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Loan Officer Employment

Loan Officer employment opportunities are available at Carteret Mortgage if you can demonstrate a minimum of two years successful experience and a very high level of customer satisfaction. Email Loan Officer Employment questions

First, a bit about Carteret Mortgage and why, after many years in our industry, Carteret will be the last mortgage company I will ever work for. In 2001, Inc. Magazine ranked Carteret as the 129th fastest growing company in America, 61st fastest growing in 2002, and 59th fastest growing in 2003. In 7 years, we have grown to over 2000 Loan Officers. In May 2002, Carteret was ranked as the largest privately held mortgage company in the US and Freddie Mac ranked us as one of the top 10 mortgage brokers in the country.

One of the reasons for Carteret's growth and the primary reason that this may be the best loan officer employment opportunity available is our philosophy- The best loan officers will be attracted to the best compensation program. Because we have utilized technology at a very high level, corporate overhead is kept very low, the loan officer is well compensated, our client always gets the best rates, and our loan officers always remain competitive. Our Loan Officers work either from their own home office or a commercial location if they choose allowing more time for what is really most important, our families. Cartereters like to refer to working in our "bunny slippers". Most of us really are well compensated professionals working in the comfort of our own home. Before I joined Carteret, I managed a rather large mortgage office with a 45 minute commute both ways. I will never go back. We are paid 70% of all revenue with an opportunity to move up to 75% after some income goals are met, and you have an opportunity to earn an ongoing income stream with a recruiting bonus of 5%. 

The Internet has changed everything. Carteret has been built around the idea of combining the high tech changes in mortgage origination with the high touch environment that fosters high levels of customer and employee satisfaction. Many of our loan officers (me included) experience job security and satisfaction they have never experienced in their career. 

Carteret's Loan Officer employment opportunity is NOT a net branch system! If it was, I would not be here. All branches operate under the same name, Carteret Mortgage Corporation. All loans are generated exclusively for Carteret Mortgage Corporation. All Loan Officers are W2 employees-no 1099s. All Loan Officers are accountable to Carteret. Income and expenses are controlled by HQ. Books, records and file storage is done only by HQ Deposits are accepted only by and at HQ. All leases are in the name of Carteret Mortgage Corporation. Compensation is written policy. The Employee Manual is a written compendium of policy. There is none of the nonsense of hidden SRPs involved. You price your loan in a manner that makes sense for you and your client and broker the loan to one of the 750 lenders we currently have on board.

Carteret Mortgage Requirements for Loan Officer Employment
A Minimum of 2 years experience in origination-our business model does not support inexperienced people.
A working knowledge of computers, the internet and email
An acceptable credit report
Excellent professional and business references which will be checked
A clean Criminal Background Report
The desire for a better life for you and your family

What does it cost?
The primary cost of becoming a Carteret Loan Officer is that you must be a professional, experienced loan officer capable of operating independently out of your own home office. Initially, you will bear the cost of your individual state branch licenses. Those costs are refunded to you immediately after funding your first loan. Other costs include a dedicated phone line and all of the normal costs associated with establishing a contemporary home office.

Carteret Mortgage and Technology
The marketplace produces cost/price competition and lower cost companies generally win greater market share. Our philosophy of passing on production cost savings to the borrower by eliminating the "office/administrative cost has given us a tremendous advantage in the marketplace. What could be more cost effective than hiring only experienced, independent loan officers, licensing them from their own homes and empowering them with the technology to produce mortgages efficiently? As each loan becomes less expensive to produce-therefore more profitable, the Carteret Loan Officer can be paid a larger commission split. This gives Carteret the ability to attract the best loan officers and provide them with a competitive advantage in a very price conscious market. Because successful loan officers are producing more volume, our lenders provide Carteret with better pricing and streamlined underwriting (some with an underwriting team dedicated to only Carteret loans), producing an ever greater competitive advantage.

Typical Pay Plan vs Carteret's Pay Plan
Most companies pay on a sliding scale based on monthly production by multiplying loan amount by a basis point factor. Frequently, 35bps up to $1,000,000; 45 over $1,000,000; 55 over 1,500,000; and 65bps over $2,000,000. Lets use a $200,000 loan generating 150 bps and the loan officer being paid 45bps for comparison.
Total revenue generated=$3,000 at 5 loans per month, gross revenue=$15,000
At 45 bps, commission per loan is $900 and at 5 loans per month-
        Typical loan officer is paid $4.500 per month or $54,000 per year
        Typical company keeps $10,500 per month or $126,000 per year
Under the Carteret plan, using the same scenario
Total revenue generated= $3,000 at 5 loans per month, gross revenue=$15,000
At 70% of the generated revenue= $2,100 at 5 loans per month
        Carteret Loan Officer is paid $10,500 per month or $126,000 per year
        Carteret Mortgage keeps $ 4,500 per month or $54,000 per year

How much is it costing you to stay where you are?

Some final points about the Carteret Mortgage Loan Officer employment opportunity
Work from home-stop paying for office and administrative expenses
Set your own hours- work when and how you want
Open your own branch-be in business for yourself but not by yourself
750 different lenders-- over 50,000 loan programs. Find a niche you enjoy and become an expert
FHA, VA, Conventional residential, Commercial, and Sub Prime
Weekly Payroll
Employee Benefits including 401(k) after 1 year


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