20, 2022 – Mortgage Right, Promises To Improve Income For Net Branches
March 21, 2022 – MortgageRight Explains Net Branch Mortgages