Michael Ninomiya on LinkedIn: Want to have Broker Pricing and Comp, but work with Retail support? Clear… (2024)

Hello North Carolina!Clear 2 Close Home Loans has just added our 8th State. We also have our Texas license pending and hope to officially be in Texas by end of October. With the additional states we are or will be licensed in Florida, Georgia, SC, NC, Georgia, Tennessee, Ohio, Michigan, New Hampshire and Texas. At C2C we have a LO referral process which allows our LO’s to originate in any state we are licensed. This allows our LO’s an opportunity to increase their footprint and increase their revenues. With our Tech Stack, Operations Support, Experience in the Broker Platform, Access to Banks that most brokers do not have access to and increased footprint, C2C Home Loans has worked hard at becoming the preferred home for LO’s that want a hybrid mortgage brokerage to work with.

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The Myth…..“ I make 275 BPS on my loans”…..Fake NewsPricing competition is so sharp right now, there is no one in the industry making 275 on every loan. In fact, as a broker, even when you make 275 on a deal you have to account for overhead ( per file fee, credit, CRM, etc). The largest cost that many LO’s over look is TIME. There is no number to place on that. It is invaluable. But, if you are running sales calls, running pipelines, having to get your own CD’s balanced, basically doing everything and using your TIME, your BPS go much lower. The time spent when you do not have a team of operations people helping you simply drains an LO’s resources. It impacts both personal and work life and creates real life challenges that need to be worked through. If you find yourself thinking 🤔 about a better way. Wanting to move away from the daily grind and cost of being a one man band. We can help. We can keep you in a broker format and have operations surrounding you to help take back your time. If you’d like to have a discussion on our platform, please DM me today. Happy to setup a call to review with anyone who is looking for a better way.

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I am positive that LO’s that are brokers will get a boost from having;1) Strong Operations Team - Structured process 2) Assistance with Loan Setup and someone to help register and lock loans. 3) Ability to get answers immediately on questions4) Access to Ownership 5) Trainings and Opportunities to increase knowledge & business6) Work in an ecosystem of Loan Officers that share their knowledge. 7) Access to lenders that are simply not available to other broker shops. 8) Ability to control your CD’s and Closing Packages9) Experiencd Processors 10) Great Pricing and Max CompNotice how I listed Pricing and Comp last. That is intentional. Loan Officers often times get caught up with BPS. Your W2 is all that matters. If we can give you everything I mentioned above ⬆️ 👆 and give you and your family a quality of life, reduce your stress & make more money 💰 💴 would you be willing to have a conversation?We have several LO’s that can attest to the success of our platform. Reach out to me via DM for a discreet conversation and review. One call may change the direction of your career.

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As rates are starting to drop, it has begun to expose the same pricing issues that plague some retail mortgage formats. When everyone had rates in the 7’s, some mortgage companies could hide inflated rates because the discrepancy between 7.675 & 7.125 was not as visually offsetting by consumers/loan officers. Demand was not as much and rate shopping was not as intensive as when folks seek the best pricing on a refinance . Folks were conditioned to accept rates in the 7’s….As rates are approaching the high 5’s…. The tide moving out is exposing those companies not wearing bathing suits. This week I’ve had 2 conversations with loan officers in different platforms and the pricing was off by .75-200bps depending on loan products. Those corporate branch expenses and cost are once again creeping into the pricing and it’s causing hardship for LO’s once again. LO’s are now realizing why they were consistently getting shopped and production was decreased. You simply cannot sell 7’s with points in an environment that were other platforms are paying 200+ BPS for rates in the 6’s. The summer of love is over, and the recruiting season is upon us.

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Tough way to start the week….Do yourself a favor and do not look 👀 at your 401k today.

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Today the Fed concludes its July meeting and is widely expected to maintain its benchmark overnight interest rate in the current 5.25%-5.50% range. What the market will look for are indications that September will be the rate cut many pundits are looking for. Mortgage rates have made a nice move lower the past week and it seems the market has already factored in the anticipated rate cut. Any verbiage contrary to a rate cut will most likely cause mortgage rates to inch higher.

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Rumor Mill has Mr. Cooper purchasing Flagstar TPO. Looks like NYCB wants no part of TPO Mortgage world. Since purchasing Flagstar, they have unloaded warehouse lines to JP Morgan and First Funding, now selling TPO line and servicing to Mr Cooper. Interestingly, Mr Cooper reflected a profit last quarter solely based on their servicing portfolio. This appears to be a refi/servicing play for Mr Cooper as they continue to build their servicing portfolio.

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If you are a Broker Shop looking to consolidate and reduce costs, consider joining C2C Home Loans. We are currently holding discussions with brokerages who are thinking about consolidating. Key benefits being discussed:- Maintain your company brand/logo- Lower overhead and expenses- Remove payroll responsibilities- No Net Worth Requirements- Access to full loan closing staff and tech stack- Expand your team without financial burden-Learning and reviewing best practices and strategies with Top LO’s at C2C - Free LO coaching - LO assistant on all Conventional and VA/USDA loan. - Access to lenders like Chase, US Bank and CU’s that are not available to most brokers. C2C Home Loans is licensed in 7 states with pending licenses in Texas and NC. If you're interested in exploring consolidation opportunities, feel free to DM me today. #BrokerShop #ConsolidationOpportunity #C2CHomeLoans #FinanceIndustry #BusinessGrowth

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