article thumbnail

NEXA to give 100% of commission split to loan officers 

Housing Wire

will pay its loan officers 100% of the commission splits “without any per-file fees or other hidden fees,” according to co-founder and CEO Mike Kortas. NEXA usually pays loan officers 220 basis points (bps) out of 275 bps on most loans. NEXA Mortgage , the largest mortgage brokerage firm in the U.S.,

article thumbnail

AI Demo Day: Polly/™ AI: AI-powered copilot for loan officers

Housing Wire

Polly/ AI: AI-powered copilot for loan officers Fueled by Polly’s proprietary technology and data, Polly/ AI leverages powerful, state-of-the-art AI/ML and natural language processing (NLP) to transform the way loan officers conduct business and provide consumers with superior mortgage products and prices.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

New American Funding onboards top Chicago loan officer 

Housing Wire

New American Funding (NAF) has snagged top Chicago loan officer Larry Steinway as it looks to grow its presence in the Chicagoland area. billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area.

article thumbnail

Loan officers are dramatically cutting their pay to win clients. It’s often illegal. 

Housing Wire

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. After Mike paid his loan officer assistant, he was clearing just 40 bps. The lower comp rate stung. Still, it was better than nothing.

article thumbnail

Book authors want loan officers to have an edge in a highly competitive market

Housing Wire

From leveraging the latest in artificial intelligence (AI) and digital marketing to mastering financial literacy, mortgage and real estate professionals have come together to provide these skills to loan officers in a new book titled, “Rethink Everything: You ‘Know’ About Being A Next-Gen Loan Officer.”

article thumbnail

“Last night, my Uber driver was a loan officer.”

Housing Wire

Garth Graham, senior partner and manager of merger and acquisition activities for the Stratmor Group , said many of the layoffs in the IMB industry so far have involved employees working in support positions, with loan officer jobs being the last to be jettisoned. Charting the loan officer exit.

article thumbnail

Mortgage rates are the highest they’ve been this year. Did loan officers expect this?

Housing Wire

Many investors had expected the Fed to cut benchmark rates as early as March, and loan officers had hoped to see a decline in mortgage rates that tend to move in tandem with long-term yields. What I tell all loan officers, no matter who I talk to, is that there’s no foreclosure crisis coming on the horizon,” Saghafi said.