Are you an AE, an LO, or an UW?

Quixote · Joined: 28 Jan 2005 Posts: 60 Location: Southern California

David wrote: Ok, LO is Loan Officer and UW is underwriter. What is AE? AE = Account Executive (like Me).

Out of respect for TOS, I have posted my niches in the Advertising Forum and will not repeat them here.

Tom

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

Thanks for reading and respecting the TOS. Maybe you are could candidate for a Moderator position. :idea: :D

You are welcome to post a link to your site in your signature. The main thing that we are trying to prevent is people posting ads in forums meant for serious discussion.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Could candidate???

So David, what do I need to do to get a mod position eh? Send ya a check?

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

I just want people to help keep good, quality loan talk going. If anyone is interested, just let me know. It's not so much that we need someone to "moderate" all that much. It's more that we need someone who will help create and encourage interesting topics in the Loan Talk area.

Mac · Joined: 04 Feb 2005 Posts: 276 Location: Knightdale, NC

Nikko, to answer your initial question I am an AE for the same company that I started as an LO for 8 1/2 years ago. Our wholesale side works under a different name but it is still the same company.

I worked as a 100% commissioned LO for 11 months in Wilmington, NC was promoted to Assistant Vice President and made branch manager in Raleigh, NC. I did that for 7 years when I was asked to move to wholesale as an Account Executive to capitalize on the network of various brokers I knew.

As a branch manager with this company, I rarely originated loans. I gave my referrals to my LOs and assisted them in placing and closing their loans. Usually trained the LO from scratch. I even hired the pizza boy once. He was an outstanding LO at 19 years old.

Professional Mortgage Man · Joined: 30 Jan 2005 Posts: 56 Location: Heartland USA

Nikko:

I have been a producing loan originator for 22 years..this is all I have done since graduating with a 3.94 GPA Finance degree in 1981.

I was working for Beneficial Finance while in my senior year as a CSR and with my degree done I was a 21 year old "manager at large" ....after I passed their "Fast Track" training program..( I think a Monkey could pass that program..)I was relieving offices around the Midwest until they could find an office for me.....I did that gig for about a year..lots of nice ladies in every office to play with...oh yeah baby! :wink:

Then I smelled adventure and more greenbacks as a regional midwest mortgage banker for 2 years..an old Finance manager lured me over...(all I did were refis..no Realtors at all..leads.. from the grantee/grantor courthouse books..rates were high after Reagan's term.....I pulled 6 figure salary yearly..easy on commission......I would come in later in the day and call maybe over 50 people a day...take 10 apps for processing to mess with.....like shooting fish in a barrel.....I called at night till 9:00 pm..M to Th...only..never weekends...old Proman had to play.....I started dating a babe who worked at the local title company,so she could pull the leads for me...(this was pre-computers...) ..and enjoyed life after nine till the wee hours of the morning..then do it all over again....fun times....lot's of lost weekends...in LA,NY and Chi-town...:wink:

Then I was headhunted to manage the mortgage department of a local Savings and Loan for about 3 years....(that dates me!) :roll: took a cut in pay,but had the 3 piece suit,sports car,time share in Hawaii and settled down and got married..started a family...did....what my parents wanted...they were so proud.. :wink: I thought I had to be secure...then the S and L crises hit...yikes.....I'm outta here,pal....

...Norwest Mortgage was paying top dollar 75% splits plus big base salary with their low mortgage rates,fast underwriting and a big monthly expense account to play with the Realtors.....so I went with the headhunter who was after me for about a year.....she was aggressive and cute..yeah baby!..I started as a SVP for a few months.. ..then they promoted me to manage 35 Loan Officers and I still closed 60 million a year.....oh yeah baby! I was smok'in.....(my secret was that I got in with builders and corporate bankers. I did $400K plus new construction loans,some refi's ...then I would double pop the construction loans with the end out loan..so it counted twice....as well as my commission....and I had two of the best processors that walked the earth.....)..sweet Jesus.....made my first million by age 30..Norwest had me on speaking tours to motivate their monkeys....egads...I was part of the establishment.......then Norwest started to get "funky" ... :wink:

So...I said see ya putzes...slaped them in the face......and I opened my first company with two old experienced mortgage men as partners in 1994..I was the marketing,PR and youth of the place....we were pioneering subprime as a sideline only...we had in house underwriting..the works....we were selling loans to private rich investors or local small credit unions or small banks...then branched out to national banks..it was exciting....I made more money on the subprime sideline and cranked it up to high for a few years........then...a partner died suddenly and I was in the middle of a divorce with a kid and a bi-polar wife....eeesh!....so I sold my company share for 6 figures...and moved to where I am now..she wanted to be close to her roots with the kid....so I followed....the good nice guy/dad role.....I never regretted it.....my kid is 14 now ...popular,athletic,straight A and cute...I will take full credit for all of this.. :wink:

I started my second company in 1996 in my new city... and watched it grow. Traveled fro fun quite a bit with the finest quality cuts I could find...I pioneered Internet leads in 1997...I was the first client of many of many lead companies..so I cut deals and locked my price per lead fro life.......and boy am I glad.....$5 bucks a lead vs $30 bucks is sweet....Then I had an offer to sell my company for a nice chunk of jack.....so I thought I retired at age 39 and traveled the world for 4 months with my new hot wife.....I got buggy, I am too young,there is more money on the table and had a friend who was not enjoying his job at the local celebrity TV nightly news crew at all....politics...his wife didn't want to relocate....so....he and his wife talked me into opening my third company with him in 12/2001 I am the CFO/CEO........and it's been amazing how this small company has taken off on just Internet leads and their referrals only.......I do very little local business,because the Internet leads are faster,easier...(the clients never meet you,so you can control the call....no 2 hour loan apps because they adore you..no drop in's with more questions and paperwork....geeesch!) and then you do not have any local politics to deal with...aka no local bi-polar bitchy Realtors who have a Lexas payment due.... :D .....I just log on and take 5 good applications a day...tell them what Realtor to use in their market..( I have pre-set up a network of Realtors all over the Midwest and Hawaii who dance when I play the song..I feed them lots of leads and buy their loyalty..I weed out the freaks...)... I take a month off each year in Europe...dine out at nice places everyday....take several 4 day weekends..here and there...life is good..ya putz....... 8)

Ciao, Proman 8)

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

Hmmmmm.....

So a lead is worth about $30?
Very cool. I can produce leads...just give me a little time.
(Then maybe I will offer my services to the highest bidder) :twisted:

Nikko · Joined: 20 Jan 2005 Posts: 536 Location: Northern CA

I offered my services to the highest bidder once. I got to keep my services, nobody bid.

PMM, your story is long, but not tiresome. Just like me.

One day I think we all would like to have that kind of success in this industry.

Professional Mortgage Man · Joined: 30 Jan 2005 Posts: 56 Location: Heartland USA

David....lets talk!... :D I could use more leads...and I have some intellectual property how to market your leads to the brokers.....fast track income for you.....and of course....Proman get's a discount.....yeah baby!. :wink:

Nikko....thanks,pal...I guess you're not too fruity... :D

Ciao,

Proman 8)

Nikko · Joined: 20 Jan 2005 Posts: 536 Location: Northern CA

ProMan, not fruity myself, but I am waiting patiently for this little "mortgage tree" to become fruitful for me. It is hard just starting out in the business. Some days I feel like a glorified telemarketer.

I need to develop a system to streamline this process. I have internet leads all over my desk, and no real organization to speak of.

I want to turn this desk and cubicle walls into the cash cow that it is supposed to be. Will keep you updated LOL

Professional Mortgage Man · Joined: 30 Jan 2005 Posts: 56 Location: Heartland USA

Nikko..email me,pal.... I teach a mortgage class once a month for people who...drumm roll please........want to make seven figures a year like the ol' Proman?......Yeah baby!

Ciao,

Proman 8)

Nikko · Joined: 20 Jan 2005 Posts: 536 Location: Northern CA

Wouldn't it just be easier to give me the money? Typical salesman... no I don't want to work, I just want to get rich quick :) Thanks PMM, I will do just that with the e-mail.

Sfr · Joined: 11 Feb 2005 Posts: 3

AMP LOAN · Joined: 10 Feb 2005 Posts: 21

AE= Account Executive

and...
Branch Manager= a$$hole

lol

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