All Forum Posts by: Phani Kiran Devaguptapu

We're not in Utah, but we are a bit different than other companies in that our loan officers have input on how we set pricing. Most newer MLOs say "what's my payout" without paying attention to how competetive they will be. Most brokerages build in 275 basis points (2.75% of revenue, so the brokerage gets $2750 per $100K of loan volume) to their pricing and payout anywhere from 150 basis points to 220 basis points to the MLO There are some that say they pay out more...or even 275 basis points, but they usually have something else built in. The more the brokerage or lender builds in, the higher their rates will be. You have to balance out the programs and pricing with your payout. Don't just get caught up in "I make 275 basis points at X Company". Pay attention to other things like what do they have built in to pricing? What programs do they offer? Do you have a super-experienced mentor? In other words, payout is probably not in the top 5. Now, let's talk about your test. Don't put the cart before the horse. Laser focus and pass your test. Then and only then think about your last question to me. Once you pass, let me know and then let's talk about questions and next steps. Don't fill your head with stuff you don't need for the test right now. Pass it and then switch gears. Good luck. 

 Great. I am not sure how many questions they gave you, but do them all over and over until you feel like you've pretty much memorized them and you feel like you're now wasting your time...and then do it again. You'll thank me when you are in the test. 

Does your course provider give you or will they sell you a test bank of questions? I advise my new MLOs that are taking the test to get a test bank of questions and do them over and over and over again until you've basically memorized them. When you get into the exam, the questions might be worded differently, but you'll be surprised how often you'll know what they want from you. Oh, this is testing me on this topic and they want the same answer that I saw on a differently worded question on the practice exam". It will add several points to your score. That's the best way to do it. Good luck on the exam. Log back in and tell me if you found value in it after you pass.