What would you do with a million dollars? Don’t laugh. It’s a serious question. Because when you find the right lending partner, your mortgage branch manager salary could be just that. Okay, not everyone will cash in that big, but everyone certainly has the potential to. No matter what ends up on your W-2, it’s likely to dwarf whatever number shows up now. This isn’t a grandiose claim filled with hot air, either.
You can compare your pricing side-by-side with what you could make at MortgageRight. But first, let’s dive into how you might reach that million-dollar mark.
Trade “Success Taxes” for Just Success
It starts with the right culture. Chances are your current gig skews corporate — many lending environments do. Lots of layers, pointless middle management, red tape serving as the main office accessory. Sound familiar? If you’re going to up your mortgage branch manager salary, you’ve got to break free from these handcuffs. MortgageRight offers its partners true support while giving you complete autonomy over your business.
No more “success taxes” or siphoned-off earnings, leaving you with far less compensation than you deserve. You get to set your compensation level and keep the money you make. And it’s not just about your salary, it’s about your team’s too. Setting fair compensation for your employees pays off in loyalty, motivation, and business success.
Success taxes aren’t the only unnecessary expense holding you back from a killer mortgage branch manager salary. There are plenty of other line items you may or may not realize cut into your profits:
- Padded feesthat are added to pricing structures for basically no reason increase costs for you and the borrower (you’ll see this clearly when you compare your pricing).
- Non-producing middle managementwhose salaries and bonuses are funded by the very profits you bring in (not to mention, what do they even do all day?).
- Excessive marketing and tech costson campaigns and the newest shiny software, neither of which offer a significant return on investment or directly support your business (yet you are the one to pay for it).
- Inflated compliance or legal coststhat are disproportionately high or poorly managed once again add to your operating costs without adding value.
- Unjustified rate hikesimposed by the higher-ups to preserve profit margins, leaving you to take a pay cut or pass costs onto (unhappy) clients.
- Redundant corporate programsthat serve no purpose for you but still have to be funded by the branch.
- Administrative costs are pointless paperwork or processes that could be streamlined or automated for efficiency and savings.
The list could probably go on longer, but it’s important to get to the part where you compare your pricing because that’s stone-cold proof you simply can’t argue with.
Make Your Million with a Profit and Loss Model
You can set your own compensation and call the shots when your branch operates on a true Profit and Loss (P&L) model — which MortgageRight does. What does that mean? You have direct control over the financial aspects of your business. You set the rates.
You control expenses. You keep the profits. It’s easier to do when you have a transparent system with access to real-time financial data to track everything directly, without hidden fees or arbitrary deductions. The greater your performance, the greater your income. Let’s look at two scenarios.
Scenario one. You sit tight and stay at Bland Corporate Lending where you face a 25 basis point (bps) rate increase because of corporate expenses. You’re forced to choose between reducing your commission or passing the cost on to your client. Sounds like a lose-lose.
Scenario two. You start a new opportunity with a company like MortgageRight and don’t need to raise rates by 25 bps to cover corporate expenses — because they don’t exist. That means you can continue to offer your clients more competitive rates without taking a hit to your commission.
The choice is a no-brainer — even before you compare your pricing.
So, let’s touch on that for a minute (because, let’s be honest, that’s why we’re all here). The bottom line is you get better pricing compared to many other lending institutions. The 40-60 basis points savings on conventional loans and 75-100 bps savings on government-backed loans reflect the lower markup MortgageRight applies compared to its competitors.
Things are starting to sound like a broken record, but these lower rates can be the difference between closing a deal or losing a client to another lender. With better pricing, you can attract more business.
For a $300,000 conventional loan, a 50 bps difference would translate to a lower interest rate, potentially saving the borrower around $1,500 in interest payments over just one year. The savings are even greater for a government-backed loan, like FHA or VA loans, where the difference can be up to 100 bps. So, you end up looking like a lending hero in the eyes of your clients.
In addition to transparent pricing, fast turnaround times will separate you from the lending pack. Imagine offering clients 24-48 hour results for underwrites when the average time is five to ten days.
With a dedicated, well-staffed underwriting team at your disposal, you can meet deadlines most only dream of. Remember that lean business model that cuts out unnecessary layers of middle management? That trimmed fat also makes loan processing more efficient and streamlined, reducing delays due to someone wanting to “weigh in” or “put their mark on it.”
A Tech Stack that Stacks Up
Back to that 1 million dollars — one of the ways in which you can up your mortgage branch manager salary is through a top-notch tech stack. Chances are, you’re currently saddled with a large, legacy system that’s overbuilt to meet the broad needs of everyone instead of the specific needs of loan officers.
From training to troubleshooting, the administrative burden of dealing with these systems is a major time suck. And lost time equals lost profits. Perhaps you’re stuck in the Stone Ages dealing with manual processes using tools like spreadsheets and paper documents — how retro! It’s time to move into the modern era of lending and up your game with a partner who offers technology that can keep up.
You’ll have access to more automation than you ever thought possible. From the loan application process and customer relationship management (CRM) system to integrated marketing tools and real-time reporting and analytics, MortgageRight’s tech stack is loan officer-centric, lean, and customizable. It’s digitization at its best, so you can be at your best for clients 100% of the time.
Compare Your Pricing
Now is the moment you’ve been waiting for. It’s truth-telling time. Let’s compare your pricing. This tool will help you assess your current rates and pricing structures against what MortgageRight can offer. The process is easy:
- Give the deets about your deal.Provide property info, the buyer’s FICO score, whether it’s their first home, what state the property’s in, and a few other specifics.
- Let the tool go to work.You’ll see how your pricing stands up to MortgageRight’s. It’s a true peek behind the curtain of what could be.
- Call your boss and quit.It’ll be the only logical next step when you realize how much more you could be earning.
That million-dollar salary is closer than you think. Are you ready to go after it?
