We Build Dreams, not Pyramids

Confessions of an Independent Broker Pt 1

Most mortgage brokerages are little more than pyramid schemes.

I know, I’m a branch manager and am actively hiring LOs to fill my office.

So, before you call me a hypocrite, I’m conceding this and will explain our setup. Our lenders are on a split, and I get a portion of that, no other fees, no up/down channels, just me since I’m heading growth.

Now that that is dealt with:

Most mortgage brokerages are little more than pyramid schemes. And we aren’t one of them.

I’ve been actively recruiting now for about a month. And it has been tough. And I understand why.

I get text messages DAILY from recruiters from 2-3 big brokerages, all promising the same things. Mostly because they all have the same model, but also because I may be getting messages from different recruiters from the same company. I hate it, you hate it… And sometimes I feel like they even hate it.

Further, most of the ones recruiting have maybe closed 5 deals within the last 14 months. Are they LOs? Or are they building their “network.”

Now companies borrow their business model from multi-level marketing companies and call their lenders “independent brokers” but their brokers are really peons feeding the pipeline to pay off their up channel.

We believe and fully support the term independent brokers.

You don’t have an up channel to feed, you don’t have margins hidden in your rate.

We want you to be a part of our dream. Not our pyramid.

— Blake | BridgePoint Mortgage Chandler | NMLS# 1365524

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